Target Market
Too often marketers and manufactures overlook a crucial segment of the market, The Bottom of the Pyramid (BoP), which comprises the poorest people in the world. Together they constitute more than half of the world’s population (approximately 4 billion people) and they annually spend five trillion US dollars.
At last week’s TNS Breakfast Series talk, the guest speaker Sebastian Janini, Regional Director of the Consumer Sector for TNS, expanded on this issue.
Janini notes that when considering the BoP, many marketers and manufacturers don not fully know how to approach and reach these audiences. Marketing to these consumers is notably different than to the middle or upper classes. Furthermore, he highlighted that even consumers with a very low income are willing to pay extra for a product that will add quality and deliver better value to their lifestyles.
In addition, he pointed out that BoP consumers are highly sociable and community based. The influence of these social groups can greatly affect the success of a product. It is therefore essential to always consider the social context and then cater to the community as a whole, opposed to the individual.
The Bottom of the Pyramid constitutes a large portion of the consumer market with significant unmet needs. Those who are willing to innovate will be met with a wealth of opportunities. In terms of the domestic potential, with approximately 50% of the population living under the global poverty line of $2 a day, the bottom of the South African pyramid is very large indeed. This must surely be the single biggest growth opportunity for the next 10-20 years and that is without taking the rest of Africa into consideration.
For more on this issue, click here to download Sebastian Janini’s full presentation.
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