Assume you’re the founder of a company that hasn’t yet launched. You know you’ve created the ideal product or service.
You also know that you’ve assembled the ideal team to assist you in getting your concept off the ground and into the marketplace.
At this point, you’re pretty well ready to rule the world, right? Only one thing stands between you and global dominance.
That one thing is preventing you from getting your ideal vehicle. The home of your dreams.
And maybe even your ideal partner…that one thing is sales.
I don’t think I need to remind you that a company can’t survive for long without revenue…
But I’ll tell you anyhow (I’m sorry, but this has to be stressed…
You’ll thank me later), a company can’t survive long without revenue. So, how can your company generate enough revenue to remain afloat and pay your fantastic staff as you scale?
The solution is simple: locate your MVA (minimum viable audience).
A minimum viable audience is the smallest number of consumers a company can service before scaling up. To put it another way, they are the lifeblood of every company.
They’re the most influential individuals outside of your company. Here are some suggestions for attracting your brand’s minimal viable audience.
Don’t try to catch carp in the ocean
“What the hell does carp fishing have to do with helping my business survive?” I’m sure you’re thinking.
Relax, it’s only a metaphor. It essentially implies don’t waste time attempting to capture a fish that exclusively lives in lakes and ponds in the ocean.
Finding your minimal viable audience follows the same reasoning
If you’re looking for your MVA, the first step is to focus your search on channels that your target audience is known to use. Looking for them elsewhere is like trying to catch carp in the ocean – you’ll always be disappointed.
Doing a psychographic profile of your target customer (don’t worry, this doesn’t need the skills of a writer from the program Criminal Minds) is the easiest way to learn the locations where your MVA is known to visit.
All you have to do now is figure out who your ideal consumers are. Where they’ll most likely work.
What kind of money they earn. What they like doing for entertainment.
And where do they congregate with their friends? Then make a profile out of the information.
Making a game out of finding this out is something you and your team can do. Once you’ve done that, you’ll be able to concentrate your marketing efforts on reaching them wherever they are… It’s a little like pond carp fishing.
Make your uniqueness known
There are a few methods for a company to communicate its uniqueness to its target market. Here are a few of my favorites:
- Being the best in a certain category-only catering to a certain demographic (exclusivity)
highlighting a certain culture or set of principles - Having a one-of-a-kind method for providing service to customers that will benefit them (like serving hamburgers to customer faster than your competitors)
- Being the polar opposite of the category’s current leader
Whichever of these ways of communicating uniqueness you select for your business, be sure to communicate it to your target audience in a manner that everyone can comprehend.
Early adopters should be rewarded
Early adopters, for those unaware, are individuals who are the first to support a new product or service. These are the individuals to whom every company must first appeal since they will become the brand’s unofficial spokesman and will recruit others to do the same.
To entice early adopters, provide incentives for them to test out your product or service. Giving free trials to a portion of your MVA…especially those with the greatest influence within their peer networks – which leads us to our next step – is one method to accomplish this.
Influencers should be highlighted
As a brand director, I’ve seen firsthand the impact influencers can have on a company. I’ll even go so far as to argue that, apart from peer-to-peer brand support, influencer marketing is the most successful type of marketing available.
This is due to the fact that we are all affected by someone. It might be a coworker, a cousin, a neighbor, your favorite athlete, actress, or just an attractive person you’d want to be around… We’re all affected by someone, no matter who it is or who you are.
As a brand manager, your goal is to identify the influencers that your target audience follows and collaborate with them to promote your product. Their support of your business will dramatically increase both sales and brand growth.
Once you’ve gotten them, be sure to mention them in all of your brand’s advertisements and on all of your social media channels. They may function as magnets for your brand, attracting your minimum viable audience if done properly.
Conclusion
The sad truth of business is that about 20% of small companies in the United States fail within their first year. And approximately half of them fail before they reach their sixth year of operation.
This does not have to be the case for your company. Find and attract your brand’s MVA to prevent this destiny.
If you do, you’ll join the 30% of companies that survive for more than ten years.
Thanks to Mahipal Nehra at Business 2 Community whose reporting provided the original basis for this story.
