When you develop a new product, targeting as many end consumers as you can seem to be a great idea. (The more people you sell to, the bigger the sales you can get, right?)
But is this a smart move when you’re just starting in your business? Can this make you money fast compared to focusing on a small segment of consumers?
Taking a cue from mass-market examples of businesses like Amazon and Coca Cola, you’d probably think you can give it a shot and succeed like them too. Well, in my opinion, as long as you have the drive, the determination, and the right tools to achieve your goals, you can make things happen!
But this doesn’t mean you can wander into new territories without doing your research! That’s a big no-no when putting up a business.
Pitfalls are everywhere in the business world. You should tread the path carefully so you won’t fall. Regardless if you sell your product, your service (as a freelancer or consultant), or sell other people’s products through affiliate marketing – make sure that you do your homework before putting your business funds to work!
There are three things you have to consider when building a business: first, know your market; next, make sure that your product has mass-market potential; and third, you have an effective mass marketing strategy. Are you ready to know more about them? Let’s go!
What is mass market?
Cambridge Dictionary defines the mass market as
a market of as many people as possible, not just people with a lot of money or particular needs or interests.
This type of market involves the large scale production of goods for purchase by as many people as possible.
When you sell to a mass market, you sell to consumers from all walks of life. It’s a myriad of customers whose preferences and expectations vary from each other. You don’t cater to the specific needs of a small group of people, but instead, you take into account the needs of a large segment of the market in general.
What are the mass-market examples of products?
Clothes and gasoline, for instance, are essential to all people, and they’re being largely produced for mass market consumption. Other mass market examples of products include common household supplies like soda, soap, deodorants, paper towels, spices, and electricity.
1. Clothing and apparel
We all know that clothing is one of our basic needs. From babies to the elderly, everyone needs clothes to survive. Not only do they shield us from the harsh weather, but they also give us the confidence to interact with other people. With clothes being an essential part of all people’s lives, the competition for clothing brands is very tough.
Fashion brand Zara is designing and producing clothes every two weeks for the mass market – a strategy they are implementing to stay ahead of their competitors.
We need gasoline to drive our cars. For those who don’t have a car, they still use gas and oil every day for hundreds of things. Without it, our world would grind to a halt. Factories would stop working. Homes and businesses that use oil would freeze in winter.
Oil and gas companies know their importance to people’s everyday life which is why they’re banking on those needs in producing gasoline, petrol, and oil products for the mass market.
Soda is a popular drink for all ages all over the world. For over 60 years, Coca-Cola and Pepsi have invested humungous amounts of money selling their products to the mass market. People crave their sodas, not for the taste but for the promise of happiness they bring as they advertised.
Coca-Cola targets consumers with advertisements that touch them emotionally. They utilize mass marketing effectively so that they remain famous despite the emergence of countless healthy drinks in the market.
From washing hands to cleaning pots and pans, soaps have become essential to modern life. They keep us clean and remove the dirt and germs from our hands and bodies. Soaps have become life-savers to all people in the world during the Coronavirus Disease 19 (COVID 19) pandemic.
All industries are now using soaps to avoid sickness and spreading bacteria and viruses to others. With the supply chains getting disrupted by the pandemic lockdowns and border restrictions, soap manufacturers are having difficulty in meeting the worldwide demand for soap products.
Deodorants were once a niche invention that became a blockbuster product worth over $18 billion. From the first deodorant, Mum, trademarked in 1888, you can find hundreds to thousands of deodorant brands in brick and mortar stores and online shops nowadays. Undeniably, deodorants have gone a long way from being a niche product to mass-market merchandise.
6. Paper Towels
According to the market-research firm Euromonitor International, about $12 billion was spent globally on paper towel usage at home. Around $5.7 billion of that total is from the U.S. alone. Americans have a bizarre obsession with paper towels. They use them for wiping their hands, wrapping foods, and more. They spend as much on this product as other countries in the world combined.
Spices are a staple in almost every home on the planet. Their use in flavoring meats, fishes, and various dishes made them a very lucrative mass-market product. With spices finding their spot in the health and wellness world, the demand from household and commercial sectors will increase in the coming years.
What are the popular mass-market brands or businesses?
When a brand sells to a mass market, they offer voluminous products at affordable prices. These goods don’t have to be high quality and durable as long as they should meet consumer needs and expectations at reasonable prices. ZARA, H&M, Forever 21, Levi Strauss, Gap, Coca-Cola, Pepsi, and General Motors are a few of the well-known brands that have been producing goods in the volume for the masses to consume.
Aside from mass-market brands, there are also mass-market retailers such as drug stores, supermarkets, warehouse chains, and mass merchandises that cater to the majority of the market. Add to that the big-box stores like Target, Walmart, and Best Buy and the e-commerce giant, Amazon.
How do you determine the mass-market potential of your product?
If you think that your product is ideal for the mass market because it’s reasonably priced then, you better think again!
Many developers and entrepreneurs have dreamed up countless grand ideas and released their products before the market is ready for them. And they end up in disaster.
Sometimes it takes years before people adopt new trends. But then, there are times when the right technology comes in, and the people are ready for change.
So how do you determine the mass-market potential of your product? Here are three characteristics to watch out for:
The product solves a real problem.
Does your product offer a solution to a problem that’s been tormenting people? Or, does it solve a non-existent concern?
Your product may look incredible to your family and friends yet, the rest of the world may not find value in it. Thus, you should make sure to assess its viability by testing it on a small scale.
People want to buy it.
So how do you know if your product has a market? You conduct a survey!
But to get proof that there’s indeed a market out there for your product, don’t just get potential customers’ feedback – ask them to buy it!
If they refuse to open their wallets, you may still have a viable product to sell, but there’s a missing essential ingredient that shows proof of its value. However, if they hand you their credit cards right away, that’s a sign that the market is ready for your innovative product.
It stays relevant in a competitive market.
Whether you have a groundbreaking product that fills a gap in the consumer’s life or it has better and more advanced features than others, you have to assess the competition.
Don’t get confident — because competitors will quickly pop out after you have released your product. Be ready to stay relevant even when your first-mover advantage dissipates. Do your due diligence to ensure that your product has mass-market potential before you put significant time and money into creating it.
What is mass marketing?
Mass marketing is selling goods to as many people as possible. The focus is on bulk sales, not building relationships or tailored messaging. In this form of marketing, companies appeal to the whole market with one strategy or one offer. And they broadcast their messages to reach a wider audience as possible.
What are the types of mass marketing?
You can convey your advertising messages to the mass market through various media. There’s the radio, the television, the newspapers, magazines, and thanks to the introduction of the Internet, social media, and email marketing.
What are the pros of mass marketing?
Some businesses center on mass marketing because it’s more cost-efficient to advertise and serve the mass market than a niche market. They can relay their advertising messages over mass media and reach millions of people in a single showing. And this makes mass marketing cheaper than marketing to a small, specific group of people.
What are the cons of mass marketing?
While there are main advantages to mass marketing, it has flaws too. When you sell to a large segment of the market, you’re likely to face the following challenges:
- Huge competition
- The vague focus when targeting customers
- Low-profit margins
- Lack of loyalty from customers
- Expensive distribution of niche products
- Failure to deliver a personalized experience to customers
Now that you know the mass market examples of products and how mass marketing works, the next step would be to decide whether to create a mass product or a niche product.
If anyone in the world can use your product, then create it for the mass market. But if it caters to only a specific group of people with a set of characteristics — choose a niche market. Just bear in mind that niche marketing has its pros and cons too.
Plan your product not just to address the present needs and wants of the people but the future as well. To become successful in your industry, be a big fish in the small pond rather than a small fish in the ocean.
If you find it hard to decide on your product or target audience, I suggest that you check out my 4-Hour Agency course.
Also, here are some articles you might be interested in:
- Best Industries to Start a Business in 2020
- 14 Businesses That Can Make You A Billionaire
- 6 Online Home Businesses That Make Money Right Away
- How to Start a WordPress Blog and Make Money – For Beginners!