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.