Exploiting The Benefits Of Niche Marketing: Strategic Marketing


by James D. Roumeliotis

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine

In strategic marketing “speak”, who earns more money – a general practitioner or a specialist physician such as an Ophthalmologist? The latter has spent additional years studying with emphasis in one particular area of practice which makes him/her both scarce and sought after in his/her profession. Same goes for an organization which has spent years studying the market with emphasis on doing one thing, but one thing extremely well. This automatically justifies higher fees translating to improved earnings. How does a saddle maker to the horse and carriage trade reposition itself to maximize its know-how in leather goods to now ask US$4,500 for a simple briefcase? Or even hawk silk scarves at US$400? Think of Hermes.

The answer lies in specialization, craftsmanship, and branding.

As with all other specialized professions, a business, which chooses to concentrate on a particular market segment should earn simply be generating higher revenues.

Alternatively, if you join the herd of the mainstream, there is always a vast consumer audience to tap. Profit is driven by volumes. It is harder to compete on price to the point of being perceived as offering a commodity with little or no differentiation – otherwise known as a “unique selling proposition” (USP). The only exception to that rule is when an enterprise keeps churning out innovative, “must have” items ahead of its competition. Yet, that requires constant creativity; refinements and a considerable amount of R&D. Apple is an example of a firm which has managed to hit both objectives. Not bad for an enterprise, which started life in a garage.

Add to FacebookAdd to DiggAdd to Del.icio.usAdd to StumbleuponAdd to RedditAdd to BlinklistAdd to TwitterAdd to TechnoratiAdd to Yahoo BuzzAdd to Newsvine

YOU CAN READ THE REMAINDER OF THIS SUBJECT MATTER IN THE BOOK “ENTREPRENEURIAL ESSENTIALS: UNCONVENTIONAL BUSINESS WISDOM AND BOLD TACTICS

For a no obligation FREE preview (2 chapters), kindly click here.

Advertisements

1 Comment

Filed under 1, Business

One response to “Exploiting The Benefits Of Niche Marketing: Strategic Marketing

  1. Pingback: The Sensuous Brand: How to create allure with products and user experience | Unconventional Business Wisdom for the refined entrepreneurial mindset - by James D. Roumeliotis

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s