Market Differentiation is the way that you make your business or product more desirable than all the others like it.
Whether you are in a niche market or not, your business has to be different than the rest, or people will have no reason to buy from you instead of anyone else. This is the heart of competition. And it depends on creativity, integrity, and current trends.
Strategic marketing can come in many forms. I spoke to a business owner yesterday and he said the last time his business was this bad was in the early 1980′s. Back then he owned a car repair station and business was so bad he couldn’t pay people to come in an do an oil change.
He and his partner went after business by driving around town and helping people who had broken down in their cars. They were so appreciative that they started to patronize the business.
It is critical during these times to put together a marketing plan that is strategic and different. Differentiate your company’ and ask yourself – What are you willing to do to get the business?
A marketing plan starts with understanding what your company’s worth is to someone else. Worth being it’s brand value, product value, customer service value, location convenience value, etc. The worth of the company can be based on different matrixes including your percentage of consumer spending in that industry, competitive ranking, brand perception from customer data, etc.
When you understand your company’s worth and the value each element of your company brings to a customer you can then evaluate and tweak or change the products and services you offer including pricing, packaging, merchandising, marketing and advertising. Strategic marketing planning then becomes an element of the data from the company worth and finding differentiation opportunities and niches have more validity while increasing the plan’s success rate.