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My first article was a recycled business strategy essay on Blue Oceans. I wanted to recap on that by explaining once again what they are and how they can be useful to businesses in existing markets. I competitive market saturated with successful companies is best compared to an ocean heavily populated with sharks. After a
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If your market is saturated, it might be difficult to find a competitive advantage over others. Your products are likely identical, and your prices very much the same. Production is as optimized as it can be, and there are few to no differences between your and your competitions’ company structure. What you need is a
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Any entry into a new market needs to be taken in steps – the first of which is brand advertising. You need to build brand awareness and demand for your products long before you make your first sale. This can be costly, but not nearly as much as a premature product launch. Previously, I talked about
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As you have probably learned by now, marketing is an on-going process of both self- and competitive- analysis. You need to understand who your company is, who your customers are, and who you are competing with – information that can stay fairly constant over time, or suddenly change overnight without warning. Analysis must start from
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Having segmented the market with the aid of psychographics, we have a truly differentiated product offering. But what if this is not enough? If a product stays in the market long enough, imitators are sure to follow. Here are three ways to continue differentiating your product from the competition: Leverage your company’s background – Is
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It is difficult to envision a “perfect” customer. Are they the one who spends more than 10% of their annual income on your products? The person who frequents your store without hearing a single word of advertising? Is it the person who buys little but visits every day? The perfect customer could be any or