As my awesome marketing professor says.. "You cant try and be everything to everyone.. You have got to target the right market segment and give them the most beneficial value proposition". Ain't that true for life and people in general? Isn't world a marketplace with customers, buyers and suppliers all trying to minimize their costs and maximize their profits. Nobody wants to get hurt and be sad. They all aim to fly high and with high profit margins and a good product.
The key, as now learnt in my marketing class, is to target one and only one segment. Straddling will give you the worse of both the segments. Your product might be the best for one certain set of people, but the worst for the other set. And you cannot, rather should not, try and be useful to them coz you will lose your loyal customer set. Can I not see that apply to me? I very much can! I am not a product like salt. People dont care much about its brand. Also there isn't too much loyalty as most of such products have the same feature - iodine content, free flow etc. and customers couldnt care less which brand they pick up. People are indifferent towards such products. But I am a product like a Absolut Vodka - a very niche market. People who like it, love it. People who dont like it or dont drink alcohol cannot stand it! I could also at the same time be PanParag - people who like it, love it. People who dont, dont!
Should I care about what these certain set of other people think about me. Like for right now, I know there is a set of people who will mock this entire post! They would attribute it to bad analogy, kiddish behaviour, overthinking etc. Should I bother about them? I say No. Id go with my marketing professor.
But then the question comes to How big is this market segment that I am targeting. Is it big enough for me to make enough profits to sustain in the market? Right! So rather than worrying about the other market segments, I should worry about mine and advertise more here. But I must say the temptation to have the largest market share is huge, but I should curb it and focus on profit making. That should be my strategy. So going ahead, I should switch the strategy from 'growing market share' to 'increase in profits'.
Cheers! to the new strategy. Lets get to work!
