Business Book Review: Tuned In
Interruption marketing (most mass media advertising) is becoming more expensive and reaching fewer people that care. And if you compound the problem by creating a product that you are trying to sell rather than creating one that is "Tuned In" to your market, you have compounded the problem.
When creating a product or service, most businesses make these common mistakes: They assume that the company insiders know more than the buyers about what the buyers want/need. They based their market research on their current customer base - thus eliminating a much larger potnetial market share of potential customers. And they try to create a need - the tell their customers what to buy rather than providing what the customers want.
To be successful in today's highly competitve marketplace, you need a breakthrough product that resonates with your customers so that they immediately understand the benefit to them and are eager to buy the product. This only happens if you are totally Tuned In to the customer's wants/needs.
"The Tuned In company constantly listens to, observes and understands the problems the buyers are willing to pay money to solve." for the most part, Tuned In companies ignore the competition - listening instead to the customers.
Too many companies get caught up in their own egos. They think they know what the customer wants. Most innovation-driven companies listen only to themselves - they obsess about who will get credit for the next innovation or the most unique invention. And all too often the newest innovation does not solve a problem for the customer, so they simply do not care.
If you are going to be successful, your product or service must resonate with your target market. And resonators are in the market - not in your head. A product or service that resonates with the market will sell itself. You do not need to push the product. Customers will seek out your product or service.
One of the most powerful (but probably difficult concepts to come to grips with) statements is "Your opinion, although interesting, is irrelevant." The only thing that matters is the buyer's opinion.
There are six steps to becoming a Tuned In company.
Step one - Find unresolved problems.
Step two - Understand the buyer persona. Who is the buyer, what are their problems, what moves them to take action.
Step three - Quantify the impact. You must determine that the problem you are solving is urgent, pervasive and the buyer is willing to spend money to solve the problem.
Step four - Create a breakthrough experience - the most successful companies understand that the customer buys a total experience - one that resonates.
Step five - Articulate a powerful idea. Your message must focus on the problem it is solving and must be immediately understood by the buyer.
Step six - Establish authentic Connections - you must understand and focus on the buyer. The buyer must feel like you really understand and care about them and their problems.
It is no longer possible to push product by using mass advertising. Buyers are more concerned about their problems and getting them solved. They no longer wait for a solution to come to them. They are actively looking for solutions to their problems. If you are going to be successful, you must understand their problems and be Tuned In to the buyer.
The book is well written and give plenty of examples of Tuned In companies such as: Zipcar, iPod, National Community Church and the new Dutch Boy paint containers.
It is very important to understand that to be successful today that you must take a different approach than has worked in the past. Buyers have many more choices. Markets are fragmented. And interruption marketing no longer has the impact it once did. You cannot focus on your product. You must focus on the problems your product solves for the buyer.
It is easy to believe that being Tuned In does not apply to your business. It is also very easy to fail. This is a very important concept and a very easy to understand gateway to what it takes to market successfully in a world that changed the way buyers respond.
You don't have to get Tuned In, but if you don't the chances are very high you will be tuned out by your cusomters.