Sunday, 12 January 2014

Lukewarm Market

It is an intermediate stage between the warm market and the cold market. Lets understand these two terms first, in warm market the company is well aware of their target audience and they already have a healthy relationship with them. They both understand each others requirements and even the customers have the knowledge about the company and their products. But in cold market, the company which is targeting their niche segment are unaware of you and your company. The products or services of your company are totally new to them.

So, lukewarm market is a market where prospects which are neither in your warm market nor in your cold market, but somewhere in between. It means, the customers have information about the company but still the company enables to grab enough attention from them to convert them into consumers.

Generally the banking sectors and the financial firms experience this kind of situations. When the sales person gives you any information about the loan scheme, mutual funds scheme or the customer goes and asks about it, the customer will be in lukewarm market for the firms(because of the uncertainty whether the deal will close or not). But once the scheme is clear with all the terms and conditions the customer will gain interest and they will automatically comes to your warm market. So, converting the customers from lukewarm to warm market is not tough, it simply requires a good and a smart strategy.