There is little more important information you can create than exploring the key contexts in which there is a demand for your product/product category. Such knowledge can take your competitors out of the market and develop deeper and more profitable relationships with your customers.
Step 1. Identify the most frequently asked questions
The first step in unlocking the power of context is to identify the different contexts in which the demand for your product arises. Imagine yourself as a detective trying to answer questions: “Under what circumstances are people interested in my product? What is causing their interest?”
As you work on the answer, you’ll find that there will be a number of events before you ask a question. You will also probably find that there are several different contexts of demand for your product, some of which are much more common than others.
Your main goal in Step 1 is to make a list of those demand contexts that make up at least 75-80% of the total demand for your product/product category.
Step 2. Ask six important questions to improve your marketing strategy
For each of the most common questions related to your product, ask the following six questions:
1) How can I adapt or reconfigure my product to better meet the needs of consumers in this context?
2) Are there any additional products or services that I should consider to offer through my business or through a partner?
3) How can I adjust my prices to better reflect the value of my product in this context?
4) How can I better communicate and position the value of my product in this context? Are there certain images, tone and language that I should use in my marketing communications?
5) Are there any changes I need to make in terms of the channel, whether it’s my channels to raise awareness, sell or serve customers?
6) How can I determine when a question has been asked for this context? Can I accurately identify these people? (Dig deeper to answer this important question.
Let’s do this! with a short example from the real world
Goods of the day: Cars
Step 1. Identify the most frequently asked questions about cars
- The lease expires on the existing car
- The price of gasoline jumps, and a person has a consumer of gasoline.
-The car is old and worn (exhaust pipe tickles the kerb, etc.)
-Car die and SLR will cost a lot of money
- Go from town to ‘Burbs’
Step 2. Ask six important questions for each overall context of the question
Below, I briefly answered the questions “The price of gasoline is rising ..”
1) How do I adapt my product to better meet the needs of consumers in this context?
Develop a car that is economical or can run on cheaper fuels (given the long cycle of research and development of new models, car manufacturers are always in a better position to always offer a model for sale or a car that can be easily launched into production.)
2) Are there any additional products or services that I should consider to offer through my business or through a partner?
Develop services or partnerships that reduce the price of gasoline for consumers – for example, working with credit card companies to develop attractive cash-back rewards for gasoline purchases
3) How can I adjust my prices to better reflect the value of my product in this context?
Anyone who is experiencing more and more pain at a gas station is likely to pay more for a car that will significantly reduce their “gas pain”. Secondly, an attempt at consumer pricing can be complex and risky from a brand point of view (not to mention the current car distribution structure, which defies such a pricing strategy).
4) How can I better communicate and position the value of my product in this context? Are there certain images, tone and language that I should use in my marketing communications?
For gasoline consumers, you can position your car as an “economical” alternative that can save thousands of dollars that you can spend on things more exciting than gasoline, such as a well-deserved vacation in the mountains. Caribbean islands (!)
For gasoline consumers, you can position your car as an “economical” alternative that can save thousands of dollars that you can spend on things more exciting than gasoline, such as a well-deserved vacation in the mountains. Caribbean islands (!)
5) Are there any considerations to consider in terms of the channel, whether it’s brand recognition, sales channels or service?
(Comment not included for brevity)
6) How can I determine the activation of the question trigger? Can I really identify these people?
Of course, it is a mistake to know about the increase in gas prices. And there are several ways to identify “voracious” owners with sufficient accuracy, starting with determining the geographical distribution of SALES of SUVs.
Your job
1) Choose one of your products or services, especially the one you think has the greatest “potential for improvement” and can maximize the benefit to your business.
2) With a notepad and a pen in hand, view the product on step 1. Also ask your colleagues, friends, and family to step 1. And brainstorm if time and agenda allow. (I’ve always found that a good group’s collective I.I. is much higher than that of a person flying alone)
3) Take each of your most sought-after contexts and take step 2. For this step it is especially useful to conduct one or two brainstorming sessions, because the collective brain of your colleagues at this step can make the difference between an idea and an idea of 10mm.
4) Share with us your experiences here in the blog, including all the interesting things you learned in the process, and of course, all the successes that you have had so far.
Note on business strategy and the context of the query
In one of the following articles I will write about the role that the contexts of demand for your product should play in (re) developing your business strategy. Depending on a number of factors, including the economics of your business and the positioning of your brand, there are probably some contexts of demand on which you would like to focus your efforts. To find out more, stay tuned…