Market Data vs. Product Data

In marketing and sales, it is crucial to understand the distinction between market data and product data. Market data is almost always more motivational and persuasive than product data.

Definitions

• Product Data: Information about your product or service. It focuses on features, specifications, and what your product is.
  • Example: "This shoe is made of leather and has a rubber sole."
• Market Data: Information about the customer's world, their problems, and the trends affecting their industry. It focuses on the context in which your product is used.
  • Example: "Your feet have 214,000 nerve endings that connect to every organ in your body. The quality of your shoes can have a significant impact on your overall health."

Why Market Data is More Powerful

• Grabs Attention: Market data is more interesting and relevant to the customer.
• Creates Urgency: It can create a sense of urgency by highlighting problems or opportunities that the customer may not have been aware of.
• Makes Your Product More Important: It provides the context that makes your product data meaningful and important.
• Positions You as an Expert: It shows that you understand the customer's world, not just your own product.

A brilliant strategist will use market data to set the stage before introducing their product as the solution. This is a core principle of Education-Based Marketing.