Growth funnel: Part 6 -The marketplace pyramid
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*NOTE: "The marketplace pyramid" is one of the key frameworks you MUST use when developing your content marketing strategy and your entire marketing strategy.
The buyer’s pyramid is a tool for visualizing the available market desire for your product.
Example: Mobile Phone Market
Buying Now
This section is the smallest because it houses the fewest number of people. The individuals in this group are in a constant state of flux. Every day, there are new smartphone purchases, prompting another wave of people to follow suit. They meticulously evaluate the advantages and disadvantages of each available smartphone, often relying on commercials and reviews for information. They actively seek out the best phone and service provider for their needs.
Open to Purchasing
Below them are individuals who aren't actively on the hunt for a new smartphone but remain open to the idea if a good opportunity arises. This group can be swayed by attractive deals and benefits offered with their purchase. Some may decide to go ahead with the purchase, while others may conclude that they either don't need it or that the timing isn't right yet.
These people also keep an eye on advertisements and reviews, though not as closely, since they don't feel an urgent need to make the purchase. However, a well-targeted advertisement can convince them to shift into the "buying now" category.
Not Thinking About It
These individuals will EVENTUALLY move into the top 10%.
They aren't currently contemplating purchasing a new smartphone. They're satisfied with their current devices and don't perceive a need to invest in new products.
As their smartphones become outdated or damaged, their perspective will shift to the top of the pyramid.
However, for now, these individuals aren't actively engaging with advertisements. They haven't considered the potential benefits of upgrading to a new smartphone yet.
Think They aren’t Interested
In contrast to individuals who aren't considering a new smartphone at all, this group firmly believes they don't require a new product at present. They disregard advertisements because they're content with their current devices. Convincing these individuals to invest in a new smartphone will pose a significant challenge.
However, the encouraging aspect is that many among them may still be intrigued by new products and their associated benefits, even if they're not actively seeking to make a purchase. They often transition from this category to the "buying now" category when they recognize the immediate advantages of acquiring the product.
Know They aren’t Interested
This section consists of those who know they aren’t interested in making a purchase right now.
Some of them may have recently acquired a new smartphone, hence their lack of interest in another model released shortly afterward. Alternatively, others may feel no urgency to upgrade when their current device functions perfectly well.
For those who have already invested in the latest smartphone, convincing them to purchase another one so soon is an up-hill battle.
Strategically aim for the blue ocean of your market
When you chase the current demand you are competing in the “buying now” and “open to it” part of the pyramid. This is where all the competition is. MOST of your competition is aiming for this small segment of the market. It is where the attention is hardest to get. It is the most expensive for you.
If you can successfully market to the 90% of the market that is not actively searching for your solution - you have the opportunity to capture a large cohort without your competition interfering.
How....?
....Break down the pyramid into definable segments
Step 1 - break down your market into these definable segments
Step 2 - Define the strategic marketing message that would provide real value to them. This will create trust and bring them into your "sphere of influence" while moving them up the pyramid.
Step 3 - What is the type of marketing asset needed to deliver that message? (PDF download, blog, webinar, AMA etc..."
Let's take the example of the above pyramid - "Potential business owners you can sell consulting services to."
This is how you create a strategic content marketing plan that will position your business as the trusted authority to the ENTIRE market and not just the top 3%!
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