By Manoj Kumar
A LONG BOOM AWAITS IN THE NEW ERA. We have written about the changes in consumer behaviour which are creating new opportunities for businesses. You can request a copy of the document (“The Birth of a New Era) by visiting our web-site www.val-more.com and writing to us. You need to seize these opportunities by building capabilities to win in the near future. These have been shared on a one-pager “How to take the Big Leap in the new era”.
CONVERTING THOUGHTS TO ACTION. These concepts are fundamental in nature and need to be executed with excellence. Haven’t we often heard that execution is the only strategy consumers see? This series from Val-More provides practical tips on how these ideas can be converted into actions. And fast!
TIP 1: KNOW YOUR MUSE. Think of the Muse as your “bulls-eye” consumer. Not a mass of numbers, but a real person. In lifestyle businesses, this would be a connoisseur of your product or category. In other consumer businesses, this would be your heavy user. Imagine this person as a human being.
MUSE IS NOT THE LARGEST MARKET SEGMENT but the most demanding one. Understanding this one customer is most critical but often overlooked in favour of trying to describe the largest mass. Winning this one person over makes the task of maximising the brand value over a period of time much easier.
OBSERVE THE CHANGING BEHAVIOUR OF YOUR MUSE. Remember new behaviours will change attitudes. Observing and understanding these new behaviours will help you predict how your muse will think and act in the future.
UNDERSTAND THE CONTEXT OF CHANGE. Change in the behaviour of your muse is driven by three mega factors. FIRST IS WELLBEING. Unlike traditional Wellness, Wellbeing is multi dimensional. On a sensory plane, it touches the heart, mind, body and soul. Your muse today seeks all of them, and a balance between them. SECOND, IS HOME. Everything revolves around the home. Whether it is office, fashion, cooking, decor, self help. FINALLY, ITS DIGITAL. New experiences, education, social interactions, and everything else delivered digitally.