Word of the Day: Market

Word of the Day: Market from Blumer CPAs on Vimeo.

TRANSCRIPT:

It is Word Of The Day, where we pick a day and we strategically tell you what that word means. Today’s word is market. What does market mean? Market is the thing you’re serving. Right? So, you have a company. You have a company within … like you own it. Right? You own what it sells, what it prices, what it does, how it leads teams, just this little pocket of something you own. Well, it’s got to have a value. So, the justification of any business being in existence is that a market wants the things this business is making up. So, a market is truly important for you to understand. You’ve got to understand what it needs, what it wants. Right? Marketing. Right? That’s the function of trying to assess and touch on what this whole global market wants. You know, that’s difficult. There’s a lot of nuance in marketing, because you’re trying to feel through messaging what does a market want?

So, you have to keep in mind that you are always being judged and assessed by a market. The rightness of your services is always being judged by those clients who choose to say, “I’m no longer in the market. I’m now a lead.” Right? “I’m identified as a potential client.” So, they come to you, and instead of just being all this global market forces that are unknown and you’re trying to market with content and push this out, somebody will come knock on your door. It’s a client that says, “I heard you’re marketing. I think I’m one of the people you’ve been talking to.” That’s when your market no longer becomes a market. Right? They become a client. That’s when selling begins. That’s when they step out of this big, global mishmash of an economic market and they step into a …. They’re a person. Right? You know them. You have their name, you had them fill out a form on your website and they say, “I’m a client potentially.”

Then you get to talk to them. Then you get to do what’s called selling. That’s negotiation, and the skills of coaching, and a human related influence, those kinds of things. That’s when you get to do that. But a market is a real component that you are facing every day as a business owner. You’re facing what this market wants and what it’s demanding from you. And you know what? You’ll never truly get it right. You’ll never truly know. The thing is you’re supposed to be cutting through a market. Right? Because what you do is so specific or should be so specific, you should be proposing a proposition to a market that is so specific that it cuts through this huge swath of a market, so that you find the people that are truly looking for the thing that you sell.

A market is a huge, overwhelming thing. So, make sure your positioning is very strong, and polar, and narrow, and penetrating in a way that you can target the right people. That’s when you can chop up a market into something that’s easily attainable. Right? It’s people you can talk to then. So, I hope those thoughts on a market help you know what your company is about. Your company is not about you as a person. It’s not about what you want. The existence of companies is only determined by the value that a market finds in them. Hopefully along the way, as owners, we get to enjoy that work too. That’s that mix and that marry we try to bring together, where we create a business that a market truly wants, and it also is a thing that we truly love to do and perform. I hope those thoughts on market help. Thanks so much for watching. We’ll see you.

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