Market Analysis as a startup?
The curious case of SANYO and the NO!
Ajay's wife was staring at him. They were at the dinner table, and Ajay was on the phone. That wasn't why Sonali was angry. She was pissed off because this was the third call where he had refused to take on business.
Ajay could smell the tension in the air. He put his phone down and slowly looked at Sonali. A half-smile which did little to assuage the fire in her eyes.
Ajay:?<Slowly but audibly breathing out…..>?So….
Sonali:?Why do you keep saying NO to all those who call. You are running a business. How can you sustain if you keep telling no?
Ajay:?What business am I running?
Sonali:?You run Sanyo. You are a travel planner.
Ajay:?Yes, but I am a lot more specific, am I not?
I say NO when the people who call ask me:??
"Can you please organise a European trip? You know, something like 14 countries in 13 days."?
NO
Sonali: "Why not? Everyone offers it these days!"
Ajay: I DON'T!
Sonali: "Are you crazy. I am a client, and I want this kind of a trip. You are a travel agent, right".
?
Ajay: NO Sir, I am not a travel agent. I am a holiday planner, and I focus on travellers, not tourists. Please reach out to these companies, and they will surely help you out. Thank you.
TRAVELERS, NOT TOURISTS:?a key lesson here!
Ajay continues:
Ajay:?Travelers, not tourists: that's what Sanyo focuses on, Sonali!
Sonali:?This is not very clear. What's the difference?
?
Ajay:?Is there a difference between "Fast food versus gourmet."?
Sonali:?Yes, of course.
Ajay:?Right. Each suits different palates and styles. Some want it fast and quick, and those who are epicureans and want to savour every bit. Not just the food, but the ambience, the look, the presentation, syling and the service.
Sonali:?Yes…..
Ajay:?So:
Tourists follow a set checklist; they want to cover as much as possible within a short time frame.?Whizz, reach, smile, click, leave, repeat!
Tourists, in my definition, are folks who want to see and be seen around famous sites and locations. You know them, running around with selfie sticks and mainly in a rush.
Nothing wrong with that. One set of clients want this model, and quite a few agencies cater to that segment.
TRAVELLERS. The kind that wants to take it slow, take it deep! There's no set plan other than to soak in the place, the culture, the people, the food. Sometimes doing nothing but sitting around and observing. Walking around.
Chatting with the locals, participating in small events and festivals. Imbibing the essence of the place. One place. For a longer duration when compared with the "tourist" segment. It is like the long, slow, distance running in a marathon. I call such travellers, experiential "holidayers."
?
Travellers seek a different high, which takes some time!
?
I am a holiday planner – for travellers! I work with a small set of clients, those who want to experience a place. I plan out the next six year's holidays for some of my clients based on their appetite, lifestyle preferences, yearly budgets, and family needs and wants. Slow and deep. That's how I like it. Those are the kind of clients I work it. I am particular.
I personally research each new location; as every country opens up, I will be there. To check it out in person. I refer what I like, as my clients are…. like me.
They eat not to fill their stomach but to savour every morsel, let the tastes run amok inside their mouth. They want memories that linger on much after the experience.
I want travellers, not tourists.
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And I carefully curate my clientele.
A smaller set, but those who know what they want. Those who know that I can deliver. And those who can pay me top dollar to do what I love doing, for them!
For the rest, I politely decline and connect them to "travel agents" who can assist them! Hence the many "No" responses, Sonali!
Sonali: Aaah… you should have told me earlier, na!
**
What do we learn from this story???
Ajay has prioritized his clients. He knows what he wants. He knows what they want. He also knows whom he does?not?wish to have as his clientele!
His micro market is defined very clearly by the type of clientele who want a curated holiday. That is the only micro market Ajay caters to. All else is fluff, and he politely declines it.
Clarity brings the right match between client and vendor. Ajay has the clarity of selecting a micro market where he can make a clear difference. This method brings on travellers through word of mouth: a clientele that stays longer with Ajay!
Questions that should be addressed by-you/for-you to define your micro market analysis:
1. Do you know the kind of clients you want to serve? Which ones?
2. Are you clear? About yourself and the type of solution you wish to provide?
3. How do you curate the clients? What are the selection parameters? List them down and prioritize.
4. Have you said NO? Write down different ways of saying NO while being polite and diplomatic.?
A micro-market is a curated set of target clients.?What’s your micro-market?
If you are a startup, it is easy to think that I do not need any market or competitor analysis,
"As I have no competition!" At least, that is the general thought process with the founders whom I have met.
Yes, the mantra of a startup is three fold.
However, who exactly is this customer?
Is that the best customer for me?
Does my solution solve a particular pain point?
How is this customer solving the problem now?
The question above addresses Market Analysis.
My approach always has been to select a micro market and test within.
For this market, I observe. Ask. Build. Test. Ask. Observe. Tweak.
If you would like to read the first article on STANDING OUT
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Director of Platform Support, Customer Experience@Cint
11 个月Thank you for sharing! Awesome read.