Forgotten People- Who Does Your Business Appeal To?

Forgotten People- Who Does Your Business Appeal To?

You may be familiar with selling in a specific culture or speaking to one specific sector of society, but are there other audiences for your message, product or service you’ve not tapped into?

Are their people who you’ve forgotten about, that your business doesn’t reach?

Perhaps with a little more cultural understanding, a tweak here, an adjustment there, you could open up your business to a more diverse and much larger client base. As much as companies often focus on markets they are comfortable with, some customers can be left feeling marginalised and not catered for. And as a result they don’t remain customers for long.

People buy from people they like; those they feel familiar and comfortable with. It’s not often that these niches are closed off to new businesses, but if people are moving into this new space, they need to get it right. Simply put; the customers want to be understood and have their needs met, at a reasonable fair price.

I was talking to a friend recently who was due to be launching a second-hand car website. Nothing new about that; Autotrader, eBay, Exchange & Mart, Gumtree. It’s a very crowded space, and it would be hard to break into this market. It would need to stand out.

The subtle difference of his site, is that the car selling platform is aimed solely at women. Women sell directly to other women and only to women. Which means that they’re not having to deal with any Arthur Daley wannabees, and communicate and interact in a way that is more instinctive to them. Instead of feeling intimidated by what is often a macho, testosterone filled environment, he believes they will have more confidence buying from fellow women.

He argues that 50% of all car owners are now women, and the whole industry is facing a shake up, as women want to know their not being diddled when dealing with garages. It’s no doubt going to be a challenge regardless of the targeted niche, but if the all female car insurance company ‘Sheila’s Wheels’ is anything to go by, he may just have an idea that could work.

Are their any people groups that you are missing out on?

Is there a market already there waiting for your services? Are there people who would want your product, but you haven’t tapped into this new segment of the market?

Take a moment to think about these potential customers and how you could go about understanding them further. What do they drive? Where do they shop? What do they read? What do they earn? Where do they live?

There are so many opportunities to reach out beyond your existing customer base, but it’s important to base your decisions for attracting new customers on the right questions. Do you need to grow? Do you still have lots of room to grow within your existing strategies? But if you’re convinced you want to attract new customers ask yourself: How big is the new market (‘Size of the Segment’) and how easy will it be to break into (‘Odds of Success.’) As the size of the potential market is reduced, the odds of succeeding in that segment increases until you reach the Balance Point.

Going back to my friends website- the size of the segment is huge (50% of all second-hand car owners are women), but subsequently the odds of success are much smaller, because any one of the competition could re-invent or tweak their current proposition so as not to alienate their female customers.

It’s a model that’s easy to replicate, and for these existing companies they already have the track-record, infrastructure, market share and ability to adjust. But he’s small and no-one and sometimes that can be a huge advantage as he can move faster.

But if he did manage to succeed, then clearly, the potential size of the business would be enormous. And that would all be because he took note of a group of people in society who were dis-satisfied with what is being offered to them. They felt forgotten about?

Who are your Forgotten People your business could appeal to? Who’s going to become your new customers over the next 12 months? Go on- mix it up a bit.