The Y !!!!!!!!!!!!
The most important question that we need to ask ourselves when we define the target customer base is “Why would they buy from me?” The thought pattern for company that sells products to a company that provides solutions must be very different in answering this. At the outset let us understand Why anyone buys.
To me, a purchase happens when the value of what I want to buy is higher than the associated value of the money available. That by itself is a large statement for it implicates the budgetary aspect, affordability, desire quotient and a need analysis. The tussle between the mind and heart is the biggest struggle for any purchase, whether it be by the organization or by an individual. At the end of the day, it’s an individual that decides though the beneficiary outlook will be of the organization. A studied, analysed, intellectual decision is mostly again very skewed by the personal preferences of the individual. I am reminded of the first acronym that I learnt while doing the computer course. GIGO !!! That which is input is the output in a different form. Friends, peers, superiors, influencers have all already impacted our preferences. Hence to cater to a market, we need to invest on buying patterns of the market segment which needs to include but not limited to financial ability, desire quotient of your brand, technological superiority, brand awareness, positioning, need satiation or are you creating a market for an unmet demand.
But let’s delve a little more on the emotional desire and intellectual discipline. A lot of us are into impulsive buying and this is primarily driven by affordability. A lot of times we have bought what was not essential but did feel that it was good to have. Advertising is typically about selling dreams. When the experience meets the dream, a brand is born, enriched, and empowered. The recall is compelling, the differentiation gargantuan and perception moves from the “also rans” to the elitist. It generates a self-propelling momentum over a friction less surface. From being a product, it becomes a feeling. This mostly happens in the consumer space and very rarely have we seen any brand having that impact in the Enterprise space.
Intellectual discipline is about the ability to weigh the pros and cons of the purchase, evaluate it against the various options that similar products offer, durability, stability, service, convenience, cost thereby ensuring value for money. As a company we need to look at positioning ourselves as the best in that “space”. Stack up features, comparison charts are now part of most commoditised markets and if you need to capture that market, you need to first capture the mindshare before you get to the market share. Brand does have its attraction but that comes out of consistent and superior experience that translates to “whispering influencers ecosystem” as I call it. The law of 250 becomes the most valuable marketing mechanism in such cases. This is more the case in the commoditised consumer market as well as in the Enterprise market.
So when you are asking the question to yourself on Why would a customer buy from us, you will have to answer these questions in objectivity and honesty:
1. What do I have to offer that will meet the pain / need / desire of a customer?
2. Am I creating a market or addressing a market already in place? What innovation have I brought in for differentiating myself from my competition?
3. Am I a desire / luxury product / company or a value for money product / company?
4. Am I a recognised brand or am yet to be?
5. If price flexibility is removed, will I be able to survive in the market?
Answering the above will help you narrow down on the market segment that is right for you.
