What socialites can teach investors about disrupting markets

It’s time for marketers to study socialites and learn how to fill voids in the market. FILE 

By BONIFACE NGAHU

In Summary

Statistics indicate that looking good can increase your chances of getting what you want by double digits.

In the past, Market Talk highlighted the concept of erotic capital based on Catherine Hakim’s book titled Honey Money: Why Attractiveness is Key to Success. The book title is based on a common phrase among twilight girls in Asia, “no money, no honey”.

Erotic capital is that value that you get from being attractive or having sex appeal. Statistics indicate that looking good can increase your chances of getting what you want by double digits.

Recently, erotic capital has been taken to a new level by a number of women. One is Rihanna who dressed in an almost transparent dress for a fashion event. There was so much talk about the dress that it was a trending topic in social media for several weeks.

Another woman, the Kenyan campus diva who was featured on TV, confessed that her lifestyle is funded by an older, rich man. This is similar to the situation of student concubines in Chinese cities where some campus girls target rich men to finance their studies and flashy lifestyles.

In her book, Hakim states that young women on Jiayuan, one of the biggest dating websites in China, state clearly that they are seeking men who have “Si yu” – meaning four haves in Chinese. These are a house, a car, a high salary and a prestigious job or business.

The shortage of women in China has created a gap in the market that these girls have set their eyes on.

This column has in the past highlighted the dilution of the term diva and suggested that marketers should look for new terms to define the diva segment. This was also informed by the traditional definition of a diva whose outstanding talent permits some uncouth behaviours, especially due to her intolerance for incompetence.

The definitions of a diva by Urban Dictionary include phrases such as high maintenance, demanding, dramatic, female hustler and one who must get things her way.

Marketers looking at better ways to segment the diva market may find a solution in the late Maya Angelou poem Phenomenal Woman. Some of the women we talked to indicated that they had transformed from divas into phenomenal women.

Another trendsetter is Vera Sidika, the Kenyan socialite who claimed to have invested millions to lighten her skin. Her business model involves charging appearance fees in high- end bars or social events and accompanying rich men.

She is associated with a large backside, bold erotic photos on social media, bold statements and a millionaire Nigerian boyfriend. A story in a New York paper referred to her as the Kenyan Kim Kardashian, a reference to her reality TV-featuring potential.

All these indicate a world where scarcity is the mother of invention. These women have developed interesting ways to capitalise on some of their erotic resources. They are filling a void in the market that has existed for years.

Instead of blaming them we should study their business models for insights on how to disrupt markets. As Bill Clinton said, it’s the economy, stupid.

Ngahu is the marketing director of SBO Research.