Taken together, the four critical components of the Discipline of Strategy are opportunity, leverage, scalability, and marketability, lead to exponential growth.
Here we will talk about marketability.
Marketability is being able to identify and know your core customer and to present what you do or make to the customer in a way that’s easy to understand, and that sets you apart from the competition. It is the ease of reaching the right buyers.
The right buyer is the person willing to buy your specific product at your specified price at your specified time.
Marketability is about understanding whom you’re talking to, what their needs are and how you will reach them.
You can evaluate an organization’s marketability by determining how easily you can achieve three things:
- accessing the right audience;
- helping the right audience understand your message;
- solving the right audience’s problem or need.
Uber determined its marketability by asking two questions: who is our target audience? And how do we reach it? Uber’s answers were these: its target customers are people who need a read and who have a smartphone. It reaches them through the app on their smartphone.
A company’s marketability is extremely important when it comes to sales and customer acquisition. If you can’t identify your core customer or articulate what you do in a way that resonates, you’ll have a hard time driving growth. Fortunately, evaluating your marketability is relatively straightforward: just assess your ability to reach the right people, communicate effectively and solve customers’ problems. If you’re not sure where your company stands on these fronts, contact us for a strategy session. We can help you fine-tune your marketing strategy and set yourself apart from the competition.