Marketing case
SIX STRATEGIES FOR SUCCESSFUL NICHE MARKETING
BY ERIC K. CLEMONS, PAUL F. NUNES AND MATT REILLY
Niche marketing is when a company develops a product or service that is currently unavailable in a particular area that will not necessarily be used by the general population. Buisiness are traditionally categorized as low sales, high margin or massive sales and low margins. Modern consumer demands have shaped how businesses offered products in the past, mainly manufacturing in lots and making goods available to all vs now, where you can find the “perfect” brand for your requirements from low cost to high cost products.
Target the customer needs carefully- Identifying markets where there is a distress about the existing products or the consumers are in need of a new product for their own purposes. Hewlett-Packard, for example, markets all-in-one machines that print, fax and scan to segments of the home office market, while targeting larger businesses for higher-priced, single-function units. This has given rise to precisely targeting small portions of market where there could be a need for a new product. Listen to Your Customers- There are lot products that are not advertised, but the consumers know about these products. In recent times, it has been easier for companies to research the market with the vast amounts of information available on the Internet, Social Networks and Search Trends. A company should always listen to what their customers have to say about their product and act immediately to make it better. Control Production Costs and Distribution Costs- A Company might offer a wide range of products and variations within a product. But it is not must for the company to have inventory of all the combinations, variations offered in the catalogue of the product.
Prune Your Portfolio Ruthlessly- Companies must relentlessly drop niche offerings that don't contribute to profitability directly or indirectly. The scores of flavors discontinued over the
BY ERIC K. CLEMONS, PAUL F. NUNES AND MATT REILLY
Niche marketing is when a company develops a product or service that is currently unavailable in a particular area that will not necessarily be used by the general population. Buisiness are traditionally categorized as low sales, high margin or massive sales and low margins. Modern consumer demands have shaped how businesses offered products in the past, mainly manufacturing in lots and making goods available to all vs now, where you can find the “perfect” brand for your requirements from low cost to high cost products.
Target the customer needs carefully- Identifying markets where there is a distress about the existing products or the consumers are in need of a new product for their own purposes. Hewlett-Packard, for example, markets all-in-one machines that print, fax and scan to segments of the home office market, while targeting larger businesses for higher-priced, single-function units. This has given rise to precisely targeting small portions of market where there could be a need for a new product. Listen to Your Customers- There are lot products that are not advertised, but the consumers know about these products. In recent times, it has been easier for companies to research the market with the vast amounts of information available on the Internet, Social Networks and Search Trends. A company should always listen to what their customers have to say about their product and act immediately to make it better. Control Production Costs and Distribution Costs- A Company might offer a wide range of products and variations within a product. But it is not must for the company to have inventory of all the combinations, variations offered in the catalogue of the product.
Prune Your Portfolio Ruthlessly- Companies must relentlessly drop niche offerings that don't contribute to profitability directly or indirectly. The scores of flavors discontinued over the