Stiff competition paves way for new marketing concept

A new dimension of advertising and image building services is born in this era of fierce competition, wherein companies are forced to invest millions of pesos for wide product exposure, which has paved way for the "mind market" concept to thrive.

The "mind market" concept which is now being adopted by some established advertising and public relations agencies provides opportunities for ordinary products, or startup companies as well as large companies to get closer to their target markets, thereby outsmarting growing competitors, including imported products.

In an interview with an advertising expert based in Metro Manila, who requested anonymity, he said that there is now a new dimension in advertising business, that corporations or even political personalities can take advantage of, in order to get strong attention from the targeted market.

The "mind market" concept is digging deeper to the mind of a particular target client, recognizing his/her unobvious needs, and creating a consistent image of a particular product that will create a "mindset" of need to consumers.

Although advertising, good public relations, and image building services are still very important tools for businesses to sustain their competitive advantage, the source said "mind market" service is an add-on strategy to successfully get through the very difficult competition landscape.

This is taking a step ahead from the traditional services, and having this is an additional tool that companies would have an assurance of a greater edge.

In Metro Manila, some companies, even political personalities during election had adopted this new concept, on top of spending advertising, awareness campaign, and public relations.

Traditional companies may find this new service as redundancy to their advertising and marketing promotions spending, but the source said this is another way to invest in order to fight well and stay ahead of the competition.

The source, who owns an agency based in Metro Manila, has been working with homegrown products that are now able to register upswing sales performance, and also worked on long term mind setting strategies for the public for the political personality clients.

His company has pooled a number of young brilliant concept innovators for the "mind market" division of his agency and together they formulate a specific "mind market" program for a particular client.

This is to create a need for a product, or to establish a stronghold, which is based on a particular market's "undiscovered", yet potential need.

Surviving companies or startup firms, as well as competition stricken industries may try this new concept, recognizing first the direct consumer base of their respective products, and from there, the "mind market" service will work on to connect a strong bonding between the product and the consumer.