What do you think is vital and essential to run a business being an entrepreneur in the market ? Well..!!! The definite answers from every individual’s mouth would be “ Consumers”. They are the ultimate target of any business or service or an entrepreneur. Consumers are the key element or the focus group in the market, as they are the end users of any outcome. So a marketer can withstand in the market only if he is able to capture the consumer interest and money towards their respective products and services.
What would be the aspiration of a marketer ? If you think about the question you would find that they aspire to capture the consumers who promise them highest and longest tenure of growth. Because their main motive is to compete all the forces and stand long in the market for which they need supportive consumers.
Supportive consumers ???? Now, what do you think are the qualities that define such kind of consumers ?
The three criteria’s that perfects the qualities are :
- A consumer with a steady growth of income.
- A group that expands in terms of population and size.
- The amount they spend should gradually increase.
These criteria would help a marketer build long term relationship with the consumers and simultaneously help him grow in the market at a good pace.
When market growth, marketers growth, product growth, entrepreneur growth, etc depend on the backbone of the ultimate consumer. Then where would you find such consumer group who can yield you so much benefit.
The searching secret is more of an art rather than science, because it largely depends on the nature and characteristics of both business and the marketer. Thereby one can try applying these strategies to find high growth results yielding consumers:
Dig Deeper than your competitors.
In today’s big data environment, every company is investing a huge amount of money and time to identify their consumer patterns and trends. For example, American family spends more money on tourism and travels compared to the Indian family. Asian family spends more on education compared to the average American family. In the grocery market, Hispanics spent more money on beef compared to other products. These kinds of insights and trends, will help you concentrate different consumer groups. Imagine the kind of insights and analytics into big companies like Wal-Mart, Target and Best-Buy. If you are able to dig deep into these data driven point, it can definitely boost your sales and revenue.
Search At A Different Place And With A Different View:
Have a different approach, have a different view. Look at the areas where no one else is rolling their eyes on. Being different and approaching new areas would help you grab opportunities quickly. One of the common and the biggest mistakes committed by a marketer is channelizing all their effort into finding a group of individual with a large base, but they fail to understand the fact that large groups foster slower progress.
Every marketer is very well aware of the target and the nature of consumers he needs, but he fails due to lack of certainty with respect to his priority. He should understand that facts, statistics and figures are just to understand the happenings, not to depend on. Instead of laying in the same pond and finding consumers. Get up and rise to find consumers out of the zone in the emerging and upcoming markets.
The risk taken comes back in the form of rewards, so there is no harm in doing something new to achieve success. If you are not sure then make it a point to check with a small group of consumer. A marketer should be very flexible in adopting different strategies and techniques be it through direct or personal or campaigns.
Identifying the differences between consumer groups
One of the key secrets in finding high-growth consumer groups is to find the minor differences between your consumers. Most product marketers often take the total market approach to satisfy the needs of the larger consumer base. In this way, they are compromising important minor things which could make the difference between alienating and engaging some key consumer groups. In this data-driven world, you can easily find out the difference between different consumer groups. The next step would be marketing your product or a brand to different consumer groups accordingly.
In America, you can find people of different ethnicity and different cultural backgrounds. Each group will be having their own likes and dislikes. They want their group’s culture and tradition to be respected. When your product is taking the total market approach, there is a high chance of you missing out these consumers. So you have to employ different marketing tools to identify this kind of differences and market your product accordingly. You can make use of these resources to your advantage and build a brand.
Therefore, a market can put in their right foot forwards to try these tactics.