-.hi steemians
Haruki Murakami, a prominent novelist in Japan, said, "I think society is a good society with many side streets." If we put this in the management environment nowadays, maybe it is a market that is better for companies that have more niche market. Unlike in the past, a 'new niche economy' is emerging, in which a small number of specific groups create micro trends that cause the market a considerable number of waves.
"Instead of trying to attract brands to attract a wide variety of audiences, niche busters dig deeper and deeper into creating something unique.
Then we will mobilize our competencies to serve a relatively small group of enthusiasts. "
Britain's renowned journalist James Harkin said in the book "Why do people not like mainstream anymore," in the book "Niches", the extraordinary companies are now starting a new nest as a "Nichebuster" rather than a blockbuster He said.
He pointed out that the vast majority of large companies that have offered us mainstream products are losing support loyalty, "their strategy of cost savings was effective in the short term but damaged reputation for quality.
That made it difficult to distinguish each other, and it did not provide discrimination against competitors. "
The concept of 'niche marketing' is opposed to mass marketing which leads to mass production - mass distribution - mass sales. In this case, 'niche' is interpreted as 'niche' and 'gap' in Korean. The niche market is the niche market.
A niche market is a market where you can preempt a 'good fishing spot that no one else knows yet' as if you were going through a gap. From a marketing point of view, a niche market is selected when it is judged that a company with low market share or a latecomer can advance into the existing market, but can expand its position by aggressively targeting areas that are not yet owned by the market. And the economic phenomenon where micro-trends of niche groups cause a wave in the market is called "niche economy".
- Gap Economy: Economies where a small number of specific groups are causing micro-trends in niche groups
Microtrain-driven crustal drift
The niche economy that represents "small" is increasing. As the gap grows larger, it now creates new trends that threaten the mainstream and causes crustal fluctuations. It is a 'new niche economy'.
The advent of the new niche economy is deeply connected with the market segmentation due to the super personalization, the small business, the high income, and the influenza, and the shared economic revitalization. Especially, as the 4th Industrial Revolution started to take off, 'customized' products or services are no longer a choice for companies and they are becoming 'super personalized' beyond personalization. Big Data, and Artificial Intelligence enable products and services for 'one consumer' rather than a 'consumer group'.
Dr. Kwang Soo Cho, a cognitive science specialist, commented on Dong-A Business Review, "Consumer-customized products and services are now commonplace for companies. In particular, it is common knowledge that services and IT are difficult to survive with traditional customer approaches. But now, personalization is going beyond personal customization, "he said." We are entering the phase of Hyper, which is a new possibility to overcome the limitations of personalization and customization so far. "
He argues that wearable devices and IoT are leading these changes, and that personalization of consumers' adaptation to consumers has become possible by acquiring physiological psychological data of consumers. For example, when a wearable device measures physiological data such as a user's heart rate and a sleep pattern, an interlocked IoT smart home can automatically adjust the room temperature and humidity according to the user's situation.
Shinhan Card has promoted data-centric management by promoting 'personalization service' as its management vision this year. Shinhan Card's personalization service is a service that grasps the consumption patterns of individual customers through data analysis and recommends nearby restaurants and shopping malls. Customers can benefit from discounts or points, while nearby merchants can expect sales growth.
On the other hand, on the SNS, there are frequent occasions to create niche markets for infl uenors with numerous followers as well as highly personalized customized ads. They use 'Famous Taxes' to introduce products that they have received or purchased directly, but they have a big impact that puts anonymous brands first in 'real-time queries'.
However, the emotions of modern people who pursue cattle rush and pace are not necessarily followed by referrals by famous stars or influenzae. I see a picture on the SNS of the general public and go to a pilgrimage pilgrimage to a few hours' distance and open my wallet to purchase a hundreds of thousands of kiddlet products.
In fact, according to a survey of about 14,000 adults in the United States by collective bias, 30% of consumers said they are more likely to buy products recommended by bloggers rather than celebrities. In particular, 70% of the Millennial households between the ages of 18 and 34 were reported to be influenced by peers' recommendations when making purchasing decisions.
Another area that is incorporated into the new niche economy is the shared service. Shared economic platforms such as cars, homes, and offices are expanding in scope. The 'Kakao Carpool', which is controversial due to its threat to the taxi industry, is also part of a shared economic platform.
The concept of sharing is closer to lending than the concept of sharing, but businesses that use a variety of daily necessities are also gaining popularity. Last year, Lotte Rental launched 'TOMMY', a high-priced product that costs a lot of money, ranging from exercise equipment, child car seats, and companion animal strollers.
The large shopping mall, where former companies have entered the market, has not been able to find a company due to a decrease in visitors.
Park said, "The contents are more important now than the location," said Park. "I have focused on location and physical aspects such as backward demand, floating population, and accessibility, but I do not have to stick to this formula in the future."
Demographic changes such as an aging population and an increase in one-person households have appeared, and the industry has started to revolutionize such as unmanned stores and the emergence of artificial intelligence. In short, it is claimed that "the rules of the game are changing."
In the "Gentry Reception," which is a collaboration of Kim Hyun-a, a free Korean-American lawmaker and a professor of real estate at Seongjeong-ri, Youngsan University, "the forgotten alley as an individual historical and cultural place is becoming a new place as it meets IT."
Niche economy that companies are paying attention to
If small shops in alleys sell their perfumes and unique to analogue, companies are introducing a variety of concept stores where flagship stores, pop-up stores, and editorial shops can directly experience the brand's identity and personality.
The flagship store is a store that maximizes the image of a brand that has already succeeded in the market. By presenting the standard model of the brand, it identifies each line product and presents a trend to be a standard for consumers.
In the early 2000s, as the center of marketing shifted from product to brand, the flagship store opened with a focus on luxury brands. Today, according to customers' lifestyle changes and digital technology advances, they are evolving into a place of customer communication by combining various entertainment and smart services.
These include the 'Maison Kitsune Flagship Store' of Samsung C & T, 'Monthell Flagship Store' of Lotte Confectionery, 'Piero Shopping Myeongdong Branch' of E-Mart, 'Laneige FS Lee Dae-jung' of Amore Pacific, and 'Pink Hotel' of Myeongdong of Style Nanda.
The pop-up store is a 'temporary store' that runs for a day or a month or two. A new brand or product, such as a 'pop-up window' that pops up when important announcements or promotions are posted on an Internet web page, is opened to maximize the effectiveness of promotional activities.
Fashion, beauty, etc. are popular in the fast-paced distribution industry. Recently, pop-up stores are often found in department stores. Smaller brands and emerging designers can introduce themselves at a low cost, and they prefer to be able to double the freshness of a store structure that can be tricky in the case of retailers.
On the other hand, there is a 'personal brand' as another keyword that will be noticed in the era of the new niche economy. Personal brand is the total recognition of talents, abilities, and images that are distinguished from others, and the excellence and differentiated value of the individual is objectively recognized outside.
Bill Gates, Warren Buffett, Elon Musk, Steve Jobs, Mark Zucker ... . These are all CEOs with personal brands. Many investors see their names and decide on investment, and consumers have infinite trust and affection for their products and services.
The use of these personal brands is seen in the franchise industry. A typical example is Baek Jong-won's "Backpack Cafe". In addition to being named from Baek Jong-won's 'Baek', Baek Taebang has also utilized his caricatures and photographs in signs and interior decorations.
Star English Instructor Lee Seon-won's school, first-generation hair stylist Lee Cheol Lee's hair-kerker, Lee Gaga's Iga Hairbis, Park Jun's Park Jun Beauty Lab.
However, personal brand marketing is not just about borrowing a person's name value as a corporate brand. As a brand that specializes in individual merit, it has the competitiveness of the value produced by the company as well as the name. This is because they can capture the niche market of modern consumers whose eyes are raised.
I need time to read the long writing!