Who's your customers?

Every business needs to know who are their customers. Not everyone buys from you. The society has it's own strata, age groups, preferences, and you need to be smart to play with these factors. It also depends on what you are selling.

This is called market segmentation. Basically, this is how you should view your potential customers. Which group do they belong? What are their needs? What are their problems? And what your product can help to solve or supply them.

Now, we have a problem here. Lampe Berger has nice lamps, and their market are college kids? or graduates who just started out to work? I would like to think that Lampe Berger market belongs to higher class of the society. Only rich folks can throw money on these items. This is why it's so hard for youngsters who joined, to sell the lamps. By looking at the product, we can already judge which group of market it belongs.

Well, want to know why market segmentation is important? Since you know that a certain group of people buys your stuff, the chances of recurring revenue goes up. They will keep on buying your stuff, if you serve them well.

But then again, what I said above, only applies to normal companies, MLM companies such as DCHL uses a lousy pyramid plan, and inflates the demand of products from all segments of the society.

If you are young person reading this and plan to join Lampe Berger, don't only think of the money you will be earning (this is illegal anyway), think of whose your customers. Is the guy struggling hard in studies in college going to care on a lamp? Well, perhaps, if he needs it in case the electricity goes out.

But I seriously doubt it.