Today consumer is the king of the market. There is no doubt on that. Any business venture big or small will not succeed and prosper unless this aspect is not factored in the overall strategy of business goals of the organisation. Terms like ‘Customer Management’ and ‘Customer Experience’ are important marketing expressions which are taken seriously nowadays.
If you study the dynamics of market today, while launching a new product be it in any segment, some interesting facts can be observed. In this context, if you visualize the saleability of your new product to new consumers, you will see that most people can’t buy your product because either they don’t have the money or they don’t have time or they don’t need it.
Effectively, if your prospective consumer doesn’t have the money to buy your product at the price you have fixed to sell it for, you don’t have a market for your product. Suppose, if they have money and but don’t have the time to listen to your marketing pitch, you are as good as being invisible to them. Further, if they have money and even time to listen to your pitch but decides not to buy, you are still not in business. To be frank, ninety nine percent of the time this is what is happening in the marketing world and the going is getting tougher and tougher day by day.
This is true not just for consumer products but also for businesses and industrial markets. Businesses which get into B2B deals for segments like advertising, parts, service etc. just are not as needy as they used to be in old times. Besides, their existing service providers who have been dealing with them over the years have a huge inertia advantage making it challenging and difficult for marketers to launch something new.
TV and Mass Media Marketing
One of the reasons for the success of TV and mass media advertising in the past was due to the fact that consumers at that time had very few choices to make and had more time to make it. So a reasonably good product with good publicity was appreciated and bought by majority of consumers, thus leading to its success.
Subsequently, the industrial revolution took place giving a lot of economic freedom to the consumers which gave choice to him to satisfy himself with the kind of “needs” created by the TV and mass print advertisements made by the companies. The companies were calling the shots then and influencing the consumers by their glittering and attractive advertisements.
This market has changed now. The entrance of innumerable products in every field of market in the consumer world has made it difficult for the companies to attract the consumers in the way they used to in the past. Barring a few of the top rated businesses every company is vying to sell its products to the same consumer. The Consumer has many choices now.
Therefore, the consumers of today have become the soul of any business and in every stage of any business. Any marketing effort has to be made from this perspective that consumer is the king and he is on the driving seat of your company if not in literal terms but from the point of a profitable business to happen.