Smallest Viable Market
Ch-4, This is Marketing
When you start serving the market, the first thing you should clearly define is “What changes are you trying to make?” and “ What promises are you making?”. The changes or the influence, you want to make should never be vague or something impossible to achieve like “I want to change the entire Indian education system.” It seems pretty cool, but not achievable at first, therefore define it clearly, be very specific. Promises, you make are directly connected to the changes, you seek. Generally, Promises aren’t specified anywhere, but it’s implied.
After deciding on the changes that you will make, decide “Who’s is it for ?”
You can’t serve Everyone. If you even do, then your product will become average and you have to make compromises and adjustments. Rather than that, focus on the SMALLEST VIABLE MARKET, which is the minimum no. of people you would need to influence to make it worth the effort.
Now the question arises, how to find your market and grow in it?
You just need to figure out the group of people who are different from others, but share something similar between them in the way that it matches with the change you want to seek. Instead of focusing on their demographics, focus on their psychographics i.e. their beliefs, wants, desires, dreams, and the story they tell themselves. Choose people who want what you are offering, who are open to hear your message, who will tell the other right person. They are the people who understand you ad fall instantly in love with you. For them buying the product becomes the part of their identity, it defines who they are, they take it as their chance to do something that feels right to them, they express themselves by contributing.
Identify this scale of people, then target on the extremes i.e. the people who desperately want it, overwhelms them with your care, attention, focus, so that they can’t help but talk about it, give them the simplest useful version of your product, engage, improve and repeat the process to grow.
At last, always remember that your product isn’t for EVERYONE.
To be continued.