30d (edited) • General discussion
Customer awareness levels
70% are symptom aware (my low back hurts)
20% are problem aware (my hips are really stiff)
7% are solution aware (improving hip rotations would help)
3% are actively looking for a solution (is there a good online course for improving hip mobility?)
This is of course just a "rule of thumb" example not exact science but understanding this transforms your ability to acquire customers.
The 3% are actively looking for you. If you are visible online they might already know about you. They are the easiest customers to acquire but everyone is competing over them and they are actively comparing options. If the market is new and underserved attracting the 3% is super easy. All you might need to do is just exist online and have basics of marketing done well. If the market is mature it is almost impossible to get this segment as older, better, bigger competitors have gained the marketplace.
The 7% are easy to convert but you need to be the one reaching out. Competition is smaller as most businesses suck in marketing. This gets you going but it's hard to scale your business as this group of people is so small. The key to attracting the 7% is that you need to find them not the other way around. If nobody is doing it this is huge opportunity. In mature market these people get bombarded with marketing message.
The 20% are harder to reach and need some warming up and education but if you can do it you are starting to set yourself apart from the competition and the potential audience size grows dramatically. Some markets which seem mature might be unmature at this depth of marketing and that's where you might find an edge.
The 70% is where the secret to scaling the business is hidden. The downside is that to reach to this segment you need to have extremely good marketing message, efficient marketing and it's a long game to educate this audience. Good thing is that competition over this segment is extremely low if you serve a specific unique solutions. Low back pain is common problem and people who are aware of the symptoms get bombarded buy this treatment, that widget and magic trick number 29. If you can get the attention of this group and get the segment of them with stiff hips as the root cause you can grasp a happy customer. It's not easy to do but the opportunity is there.
When starting out I advice you to choose a niche small enough that you don't have to compete head on with established competition with years of head start but aim to message in a way that you catch all 100% of the niche by talking to all the awareness levels.
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Customer awareness levels
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