Are Super Consumers Your Future Growth?
I’ve seen a lot of companies try to build out their growth and their growth strategies and oftentimes I realize that they’re doing that by and large by pie splitting. They assume that the pie categories are fixed and they say, well if we want a slice we are going to take it from a competitor by lowering prices, increasing our advertising spend or copying innovation. This strategy may work in the short-term but usually what happens is the pie get smaller and smaller.
The focus instead should be on growing the pie by focusing on your super consumers; the consumers that love the category and buy a lot of it.
Almost every product category or brand has some super fans, those diehard consumers that are extremely knowledgeable about what they love and why they love it. These super consumers make up a small portion of total consumers but they spend more and have a bigger impact on the bottom line because they’re so engaged and passionate. Super consumers can offer valuable advice to entrepreneurs looking to improve their products, change their business model and attract new customers.
So there is a need for companies to find the most passionate customers and then tailor products or services to meet their needs. This should be a focus of growth strategy and there is a lot of profitability there.
When marketing your business, you really need someone who has a great deal of knowledge because they buy a lot. It’s in their insights where the real gems lie. They can help you figure out not only how to make the pie bigger but they can also help you to draw data correlations that you may not be aware of.
Take vitamins for example, which is a niche with super consumers. There are people who are very diligent about their vitamins whether it’s One-A-Day’s or vitamin C’s or gummy vitamins. They are not necessarily wealthier, but they usually belong to households that take health a bit more seriously and there is some rational and emotional benefit of what vitamins mean for them. These people are also more likely to have an insurance policy. You need to connect these dots. You need to do some research to discover why your super fans are your super fans. There’s probably nothing unusual about them other than they have figured out how to use a category to better suit their needs.
Even Velveeta cheese has super fans so don’t worry about being too niche. A lot of categories and brands that may seem very niche at some level or seem polarizing. But with a closer look, what we find is that the reason why those categories are niche in the first place, is that the super consumers of that category have figured out how the brand not only solves a certain problem but different ways they can use it. For example, some parents who are trying to get their children to eat more vegetables put a little bit of melted cheese on it Go to the full article.