An incredibly important part of your funnel – that you just simply have to get right – is understanding marketplace sophistication.
Without this understanding, you won’t be able to captivate and engage your prospects, and you won’t be able to turn them into paying customers.
Below is a transcript of a conversation I had with our Mentor to a Million coaching clients about this critical topic. I encourage you to think very carefully about the level of your current marketplace, and tailor your message to your prospects’ level of awareness.
…Marketplace sophistication is all about what our competitors have already said about similar products. We cannot say the same thing that they have said. We need to say something new and unique in order to stand out and get attention. So we need to know what has already been said by our competitors.
We also want to know where the market is as a whole, by looking at our competitors, to see if they are introducing unique mechanisms or not. You want to leverage this understanding of marketplace sophistication better than they do.
Here is an example of marketplace sophistication (and I don’t care what the product or the marketplace may be; it applies in all cases).
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We have a client who was selling PowerPoint templates. This is a very commoditized arena and marketplace.
I asked our client, “How do you differentiate yourself when selling PowerPoint templates when there are already 15 other people selling the same thing? Especially when you want to sell something for $199 and they are selling it for $99? How do you do that?”
The client said, “We created all the templates” and I said, “Who cares that you created all the templates?”
The client replied, “The other companies have licensed these templates and they will throw up anything, but we create the templates.”
And I said, “That’s not enough. No one cares who created it. You have to understand what the market cares about, and understand what the market is being told by other people.”
How do you generate an extraordinary income?
To make the story short, I told him, ‘You can’t say the same thing as everyone else. You can’t just offer simple PowerPoint templates, because everyone else is also offering simple PowerPoint templates. How do you expect to generate an extraordinary income when they are generating an ordinary income? This really gets down to the question: Why are you in existence?”
So I said to him, “I need you to tell me what it is that you used to create these templates. In other words, is it based on any kind of consumer psychology, or some sort of eye-tracking science? Is there a pattern in your templates that is similar to a pattern used by NASA when they make the outside of the rocket ships?
“You need to find a unique mechanism. How do you claim that your PowerPoint templates are better, are different, that they deliver a better result? Because otherwise, it’s what everybody in the marketplace is already talking about. You need to introduce a unique mechanism.
“Tell me about your product. Is this based on a 254-color palette, or does it have any kind of science behind it? Give me a reason – if my money was on the line and I was given a tremendously important presentation – why I would feel comfortable going with a template that is two or three times the price.
“Give me something to hang out on, something specific, something that is interesting, something that’s unique, something that is different.”
That is understanding marketplace sophistication. And that is what we worked on.
You see, if you really understand what your competitors are talking about, you will know how you need to be different. But you can’t fully understand and know that if you don’t do your market research.
Now that you have a sense of how important it is to follow your competitors’ messages, tomorrow I will share more about the levels of prospect awareness, and how that should guide your marketing message.
It’s your turn! What is a message that your competitors are sending your prospects? Please share in the comments below!
