As business owners and educated customers we all understand – “The first mover advantage”. We know that the one who gets into an emerging market and satisfies a pressing need well in time, is the one who will get the most market share. The basic rational behind this is that every emerging field will take some time before it reaches the tipping point. This is the ideal time for you to grab and setup. There is a risk of hitting the wrong target or getting into the wrong niche, but then can there be a business without risks at all?
So how can you find such a need in India? There is a very popular urban legend of this prolific bank robber named William Sutton. It says that once when Willam Sutton was asked by a reporter why did he rob banks? He simply replied “…because that’s where all the money is!” I don’t know whether it was Sutton who said this or not, but the statement is very important for startups and businesses in today’s world.
As businesses we satisfy needs. We find the problems and present the best solutions possible. The one who can tap a need before it arises wins half the game. So who will have the next big customer segment for India? The one who has the moolah, has issues and ready to pay for it, if served well?
Here is how this works out. India is termed now as one of the rising stars in the post recession era. Much of the credit goes to the demographics that we have here. We now have the biggest chunk of people in the working category. Between the ages of 15 to 55, these are the ones who will be taking the economy to the next level. These are the ones who will earn a lot and consume too. That’s the prime reason I would consider them someone to bank upon. Here’s where the money is!
Still thinking of what business sense this makes? More and more people coming into the working class means more money being earned and more money earned means more desires to enjoy life too! Do you know where these people will spend most of their money without a thought? No its not mobiles, nor luxurious holidays. Because these options are the ones where they will compare, get informed and take a calculated decision. Needless to say, one there is immense competition in this space and two you really need guts to get in such an industry now.
So where will they spend? They will spend money without a thought on services that allow them to enjoy life. Spend money on maids, children’s day care, malls which take care of their groceries completely while they window shop their favorite brands.
All those activities which will promise them “Hey, lend me some money in this service and I ensure that rest of your money goes in enjoying life you really are earning for!”
The generation just before us had fewer working wives. There were in-laws to take care of their kids. The local Kiranavala (mom and pop retail stores) was the recommendation guy. They relied on them as there were no other options. Life was more about saving for the future rather than about enjoying the present. Things have changed now. Mindsets have changed. We are a much more polished generation who lives in today. Provide them some solid service and see how money starts flowing.
You might not agree to some of the services mentioned here. Well that’s absolutely OK because my idea is not just talk about one business segment or service and promise you cold hard cash. What my idea is to show you a pattern. There are these demographics, people who will earn most, problems that they will face and be ready to pay for and yet there’s no developed and professional market (forget identifying a market leader). If you can crack this puzzle now in a professional way, success is bound to kiss your feet.
Rest is on your grey matter to work upon, so start thinking now! Hope you had a good read and here’s good luck for your business success.