The idea of a thin market is that people are in the marketplace for a period of time, they make the decision, and then are never in the marketplace again for 20 years or so.
The classic example is the refrigerator where your refrigerator breaks, and you have to get it replaced right now or else all of your food is going to spoil. And so, you go to work, your refrigerator is broken. It’s the only thing you’re thinking about all day. And, you’re doing searches, and you see “Ooh, General Electric, Kenmore,” you see all these different brands. And you see them, and you recognize them, because these companies spent a lot of money on branding. But, it’s a thin market. So, branding is secondary in a thin market to immediacy, availability, and suitability.
So, you see the General Electric refrigerator but it’s too big for the space that they have within their cupboards, so they reject it, and they go to the Kenmore. Ooh! Perfect! But it cannot be delivered today. It MUST be delivered today. So, they get rid of that. And, now, they’ve bought this generic that fits, and it can be delivered today. Perfect. And now they don’t buy for another 20 years.
How is that like Law? Well, it’s the same kind of thing, with few exceptions. But, for the most part, what we’re talking about is people who reach this crisis point in their head where they feel like, “Okay, I’ve gotta Lawyer-up! It’s time for me to hire a Lawyer.” (There are studies that show we can draw some real serious concrete conclusions about user behavior when it comes to this).
They come to their office, they sit at their desk, and between 10 am and 1 pm, they perform their search. By the afternoon, their browsing habits have shifted to entertainment and sports, and restaurants. But, in the morning, people are very task-oriented. It’s verifiable.
And, I can also tell you that my data speaks very strongly to early in the week. So, Mondays, Tuesdays, Wednesdays, people look like they’re working, but they’re not; they’re Lawyering-up for whatever legal issue is facing them.
When this happens, people become very impatient.