There are three Ps of entering any marketplace.
To enter any marketplace, there are generally three ways to do it, and the first way is through promise. The second way is through positioning, and the third way is through pre eminence.
The 1st P of Entering a Marketplace) Promise
The promise is helping your customer or consumer achieve a tangible, clear outcome.
For example, if I say to help you increase your revenue, sales, and profits and reduce your cost per lead. That is a tangible outcome and promise. If you’re a financial consultant or a property advisor, if you are helping increase your customer’s portfolio or help them retire early. If you are a service provider, maybe it’s the promise of helping them fix their air conditioner.
If you’re selling products like furniture, maybe your special type of furniture helps the customer feel more comfortable and achieve a certain tangible outcome.
The 2nd P of Entering a Marketplace) Positioning
Secondly, you got positioning.
How is your business different from your competitors? Who do you serve in the market? Different businesses serve different segments of the market.
If you are running a digital marketing agency like us, you can choose to serve new business owners, individuals who want to start a business, or established business owners.
These are completely different markets.
This comes to understanding your ideal client and clients you can serve the best. This means also understanding that there are individuals that you do not wish to serve.
Secondly, how does your business stand out? It can come in the form of stories, testimonials, or association: or if your products or services are endorsed by a celebrity or an influencer. If you are featured on mainstream media, these are social proofs that can really help your business stand out.
Lastly, you got content. You can stand out by creating great content.
These creative content in the form of blog posts and or videos can be re positioned as paid social media advertisements combined with direct response copy.
One example would be my clients in the property field. Every other real estate agent was screaming about trying to get their clients to upgrade from an HDB to a condominium. On our end, our team came up with another irresistible offer: he would help clients spot three undervalued properties in the market if they had a free consultation/ left their contact details.
The 3rd P of Entering a Marketplace) Pre Eminence
Lastly, there is preeminence. Pre Eminence is the big idea. For example, Nike promises to provide you with shoes for sports. Nike associates themselves with top-level athletes, produces great advertisements, great content, has lots of testimonials, and positions themselves as a premium sports brand.
Have you ever noted Nike’s slogan? “Just Do It.” It’s about courage, athleticism, pushing through limits, and just doing it. As an athlete or sports enthusiast, that gets them excited about pushing forward and associating themselves with that big idea of just doing it.
Conclusion
Let me give you a last example of how these three Ps can be applied to your small business. On the end, I also run a men’s dating coaching company.
The promise would be as simple as helping men get a girlfriend. I positioned my business better through storytelling: I am just an ordinary guy. I wasn’t that good looking, didn’t grow up in a rich family, yet I could overcome my difficulties and get my dating life handled. I also have lots of testimonials, happy customers and produced a lot of content.
Then, lastly, what’s my preeminence, my big idea?
The BIG idea isn’t just about getting your dating life handled but about emotional intelligence, getting your emotions fixed, and being an attractive person in the long haul. It’s about personality development as opposed to just getting a girlfriend.
I hope this gives you an idea on the 3 Ps to enter any marketplace.