21 Feb 2018 | 1
The answer could be YES if we presume that the consumer, to whom you are trying to talk to, is really listening to you. But what if he/she is not listening? Or what if he/she is unable to listen because of the loud noises that millions of other products are making to gather his/her attention?
While every company expects to build a world-class brand, it is ironical that the presumptions on which these products are built are transitory. Everything from market size to target users are extrapolated to gauge the product viability.
Objectively, there could be a change in outlook where companies build their product(s)/service(s) based on an analysis of 'Potential Users' instead of Targeted users. Focusing on those 50 potential customers, who have 80% chances of conversion, instead of targeting all 100 customers, with only 40% chances of conversion, will not only help companies deploy their resources efficiently but it will also reduce the noise for potential consumers.
Then, the question - why would a company deliberately limit its own projected market share? Why speak to only a portion of the audience, when they can reach them all?
The market share that we are referring to here is notional! Any study that could be based on assumptions could be as unstable as the data itself. Adopting a 'Slow & Grow' strategy could be the best way forward for any old & particularly new brand. Taking the product to market through 'effective' marketing plans & innovative sales techniques could be the key. Which also means letting go of the one-size-fits-all sales & marketing strategies, that are being followed currently.
After all what could be better than a Continuous & Incremental growth in market share which ensures maximized ROI.
Therefore, there could only be as many brands as the number of people using their products every day!