Leading Entrepreneurship

Sometimes, when thinking about marketing, the answers are not nearly as important as the questions. And this post contains the four most important marketing questions ever.

Really.

Not to say the answers to these questions are not important, quite the opposite, but these questions get us the right answers. Again, not just any answers, the right answers.

So, what are they?

1. Who is your target market?

I know… Marketing 101. Don’t let the simplicity fool you, this question is important… who buys? Be specific and quantifiable. From what geography does this pool of individuals or firms come from? What are the exact demographic parameters? Consumers have specifics (age, income, education, etc.), just as firms (industry, employee size, revenue size, etc.). This is always my first question with clients.

2. Why does your target market buy?

Again… Marketing 101. This question can appear deceptively simple as well, but is tricky. Sometimes I’ll start with “does the buyer purchase for themselves or someone else?” Then move into the more complex psychology of “when push comes to shove, what emotional response does your buyer use to make the purchase decision?” Never skip this question – the answer is more important then you can ever imagine in your market planning.

3. Why would a qualified lead buy from your firm specifically?

Usually the last question that entrepreneurs think about, but the first thing on their minds… “me.” This question can be easy to answer, but having a justified, unique differentiated market position is vital. Make sure to honor this question with the thought it deserves. And by all means, answer Question #4!

4. Why would a qualified lead not buy from your firm specifically?

The most important question I almost never heard discussed – the most important question to answer in understanding your customer. Every qualified lead has interest in your product. However, nobody has 100% market share. So, why not? And I’m not looking for the generic “our price was too high” or “another product was a better fit.” These issues are not real, thoughtful answers to the question. When answering this question, always create an initial answers list. Then, go back and really determine what the underlying psychology is behind the missed sale. Is is resolvable?

As you consider these four questions for your own firm, I would love to hear your best answers, or calls for help, in the comments.