Many of you may have heard that markets across the globe are fracturing into ever-finer segments. You may have also heard that this is been driven by the rise of social media.
But if people are getting together to discuss specific interests and this is leading to an emergence of ‘new markets’, then surely these interest groups must have existed already. It’s just that we didn’t know about them. So in this sense, social media doesn’t ‘create’ new markets and market segments. It just identifies them.
The mountain of data that social media produces can now shine a light on who these people are and what they like. And voila! — we have new identifiable and serviceable markets.
Want to grow in this brave new world? Then learn to collect and read the data, then use the tools to communicate with them as they progress down the path towards making a purchasing decision.
All the tools are there and the people are waiting.