A recent visit with my colleague Munro Richardson, a supersmart, and formally-educated (Ph.D!) entrepreneur, reminded me of two simple questions whose answers have huge digital marketing implications. Munro’s questions are:
- What problem do you solve?
- For whom?
I’d forgotten how succinctly the answers to these short questions express the essence of a business’ market focus. In my VC-pitching days, these were often the first questions prospective investors asked.
Try jotting your own A’s to these Q’s.
If you answered question 1 with something like, “We provide real estate data solutions,” try again. You’ve not really described the problem you solve. The correct answer will be more like, “We decrease the risk of deciding where to place your next location by providing historical real estate data….”
The right answer to question 2 isn’t, “People who want real estate data.” That’s way too broad. A better answer is,“Realty decision-makers for family-style restaurants in mid-tier markets.”
Once you know your specific audience, and the exact problem you solve for your audience, you can accurately target your digital marketing.