The success of every business depends on the ability of the business to not only maintain a niche market presence but also continually keep up with industry changes. Businesses must not only correctly identify their target demographics, but also tailor their marketing strategy for their specific industry. For example, Old Spice is a popular male grooming product brand owned by Procter & Gamble. They determined that their products were primarily purchased by females for their male counterparts.
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As a result, they launched the “Smell Like a Man, Man” marketing campaign with commercials directed at women. As a result, sales doubled and the commercials went viral on YouTube. Even critics admitted that the campaign was a success. Correctly identifying and tailoring your market strategy to your customers is the key to business success.
Below explains four reasons why you should customize your marketing strategy to your industry.
1. Industry Trends
Correctly identifying and following industry trends can ensure marketing success. However, this is a continual process of market research, re-analyzing customer buying habits and even re-identifying the actual customer base. Always keep your eye on your competition because they are a free source of marketing dos and don’ts. Be flexible and stay prepared to take advantage of new market trends that offer exciting potential.
At the same time, avoid blindly following market trends without thorough strategic risk planning. For example, many companies went bankrupt during the dot-com bubble in 1997-2000. Certain companies, such as Pets.com, went completely bankrupt because they focused too much on unstable, potential market trends. The Small Business Association (SBA) offers business data and statistics to help your marketing efforts.
2. Niche Industry Markets
Niche markets are a key to success in any highly competitive market that is saturated with eager new companies and resilient old companies. Industry niches are often either customer- or operational-based. That is the niche either focus on a specific customer group or specific products and services.
Marketing strategies should focus on meeting the needs of the niche market. This is because broad marketing campaigns are expensive, cumbersome and may not even reach the desired target. Niche markets are an excellent way to establish a strong customer base. Entrepreneur.com offers advice on how to define your niche market.
3. Customized Direct Mail
Direct mail is one of the easiest and simplest ways to tailor your marketing message to your target demographics. This is because direct mail allows you to create a customized design and message that appeal directly to your customers. In fact, credit reporting giant Experian has found that direct mail works great because you can directly target existing customers while also reaching new potential customers.
You can find businesses that specialize in marketing to specific niches, making your campaign simple and focused. A direct mail marketing campaign is also cost-effective while allowing the business to flexibly spend according to budget limitations. Learn more about the benefits of direct mail from the CMO Council.
4. Unique Marketing
Many companies face stiff competition from both newcomers and well-established companies alike. Entrepreneur.com defines a Unique Selling Proposition (USP) as something that sets your product or service as being better than your competition. That is, a USP is a reason why a customer buys your product and not the competitors’. A customized marketing strategy with USP is necessary to present the special benefits of your product or service. A USP can be defined by seeing your company through your customers’ eyes and understanding their motivation and buying-decision logic.
For example, Cintas is a well-established company that provides services and supplies uniforms and other corporate products. Their marketing strategy uses a SWOT analysis and recognizes that while they have an excellent reputation, they are dependent on the manufacturing industry. Therefore, they are able to correctly understand their current market position, what their customers need and how to adjust their marketing strategy accordingly.
In conclusion, companies can tailor their marketing strategy through accurately following market trends, finding their niche market, utilizing direct mail and providing a unique marketing strategy.
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