What gold diggers can teach investors on new opportunities
A couple embracing. Gold diggers can teach a lesson or two about targeting high-end customers. Photo/FILE
What you need to know:
Lesson 1: If gold is discovered in an area many people would get jobs, increasing their disposable income
Lesson 2: However, as you seek a share of the millions of shillings from the industry, you need to think like a gold digger
Lesson 3: The other prospecting lesson is from Chinese cities such as Beijing and Shanghai.
We were having a discussion about gold diggers and which government ministry they would fit in. One of my friends sensationally suggested that they fall under the Mining ministry.
Others suggested that they should be under the ministry that handles social services. One woman that had attended a meeting organised by Kenya and Nigerian investors said that the Nigerian ‘billionaires’ were a major attraction in the conference since many are interested in million-dollar worth sectors like oil, coal and limestone.
Our reference was to those people (mostly female, but men in this category are also increasing) who only date or marry wealthy people with the sole intention of exploiting their wealth. This discussion lead us to a conclusion that gold diggers have some skills such as prospecting that would be ideal for businesses to emulate.
Lesson 1: If gold is discovered in an area many people would get jobs, increasing their disposable income.
For example, during the famous “gold rush” those who took advantage of the miners made big gains. One of the best example is the success story of Levis jeans. The jeans were targeted at miners as they could not wear out easily because of the tough material.
With time the miners ordered different designs of the pants. Eventually, Levis became a fashion brand away from the mines. As Kenya expands its mining industry, take advantage of new opportunities, increased wealth and launch products and services to serve the needs of these new customers with more money to spend.
Lesson 2: However, as you seek a share of the millions of shillings from the industry, you need to think like a gold digger. Just as Kanye West in his song Gold Digger says: ‘“she ain’t messing with no broke n****s”...with a mention of several luxury brands such as Mercedes Benz and Louis Vuitton, brands a gold digger would identify as cues of affluence, learn to differentiate your services and products from those in the mass market.
I recently wrote that a church was opened in Nairobi to address the spiritual needs of celebrities and high-end individuals. When it comes to targeting high-end individuals no one does it better that a gold digger. Give the rich products and services that are different from those in the mass market.
Lesson 3: The other prospecting lesson is from Chinese cities such as Beijing and Shanghai.
In her book Honey Money, Catherine Hakim says that the shortage of women in the cities and the increasing cost of university education have paved the way for ‘student concubines’. She states that, young women on Jiayuan, one on the biggest dating websites in China state clearly that they are seeking men who have Si you (meaning four haves in Chinese). These are a house, a car, a high salary and a prestigious job or business.
This is a simplified measure of living standards that any business can use in targeting the affluent class.
Mr Ngahu is the marketing director of SBO Research.
