Why Is Number 3 Significant In Entrepreneurialism?
When thinking about your company, one number that stands out more than the other is number 3. For example, this blog will almost always be in three parts. Why is that?
The Holy Trinity
The basic fundamental in marketing is that you need to find out where you belong in the market. It’s always in one of three areas, leader, follower, and niche. Even if you segment the market to a smaller size, you must belong to one of those three areas. How you approach the market will differ depending on where you belong. As the leader, you want to maintain that lead by continuing to provide what your customer base needs and what you do best. If you are a follower, you need to focus on an area where the leader is not good and do that part very well. If you don’t belong to either, you must find a niche area where you will succeed.
When trying to meet the customers’ needs, you have to look for the top 2-3 pain points where you can provide a solution. You need to go down the line beyond that to sustain enough growth to keep the company going.
If you are providing a solution for your customers, there are three areas you can focus on, cost to produce the solution, time to market, and high quality. It is nearly impossible to do all three very well out of those. You need to understand which two are essential and focus on those areas. When you do that, it will change how you market your solution. If you are focusing on quality products to the market quickly, you will need a lot of cash to do that. If that is the case, you need to focus on the market segment willing to pay for the solution rather than compete in price. Your quality may suffer if your solution is low-cost to produce and quick to market. That means you should be competing for low prices but do expect a higher failure rate or bugs in software. Often the customers will tolerate it for the lower cost.
Finally, when you are telling a story to your customers, it has to be in three parts. The first part is the “hook.” The hook grabs potential customers to ask questions like, “How do you do that?” or “Tell me more.” The second part explains how the solution will solve that customer’s pain point. The third part will be the “call-to-action,” where you get some commitment from your potential customer, whether that is future communication, testing the solution, or even a PO.
Keep The Number 3 In Mind
So, when thinking about your business, keep number 3 in mind in all aspects. Comment below if you can think of anything else on this subject.