What market may mean to you if you are a marginal player???

In Sanskrit it is said that “Banijjye basati Lakshmi” (business is the home to the goddess of wealth). None can deny the fact. If you look at jobs that the commoners do, it is nothing more than business – be it in the government sector or in the private. But, the crux is wherever and whatever form of businesses you do you must know your periphery of work. It thus becomes imperative for a marginal player to define his/her market first despite the fact that a market is longer constrained by the physical boundaries post the internet revolution.   

Why should you know your market first?

Good question since answering this question to yourself will help you rein over things that become a part of your business endeavor in the long run. In research it’s been found that NOT every product or service will appeal to everyone and it is this reason you get to see so many products thronging in the same segment in a market. Look at the products Surf Excel, Ariel and Wheel. They are in essence the detergents meant for your cloth washing; but they connote different value propositions for different customers who again belong to different socio economic strata.

Defining your market aka customers first in a market can be construed as one of the key elements to your marketing success. From a layman’s perspective if you don’t know your customer who would you approach to sell your product or service? After all it’s the customers who fuel the fortunes for you!!!  

Moreover being a marginal player you are not gifted with the financial muscles like the big corporations around the world who usually spend millions of dollars towards R & D (Research and Development). You in the shoes of a marginal player are to work mostly on a shoe string budget even in the matters of your R & D. Your ROI (Return on Investment) always remains high on agenda as it amounts to life or death to you as a marginal player.

Does defining the market squeeze the scope of work for a marginal player?

Some will opine that yes it is since you stop looking beyond boundaries set for yourself. Let me tell you that it’s a grossly erroneous perception. They argue that by defining the TG (Target Group) in a market you essentially make a blind spot for your business.

According to Dr. Philip Kotler there are 4 Ps of marketing aka the elements in your marketing mix that essentially play pivotal role in making your marketing initiative successful; namely product, price, place and promotion. Onus to mention all these elements of your marketing mix by default revolve around a person – that’s your TG and this TG in other words is known as the market for you.

Defining your TG aka market therefore helps you prune your marketing strategy and skill that in short earn the fortune for you. There are innumerable examples of organizations worldwide that are doing quite successful business this way. I recommend for looking at the Kirana stores (small grocery shops in India) in your neighborhood despite of having high rise malls in the vicinity.     

Collaboration is the name of the game for your success!!!

Too many cooks spoil the broth – so goes an adage that highlights the importance of collaboration. Fortunately these cooks are now collaborating with the common purpose of making the broth as unique as possible. Why? It is because of the fact that time has changed and a change in every sphere of our activities therefore has become inevitable.

How working together contributes to success?

Workings together certainly build trust that lasts and succeeds. There are innumerable examples around the world that have vouched for the fact. On the contrary if you don’t take your people into confidence and work together for attaining the common goal you can never achieve success in the long run, though you can have some success in the short run.

Look at the history of Mughal emperors in India. You will agree to the fact that Akbar’s secular approach and the habit of taking his people along for the good of his empire yielded favorably to the growth and dominance of himself and the successive Mughal emperors in India. On the contrary Aurangzeb’s distrust in everyone and non-delegation of authority yielded to the killings of his own brothers alongside confining his father Shah Jahan. The Mughal Empire in consequence short lived post the demise of Aurangzeb.

Here you can have an interesting reading on the same. Browse the link https://www.sscnet.ucla.edu/southasia/History/Mughals/Aurang.html for your knowledge and reference.

Working together – the modern perspective:

Now coming back to the terms of modern day living and succeeding in business you have to heavily bank on the ethics of working as a team for achieving your set organizational goals. There’s no scope for second thought on this given the cutthroat competition in the worldwide market. Moreover, such a practice of collaboration works favorably within the ambit of the economies of scale. Mind that economies of scale through collaboration are no mean achievement; it can rather be the biggest differentiator in the matters of your pricing as well as success.

How does pricing affect your business?      

Collaboration always pays so goes with the element of price in your marketing mix. It always plays a pivotal role there for your success. According to Dr. Philip Kotler there are 4 Ps of marketing that are responsible for your marketing success; namely product, price, place and promotion. You will be deprived of the sweet success unless your pricing is right vis-à-vis the TG (Target Group) over and above the fact of all other elements in the marketing mix like product, place and promotion are doing their jobs fine.

In nutshell success in your business is essentially gets determined by the effective use of the elements in your marketing mix alongside your style of working like bureaucratic, autocratic or otherwise. Listen to your peers and colleagues before it’s too late for the good of your business.

Is working together aka collaboration necessary for you as a niche marketer?

My answer to your query is a big ‘Y E S’. Because it helps you stay grounded in the matters of your customers’ need and preferences and works in the best interest of your business.