Recently I was asked if poetry is a passion or a business for me. I said it’s a business I am passionate about. He probed further, do you have a business plan or something close to it? I answered that we have a sales strategy which evolves around 5 questions. These questions are:
- Where is the market?
- What drives them?
- How do I reach them (faster, cheaper and more efficient)?
- What do I say to them when I reach them?
- How do I say what I’ve to say?
So let’s start with Question 1, where is the market for poetry? We can even further break it down into two using the 80:20 rule.
Where is the market for poetry? This question can also be asked in this form. “Where is the money?”
In these times of increased levels of communication and interaction, the market is not a place, cos the product/ services can delivered to doorsteps. Thus the market is/ are people.
So who are these people? They can be tagged. ‘Mass literates.”
Who are the mass literates? Students, graduates, young professionals and older citizens who are art inclined by virtual of exposure, education, passion and/ or interest.
We might decide to break the market down into two broad categories using the 80:20 rule. They are:
- Mass literates
- Corporate organisations
The mass literates make up 80% of the market. The corporate organisations make up the remaining 20%. However, the mass literates will only bring in 20% of the income, while the organization is likely to bring in 80% income. But the flip side is that, without the 80% aka mass literates, you probably might not get the 20% aka corporate organisations.
Let’s use a regular Nigerian bank as an example.
Most times, (if not all the time), the highest depositors in a bank make up the 20% of the total depositors. But they don’t come to the bank everyday, right? In fact, most times, the bank goes to them.
The remaining 80% usually throng the banking hall daily or weekly. However, if the 20% don’t see the 80% patronising the bank, they might hesitate to put their money in it. Also, the 20% depositors are the ones that bring in 80% of the bank’s total deposits and income via big ticket transactions . While the 80% depositors bring in the rest.
So let’s proceed to Question 2:
What drives them? Which can also be coined as, who is holding the money?
So what drives the mass literates to want to buy/ pay for poetry? Well, let’s take it from this angle.
Who eats noodles the most? Is it the Children or adults/ Parent?
Who buys / pay for the noodles? Children or adults/ parent?
So what drives the children to noodles? The adverts, the “perceived” sweetness and hunger. And it is the parent holding the money. So the parent buy noodles not necessarily for themselves, but more for the children.
Let’s now look at the mass literates, while they might still be children, they are capable of ensuring they get what they want. Simply put, the decision of what to do financial is within their means and ability to do it. So they hold the money.
Now what drives them? Passion, platform and profit. In another way, we can put the “drivers” as: Expression, entertainment, empowerment, education (information) and employment (profit).
Let’s very briefly focus on expression and entertainment.
What do the status message on social media encourage? It tells us to express ourselves, be it the good, the bad, the ugly and 50 shades of wonderful nonsense.
And from what is expressed (or depressed), art thou not entertained? 🙂
(Clears throat) I “yam” available to break it down further and customize this to fit into your specific industry/ business. Just remember, there is nothing free in Freetown o.
Any questions or need for further clarification thus far? Shoot and let me know thy thoughts……
Next up, Question 3:
How do I reach them? “That is to say,” the fastest, cheapest and most efficient way to reach them.
Olumide Holloway aka King Olulu, not from Zulu