Becoming a Student of Your Markets 

You job is to understand your market even better than they understand themselves. Your success is directly related to your ability to:

• Speak their language
• Know their motivation, challenges, and rewards
• What they value
• What they despise

Mastering Your Market

You must provide value to stand out from the crowd. Obviously your product (goods/services whatever it might be) provides value, but no one wakes up thinking, "What can I spend money on today?" Instead they seek to alleviate pain, solve problems, or pursue pleasure. 

The Value Pyramid shows you how to lay out a path that leads directly to profits. That path never begins with your product. It starts way before that. Let's begin with the foundation.  

When You've completed this lesson you will be able to look yourself in the mirror and confidently say, "I know my market!

Your market is your bank account. Let that soak in for a minute. Your market is your bank account. 

What You Need to Know About Your Market

The Fundamental Law of Business is to get and keep a customer.

The only way you can get a customer is to know something about them. People want to do business with people they know like and trust. You must know the answer to the following questions:

• Where are they right now?
• What problem(s) are they facing? 
• How do they see their problem(s)?
• Who do they trust? 
• When are they open to look at solutions?

Until you know (at least in a cursory way) you are in no position to speak to them. You should spend an hour each day learning more about your market. 

Where are they right now?

Imagine someone in your market: Where are they at this very moment? Driving in a car? If so, are they listening to the radio or a podcast? Do they have a long drive or short? Where are their thoughts? On the family, employees, payroll, vacation, retirement? 

You should spend a significant portion of the day thinking deeply about your market. You should know them as well as they know themselves. 

What problem(s) are they facing? 

Once you understand where your market is right now you need to look carefully at the problems they are facing. Their problems are your opportunities.

A business exists to solve other people's problems at a profit. 

You should keep a running list of the problems you hear coming from your market. If you don't know where to find them check out the Group MVP program. 

How do they see their problem(s)?

Note the language they use to describe their problem/situation. Do they say, "I'm frustrated" or "I quit"? The difference is huge. Do they say, "I can't find ______" or do they say, "all I can find is __________"?

Understanding the language and learning to interpret it will make a big difference in your ability to connect with your market in a meaningful way. Your sales language will reflect the solutions in the language you hear. 

Who do they trust? 

Who are the influencers in your market? There is a reason why Colonial Penn choose Alex Trebek as their spokesperson. You may not be able to secure Alex for your next ad campaign, but can you identify why he is the perfect representative? If you can you are on the way to understanding who  they trust? 

When are they open to look at solutions?

Timing is a key to connecting with markets. I was once involved offering solutions to the high cost of health insurance renewals. Those plans renewed only two times a year - July and January. I wanted to be the first thing they thought of when they got their renewal. Because that would be the only time they would be open to a conversation about potential solutions. 

Know when your market is in the market!

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