We’ve had too much talk about the bottom of the pyramid. How every company from telecom to FMCG is targeting the lowermost. The top is already cluttered and cut-throat. However, what we have safely and surprisingly ignored is the middle of the pyramid both from B2B and B2c point of view.
There are many reasons for B2B and B2C business owners to specifically target the middle of the pyramid. One, Indian middle class population will be 267 million in the next 4 years (according to Economic Times), according to SME World there are about 2.6 Crore registered SME and micro businesses in India (I am sure the numbers are increasing everyday), and there are more rich than poor in India now. These target companies and people are largely present and swelling in metros and booming tier 2 cities at a rapid pace. In 2007, McKinsey quarterly reported that India’s middle class population would rise from 5 percent to 40 percent! This clearly states that the middle of the pyramid is going to be bursting at its seams in times to come.
Moreover, marketing to the middle of the pyramid is easier compared to the top and bottom, where exclusivity and unreachability are the respective pain areas. Middle of the pyramid entities are mobile, alert, reachable, educated and keen. They are the aspiring ones, and yes they are the ones with the purchasing power and if you look at the volumes you are looking at huge numbers. Consumerism is at its peak.
Marketing to the Bottom of the Pyramid
- Go the new media way. They are experimental, approachable
- They are listeners. Talk and engage to them. They will respond
- More probability of one-shoe-size fitting all. Customized product/service at a premium can be sold and would be bought due to high aspiration levels.
- Instant gratification is the key.
- Build confidence, and make friends
- Target largely the 18-40 group. They are and would remain the key decision-makers
- Don’t fool with them. They are the only ones in the pyramid who evaluate qualitatively