China, Emerging Markets Can’t Fill US Shoes

Very interesting article, in light of all the buzz around China and other similar emerging markets.

From Bloomberg: China, Emerging Markets Can’t Fill U.S. Shoes

Some key thoughts that struck me:

People Read What Interests Them. Sometimes, It’s An Ad

“The real fact of the matter is that nobody reads ads. People read what interests them. Sometimes it’s an ad.” ~ Howard Gossage

Helping the Perfect Improve

Seth Godin points out an interesting insight into targeting one’s audience:

Most people in the US can’t cook. So you would think that reaching out to the masses with entry-level cooking instruction would be a smart business move.

In fact, as the Food Network and cookbook publishers have demonstrated over and over again, you’re way better off helping the perfect improve. You’ll also sell a lot more management consulting to well run companies, high end stereos to people with good stereos and yes, church services to the already well behaved.

I wonder why, though?

Could it be that the “perfect” arrived there because they originally sought “perfection” – while those who are not “perfect” will probably never seek “perfection” anyway? Hence, if you think there is a great “market potential” for the “unconverted,” chances are it’s a dead market anyway. So, those who “get it” will want to “get it” some more, while those who didn’t get it probably never will.

Obviously, it is always easier to “preach to the choir/converted” than it is to get someone “saved” (to borrow some evangelistic/church parlance).

But how do you “convert” the “unconverted”?

What people want

The same thing everyone else is having, but different.

A menu where the prices aren’t all the same.

More attention than the person sitting next to them.

A slightly lower price than anyone else.

A new model, just moments before anyone else, but only if everyone else is really going to like it.

A seat at a sold out movie.

Access to the best customer service person in the shop, preferably the owner.

Being treated better, but not too much better.

Being noticed, but not too noticed.

Being right.

 

From: Seth Godin