I live in London. They say its a saturated market. Everyone has what they need. A few even have what they want. So how do you allow for growth in a setup such as this.
To start thinking about this, I examined my own spending since I have been here (which hasn't been too long and hopefully, will not be too long). I believe it is possible to survive in London in under a princely figure of £1000 per month. This would include the basics - food, clothing, shelter. To prove it to myself, I did live under a £ 1000 for a month. Its not easy, and it aint difficult either. Now, over the last couple of weeks, I have observed that I am spending more than I should or would like to. The reason!? I am headed home by the end of November and I suddenly find myself behaving more like a tourist and less like a resident. My going home has made this a last ditch effort to spend and enjoy whats left of Life in London. The occasion here, is my leaving town to head back to India.
I also examined another source of recent extravagance. My wife is coming over for a few days (Yes, she is not here with me in London). That occasion has me suddenly checking out the hotspots of England, finding new and expensive places to eat where I could take her when she is here etc etc. Again, the occasion here is her impending arrival.
Another way of looking at the same situation - My wife for me, or my stay in London and enjoying the city are what can be referred to as consumer weakspots. These are issues which initiate an emotional response from consumers. Another example of this which I saw on the tube to work today - "A graduation day photography package"!! Its essentially a photgrapher's way of drumming up business. He would click great photographs of students and their parents on graduation day - package it all perfectly, and sell it back charging a measly amount of £120 for 10 photgraphs and £5 for each extra one!!
A child's birthday, a son's(and daughter's) graduation day are all consumer weakspots. The bottomline is as follows - Occasions are incentives to spend. Occasions around consumer weak spots generate an even greater response. Accurately identifying your brand/product's role around the consumer weakspot/occasion is the only way to growth in developed markets.
Other examples of this phenomenon in the UK is this huge ruckus around organic food. Its a consumer weakspot which is a bonanza for marketeers. It allows them to charge almost thrice the rates for products whose production is only slightly more expensive than the fertilizer driven methods of modern agriculture. Its an occasion - SAVE THE ENVT!!! Its a consumer weakspot - SAVE THE ENVT!!!
So whats the story here - Two ways of dealing with developed markets -
Method 1 - identify your consumers, identify consumer weakspots (a lot of whats known as marketing insight is essentially about identifying consumer weakspots). Having carried out this garangutan task - show the consumer the risk, solve the risk for her. And wallah!!!
Method 2 - Know your product. Identify or create the occasion - deliver a connect!!
To start thinking about this, I examined my own spending since I have been here (which hasn't been too long and hopefully, will not be too long). I believe it is possible to survive in London in under a princely figure of £1000 per month. This would include the basics - food, clothing, shelter. To prove it to myself, I did live under a £ 1000 for a month. Its not easy, and it aint difficult either. Now, over the last couple of weeks, I have observed that I am spending more than I should or would like to. The reason!? I am headed home by the end of November and I suddenly find myself behaving more like a tourist and less like a resident. My going home has made this a last ditch effort to spend and enjoy whats left of Life in London. The occasion here, is my leaving town to head back to India.
I also examined another source of recent extravagance. My wife is coming over for a few days (Yes, she is not here with me in London). That occasion has me suddenly checking out the hotspots of England, finding new and expensive places to eat where I could take her when she is here etc etc. Again, the occasion here is her impending arrival.
Another way of looking at the same situation - My wife for me, or my stay in London and enjoying the city are what can be referred to as consumer weakspots. These are issues which initiate an emotional response from consumers. Another example of this which I saw on the tube to work today - "A graduation day photography package"!! Its essentially a photgrapher's way of drumming up business. He would click great photographs of students and their parents on graduation day - package it all perfectly, and sell it back charging a measly amount of £120 for 10 photgraphs and £5 for each extra one!!
A child's birthday, a son's(and daughter's) graduation day are all consumer weakspots. The bottomline is as follows - Occasions are incentives to spend. Occasions around consumer weak spots generate an even greater response. Accurately identifying your brand/product's role around the consumer weakspot/occasion is the only way to growth in developed markets.
Other examples of this phenomenon in the UK is this huge ruckus around organic food. Its a consumer weakspot which is a bonanza for marketeers. It allows them to charge almost thrice the rates for products whose production is only slightly more expensive than the fertilizer driven methods of modern agriculture. Its an occasion - SAVE THE ENVT!!! Its a consumer weakspot - SAVE THE ENVT!!!
So whats the story here - Two ways of dealing with developed markets -
Method 1 - identify your consumers, identify consumer weakspots (a lot of whats known as marketing insight is essentially about identifying consumer weakspots). Having carried out this garangutan task - show the consumer the risk, solve the risk for her. And wallah!!!
Method 2 - Know your product. Identify or create the occasion - deliver a connect!!
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