Since when did mass market become the only market?
Mass market simply refers to a market for goods produced on a large scale for a significant number of users. It focuses on consumers with a wide variety of backgrounds, with no identifiable preferences and expectations in a large market segment. Traditionally, businesses have reached out to the mass market with advertising messages through ‘mass marketing’ strategies which ignore market segment differences and communicate with the whole market through mass media. This marketing technique has been proven to work to sell goods that people require to function. However, everyone’s needs are different and they change based on a variety of factors like age, geographic location, interests, gender identity, and occupation. Herein lies the gap.
Mass marketing has the scope and cost-efficiency of advertising on a much larger scale than smaller business marketing strategies. This effectuates increased brand awareness but no real brand loyalty. Mass marketing unfortunately aims to please everyone in a large market with a singular product or service and can be challenged by other companies who are targeting smaller groups to serve them better. Many consumers are growing tired of the “one size fits all” approach and are starting to specialise their searches when considering which product to purchase.
“A new age of consumerism has dawned. Driven by the demand of highly influential Millennial and Gen-Z consumers, the pendulum has swung and this new trend is now transcending generational silos.” – Henk Swanepoel
The reality is that today’s consumers overwhelmingly value and trust brands that deliver a good product experience. Today’s consumers are strongly voicing, both explicitly and with their wallets, their preferences for products that demonstrably provide great experiences for them or others. Because of their value on individuality, a mass marketing approach does not appeal to them. The idea of “mass market” is slowly being decimated, and in its wake are fragmentation and niches.
Technology has enabled consumers to skip over some mass-market models. And data shows that this new buyer journey leads to consumers committing their money to brands that, across channels, give them content they care about.
