The first paragraph of this article provides a succinct summary of its content. As digital marketers, we are constantly on the hunt for the next "booming" market. We aim to be at the heart of the action, selling to those who are eager to buy, and we want to do it immediately. But what exactly constitutes a "booming" market? In the aftermath of the recent dot com bubble burst, it might be time to reassess our understanding of what makes a market "hot" and what doesn't.
A booming market is characterized by three key factors.
Firstly, a booming market is one where consumers have the financial capacity to buy. If you've been in the sales industry for more than a fortnight, you've likely encountered a potential customer who is genuinely interested in your product but lacks the means to purchase it. Despite their good intentions, these individuals are not the target audience in a booming market. In such a market, consumers have disposable income and are willing to spend it.
Secondly, a booming market is one where consumers are comfortable with the purchasing process. If you're selling an innovative product, but potential customers are hesitant to buy it due to fears associated with online shopping, you'll end up with a surplus of unsold stock. In a booming market, consumers are confident and willing to buy products in the manner and at the time you're selling them.
Lastly, a booming market is one that is projected to grow. As marketers, we invest significant effort into testing our ideas and validating our theories to identify what works. We do this so that when we discover a successful formula, we can scale it up and introduce it to a larger audience. However, for this to be successful, there needs to be a large audience to introduce it to. The worst-case scenario is to gain an increasing share of a dwindling market. In a booming market, the market potential is expanding.
Once we have accurately identified our market and confirmed that it is indeed booming, we can confidently develop marketing strategies that will secure our long-term success.
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