Mary Schmidt Marketing Troubleshooter

Of course, “we all know that.” Both Mickey D’s and 21 Club sell hamburgers - but we’d never consider them competitors - and I’m sure neither company ever glances at the other’s marketing efforts. Dramatic differences in brand, location, quality, style, price points, and customer base (not to mention side orders - no Grey Goose x-dry martinis at McDs).

And yet, in looking at target markets, people often fall into the Chinese Math trap, making projections based on a generic, high-level view. “There are 6 Billion Chinese. The Chinese are people. People wear underwear. Eureka! I can sell billions of my thongs!”

The bottom line? There’s a huge (and business-breaking) difference between total potential market and a qualified target market that will want/need your product or service. Something that even the biggest companies tend to forget at times (including McDonalds - remember their horrendous “adult menu” a few years back?)