In today’s ever-evolving technological landscape, the challenges within your target market have grown more intricate and demanding due to increased competition.
To ensure the success of your offering, you hold the key to providing solutions. The encouraging news is that you don’t need to tackle every issue; solving even a single aspect of a multifaceted market problem can yield significant outcomes.
However, a common pitfall lies in technology companies focusing solely on their product’s features rather than problem-solving capabilities.
In this discussion, we delve deeper into this matter and explore the concept of the Buyer Matrix—a strategy to align your product with addressing problems rather than merely promoting features.
What is a Buyer Matrix℠?
A Buyer Matrix is an approach to marketing that seeks to position your product or service in a way that speaks to your buyer.
The idea is to describe your offering to the market not by its technical functionality or features but by the problems that it solves. In other words, it is a market-oriented description of the product developed in response to the market problem.
Ideally, you should use a Buyer Matrix to keep your messaging from getting bogged down in the technical aspects of your product and instead refocus on how the product solves problems for buyers. A Buyer Matrix is created by mapping your product’s features to your target market’s problems.
Use the step-by-step assignment below to map your own Buyer Matrix:
Have your marketing and/or salespeople put themselves in the shoes of your primary buyer(s)? They should know them, right? Have them make a list. This is where your customer interviews come in handy.
- What keeps your buyer up at night?
- What would make your buyer more money?
- What would save your buyer money?
- What problems does your buyer have today?
2. In a different conversation, have your technical or product manager, whoever knows your product the best, list all the features of your product or service.
3. Compare these two lists and draw a line from your product features to the problems they solve. That’s it. That defines the many branches of a Buyer Matrix.
If you can’t map many (or any) of your features to market problems, your marketing, and messaging are falling on deaf ears. It makes sense to you and your team but not to your customers. Remember, innovation isn’t everything. You have to solve their problem.
If you can’t map your Buyer Matrix, return to your lists.
Start with the market problems and reframe your features to fit those. Then build your key messaging around your new Buyer Matrix. Your customers will start to listen because you’re speaking their language now.
If navigating this process proves complex for you and your business, our team is fully equipped to assist you. We are privileged to collaborate with esteemed advisory board members within the healthcare ecosystem, ensuring comprehensive support throughout this endeavor.
