BRX Pro Tip: Minimum Viable Market Transcript
Stone Payton: [00:00:02] And we are back with BRX Pro Tips. Lee Kantor, Stone Payton here with you. Lee, a lot to think about as you’re getting a studio launched or as a client, if you’re getting a show launched. One of the things that we like to focus some energy on is identifying, thinking through what you call minimum viable market. Speak to that a little bit.
Lee Kantor: [00:00:23] Sure. You know, Seth Godin, super fan, and this is a phrase that he’s been using lately, and I think it pre-dates Seth by a thought leader, too, but he has definitely been harping on this in terms of the media, that the media should focus in on the minimum viable market, where the keyword is viable, that there’s enough people out there that care about the work that you’re doing, that you can make something work. And that’s something that you should be thinking about if you’re going to open a studio in a market.
Lee Kantor: [00:00:54] What is the minimum number of people you need to influence to make this kind of a difference? And then, focus less on the demographics of the people and more in the psychographics that these are the people that believe what you believe, that these are the people that want to share the positive business stories in the community. And a lot of the times, these people are going to be in the professional services, they’re going to be challenger brands, and they’re going to be a part of an under-served business community.
Lee Kantor: [00:01:20] So, identify, are there enough of them for me to pull this off, to have a show? Are there going to be enough guests for me to have on the show? And the way you do that is kind of just be clear on who you’re trying to reach and see if there’s enough of them. You don’t need that many in professional services to make a studio go, but you do need kind of a certain amount of people who believe that this is important work and they want to financially support it. So, keep an eye out on the minimum viable market in your community.
