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Possible marketing strategies

Possible marketing strategies

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INTRODUCTION

 

Development of good marketing strategies is key to the success of any SME. Most businesses fail in the first few years of operation due to ineffective marketing strategies. Some of the possible marketing strategies available to every entrepreneur include the following:

SEGMENTATION STRATEGIES

It is important that every start-up must understand the segment(s) of the market to be involved in.

The segments are often categorised along these lines:

  1. Geographic: This has to do with location or coverage area. It is not possible for a business to cover every geographical location. It is important you identify the specific location you want to cover.
  2. Demographic: This has to do with socio economic characteristics of the customers you want to serve such as age, sex, education, income, marital status, occupation etc. It is necessary to understand the demography of your customers as an entrepreneur.
  3. Psychographics: This is based on dividing your target market using characteristics such as personality traits, lifestyles, attitudes etc.
  4. Behavioural: This is segmentation that is based on what consumes actually do. That is how your customer base purchases and uses your products or services.

TARGET MARKET SELECTION STRATEGIES

The target market selection strategies may be based on any of the following, or a combination of two or more.

  1. Single-Segment Concentration: This is where an entrepreneur decides to play only in one single segment of the market.

2.Selective-segment specialisation: Here the company selects some segments each of which is attractive and has potential. There may be little or no synergy among the segments.

  1. Product Specialisation: This is where the company tailors the product benefits to suit the needs of various target markets.
  2. Market Specialisation: Here you focus only to meet the various needs of customers in a single market
  3. Full-market Coverage: The Company attempts to serve all customers’ groups with all the

products they need. Only very large firms can undertake a full-market coverage.

DIFFERENTIATION STRATEGIES

There are different strategies a firm can use to differentiate. Some of these include:

  1. Product Itself: This is when you make your physical product different and more unique than similar products in the market
  2. Services: For service-oriented company, you focus on quality differentiation as a strategy to

attract and retain customers. It is based on delivering a superior service than your competitors.

  1. Personnel: This is achieved by ensuring your staff are trained to be the best in their field.

This is particularly important in a service industry where staff have to interact with customers regularly.

  1. Image: Brands can differentiate themselves based on their image. Image differentiation is a valuable tool for most physical products.

CONCLUSION

It is important that every SME or Start-up has an understanding of these various marketing strategies to be able to compete favourably in the market place.

Your chosen strategy will depend a lot on the industry and the type of product or service being rendered.

 

  • Tomi Omojuwa tomiomojuwa@gmail.com

08023459902 (WhatsApp only)

 

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