Types of Marketing Strategies
There are five significant strategies to consider when planning your marketing approach. Position yourself as a market leader, challenger, follower, niche marketer or form an alliance to attack the market with increased power. Consider a mix of strategies to make the most of your strengths and take advantage of your competitors' weaknesses.
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Market Leader
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According to a white paper published by Iowa State University, maintain your position as market leader in one of three ways. (See Reference 1) First, expand the total market by increasing the total number of users. Lead the way by finding a new market or creating a new use for an old product. Look for new markets in other demographics or expand into more locations.
Second, defend your current share of the market. You can enhance your product offerings, as in as a supermarket adding banking services or video rental. Another option is to reduce weak products or services and build up the strongest ones.
Third, expand your market share by aggressively attacking your competitor through a variety of strategies. Offer coupons, promote sales and advertise benefits your competitor doesn't have, such as longer shop hours or more personalized service.
Market Challenger
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If you are the challenger in the market, look for a small, unmet need that your business can fill. As an ebooks reseller, you may have quite a bit of competition. As an ebooks reseller who specializes in books on basketball, you have significantly fewer competitors.
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Market Follower
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As a market follower, capitalize on a market already identified and researched by your competitors. Watch your competitors for weaknesses, and then provide better solutions such as longer store hours or free training. Good examples include full-service restaurants offering take-out or delivery, interior design service included with furniture purchase or two hours of technical support included with the purchase of new software.
Market Niche
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Becoming a niche marketer enables you to research and respond better to a smaller, fine-tuned segment. This works especially well for small companies who are nimble and able to make quick decisions in reaction to market trends. Serve the demographic of women ages 55 to 70. As a consultant, choose the niche of selling only to engineering consulting firms in the $3 to $5 million revenue range.
Alliance Marketing
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Strengthen your marketing by partnering with a product, service or company that is compatible with, but not a competitor of, your business. Your child care center may partner with any number of after-school activities to offer an enriched experience. Talk with karate studios, dance studios and gyms. Plan your marketing strategies well and you will ensure financial success.
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