Which of these describes your company?
How you craft messaging for your product or service has a great deal to do with the stage of the market – where it is in its lifecycle.
I’ve seen many ways of organizing this, but I like Sirius Decisions best. They break markets down into three stages: 1. New concept 2. New paradigm 3. Established market
- New Concept
Usually a brand new technology (think virtual reality 5 years ago or machine learning applied to many business applications today) New Concept solutions either solve a new/unrecognized problem or open up a potentially new opportunity. At this stage, it’s all about finding the forward thinkers – the early adopters. Inspire them with your vision of the future.
- New Paradigm
Often the best possible place to be in a market lifecycle, a new paradigm offers an innovative way to address an already recognized problem. Think Edgar for social media posting today or Salesforce at its birth. Success here is about showing dramatically different results than the status quo.
- Established Categories
This is about us versus them. 100 different learning management systems – which should they pick? If you are a solution in an Established Category – this is where differentiation becomes critically important. Creating a powerful Simple Promise and Unmatchable Outcomes and distilling your focus on a very select group. This way, when it comes down to selection time, you are the obvious choice.
As we craft messaging strategies, we’d all be well advised to carefully consider our place in the market, and work hard to avoid being perceived as “just another XYZ provider” when we’re in an established category.
What are other thoughts or lessons related to product life cycles?