Today I want to talk about the 3 fundamental elements of every business - Audience, Offers and Channels.
This framework applies to every business model - SaaS, Content, Services, anything.
And is much simpler than the complex Product Market Fit framework. I think you will find it really cool.
Let's get started -
I've started to think of every business as a combination of 3 elements -
- Who you serve - Audience
- How you serve them - Offers
- How you reach them - Channels
This is the most important piece of your business.
Who you serve Why them, why not someone else?
You need to have a clear user persona in your mind (or in a document)
Even better - do the work to know at least 5 people personally who fit this persona.
The narrower you are able to niche down, the more obvious value you will be able to provide to that person.
The other 2 elements in this framework also become simpler if you know your audience well.
Let's look at them -
What can you offer to your audience?
- A tool to help them automate tweet posting
- A list of topics to help them come up with better Tweet ideas
- A service where you write tweets and threads for them
Whichever method you choose, your offer needs to solve a pain.
The better you know your audience, the better you know their painful problems.
The better offers you will be able to make to them.
Here's where the P*in Killer vs Vitamin model also comes into picture.
Our goal is to make offers that are "must haves" instead of "nice to haves".
This is how you reach your audience and tell them about your offer.
If you know your audience well, then you know where they hang out online.
You have to find ways to go to these channels every day and talk about your offer to your audience.
You can do this for free by asking permission from your audience.
Permission means -
- Following you on social media
- Signing up to your newsletter
- Joining your community
You can also pay for access to the channel through ads and sponsorships.
Free vs Paid is a matter of preference/budget/time.
- If you don't have money, go after free channels.
- If you don't have time, go after paid channels.
Most business go with a hybrid approach - Paid + Free.
Paid is good because that's how you scale your marketing.
Take a look around...
Every business is essentially made up of these 3 elements - Audience, Offers and Channels.
Tell me what you think of this framework?
Thank you for reading.
Inspired by -
- Jakob Greenfeld's essay - Chanel Offer Fit vs Product Market Fit
Read the Twitter thread version of this post here.
That's it from me this week.
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