The 5 levels of market sophistication
So if that is customer awareness, what is market sophistication? And how does it differ?
By knowing where your company stands, it will allow you to construct a marketing angle to efficiently and effectively capture the market you want.
Here are the 5 Stages of Market Sophistication discussed by Eugene Schwartz.
1. “Hello Market!”
Okay, you are the first to bring the product to market. The ocean is blue. There are no others like you.
This is where all you have to do is tell the world what your product can do.
Here, there is no need to be lengthy.
Since you are uncontested, your innovation is enough to capture the market.
2. “WHAT is it?”
Oh bugger. The ocean is not as blue anymore. More companies caught up and are pretty much competing for the same market.
Here is where you enlarge your claim. Outbid your competition with how your product is more than just accomplishing what it needs to.
It is doing it better, faster, stronger than competitors. Put some measurability to it to one up your competitors.
3. “HOW does it do it?”
This is where the market is getting jaded with all the exaggerated claims made by the growing group of companies selling pretty much the same
The tip is to NOT continue exaggerating your claim here. Don’t “shout to see who’s louder”.
Think smart and choose a marketing angle which highlights your feature differently. You are talking about features here and not claims anymore. Basically, backing your claim with extensive research on what makes your claim legit.
4. “Crush them”
As usual, competition will creep up and it is time to change your angle again. Here is where you know what your competition is lacking and how you beat them flat.
A fantastic example would be how Mac launched a Mac vs PC campaign that highlighted all that Mac has to offer in such a brilliant way. Highlight your features and crush them competitors. Give the market absolutely no reason to buy any other brand.
5. “Be Iconic”
This is the final stage of Market Sophistication. The market knows so much about the industry, they will not buy into whatever you have to claim or hard sell anymore.
Here is where you tap into the emotional play. Here is where it becomes somewhat an identity to be using your brand. This is where you sell on how your brand serves a certain type of people and encourage people to buy into that exclusivity.
So what? (my favourite question!)
You should be reading this in conjunction with the 5 levels of market awareness (the previous topic). With the two combined you can consider where you and your product/ service sits in the marketplace from both angles.
You can then construct a sales letter that hits both audiences to really focus in on why they would hand over money for what you are offering. Where does your product/service sit in terms of market awareness and sophistication?
Next time you roll out a new ad campaign or test a new marketing message, make sure that it ticks the following boxes…
* Am I targeting the appropriate level of awareness?
* Does my message make sense for my awareness level?
* Am I ascending my prospects up the ladder of awareness?
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