At this point, once you have a set of well defined terms that define who you’re going forward and that help you focus what you’re doing, it’s about drilling down and strategizing on a way to gain traction, right? Because gaining traction is the ultimate goal. You want to take what you have and then build a strategy and then once you go out and execute that strategy, ideally, people start talking about it, hype starts coming up, revenue starts coming in and the reality is that getting traction is the ultimate goal that your execution wants to achieve and traction really will confirm or deny that you’re on the right path.
So if you’re executing and assuming that your vision is great, that your product is great and fine-tune to the audience and that your strategy for actually gaining traction is sound but once you execute it’s not working, then this denies that you’re on the right path and you need to reassess a bunch of different things in the company and by this time and by this failure or this success, you’ll know what is right and what is wrong. You’ll know which channels work and which channels don’t work, you’ll know which product features speak best and you know which product features you don’t want to talk about, you’ll know what to highlight and that traction will tell you if you’re on the right path and once you have secured a bunch of traction in a given segment and once we’re talking about that minimum viable segment and you’ve actually started scoring traction in that segment, you want to actually step a little bit bigger outside of that minimum viable segment, the one that you’ve dominated and that small audience started talking about you because you’re delivering such a great solution to this problem that they all have and that they all share, once you’ve dominated this minimum viable segment, you want to leverage your people, your new users, you want to leverage your product, you want to leverage your pitch, you want to leverage your marketing and take all of that and start conquering the next segment, right?
When we’re talking about the next segment, we’re talking about refocusing your communication, refocusing your product and looking a little bit further and seeing how can we grow this by leveraging what we’ve been doing up until now? How can we grow this within the framework of this huge vision that we built for the last 18 or so months and how do we leverage the people that have agreed that our product is fixing their problem to go out and get a new kind of people that still fit within our minimum viable segment but is a little bit more general and a little bit less focused because now you’re going for a market segment that’s a little bit bigger.
So obviously, it’s going to still include the people in your minimum viable segment but on top of it, it will include a bunch of new people that your minimum viable segment is still capable of speaking to because it’s not huge leap, it will be, you know, you can talk about this when we’re talking about cultural tourists or cultural tourists who use their mobile phone, right? So you might actually start with just cultural tourist where you’ve built a blog and you’ve built a brand around it and you start getting a bunch of revenue from cultural tourists from a couple of brands and now you figure okay, it’s time to go out there and target the mobile segment that also fits in our segment. And in order for us to do this, we need to be able to focus the communication of it all where you need to be talking to the right people but you need to be talking to them in the right language, right? You need to have a focused elevator pitch which will allow you to make it obvious that you know what you’re talking about, right?
A lot of people don’t know how to explain their business in a sentence or two and the reality is that you need to be able to define it in a single breath, right? BuildPath was built to show you the path to building great companies. Spoil delivers happiness. City Trip Planner solves cultural tourism problems by enabling travel brands to perform lead generation. And then you can dig even deeper if the elevator pitch is needed if somebody is like oh, how do you do that? Well, they perform lead generation by creating personalized trip experiences for a cultural tourist in the traveling economy.
That sounds super focused and if you’re talking to a potential client, you now enunciated the value proposition and it fits within your strategy and it fits within your vision and it fits within what you’ve been doing all this time.