Marketing in The Wrong Direction
I am starting to see people taking on positions as marketing directors or even becoming the owner of a business that focuses just on Millennial consumers..or Pre-Boomers, or Gen X+Y or whatever the next catch phrase will be to describes an age group or segment of the consumer market.
Developing a marketing strategy for a business..or brand as the millennials prefer to call it…that focuses just on a small part of the consumer market may appear to be a simple solution to marketing but is it smart to develop an entire business plan to marketing to just one segment of the consumer market..or in most cases..an age group?
Consumers Drive Economy
True, there are some products and services a certain age group of the population would be more interested in than others which would make marketing to that group a smart move. However, economic indicators show that even the most specialized of the products and services being niche marketed has a broader audience appeal than what marketing indicators show.
In a recent conversation I had with a marketing generalist I was shown a number of reports clearing indicating consumer interests were on seeing nearly everything on the market and not just a narrow view as many of the niche marketing companies want businesses to believe. This means marketing to a small group would more than likely be a mistake for a business.
Younger Consumers Are Also Interested in Older Consumer Items
For instance, many of the cars manufacturers, marketing only on Facebook in an effort to capture the 20 to 30 year old market, are not doing as well to appease that niche as they do on YouTube or Google+. Many of the pharmaceutical businesses whose TV ads prey on the over 50 population are finding they are doing better when their content is coming up on a Google Search.
In the service sector, the staffing businesses who focus on recruiting for a niche position are finding when they broaden their digital footprint by placing content in markets not related to the positions they were getting more results.
Not The Same Old Internet
10 Years ago, when the internet was more of a novelty than it is today, many marketing firms could survive on just marketing to a specific demographic. Fortunately, the internet has rapidly become mainstream and used by a broader portion of the population. This means even if a Millennial sees a post on Google+ for something more related to a Baby Boomer they more than likely will share that information with the Baby Boomers in their life or in their Circles.
A real life example would be when our interns find something during their Google+ training that relates to something they feel I would like they then shared it with me and their parents.
Cutting off one market from not being marketed to may seem on paper like a smart thing, but, in reality, a business is going to do business with whoever is interested in their product or service. So why use niche marketing in this economy when a broader form of marketing would be more profitable?
Bigger Digital Footprint Offers Better Chance to Success
Niche marketing is starting to become a risky business plan. Until the economy starts booming again…at least I hope it starts booming again…it probably would be best for people who manage a business’ marketing strategy to look to developing a larger digital footprint so to make their content more available to people outside the product’s or service’s primarily consumer group. More eyes on what a business offers will eventually produce more than the few eyes in a niche market.
Let me know how I can help.