The benefits of a planned marketing strategy are numerous. Business owners often rely solely on their intuition to make business decisions. While this informal knowledge is important in the decision making process, it may not provide you with all the facts you need to achieve marketing results. A marketing strategy will help you in defining business goals and develop activities to achieve them.
POLARIS CS works on four main types of marketing strategies that businesses can apply in marketing their products or services. Each business due to its unique nature must use the type of marketing strategy that best suits them.
1. Market Leader Strategies
Under this strategy, there are three ways in which you could use it to establish yourself as a market leader. The first way is to expand your total market. This is done by applying strategies that will increase the numbers of consumers using your product or services.
To lead you must find new uses of existing products or targeting a new market. In identifying new markets, you might have to source consumers in locations where your product is not known.
Defending the market share you are in control of is the second strategy. The most effective ways of defending your current market is by capitalizing on improving the quality of your products to be able to retain consumers.
Market segmentation helps in defending your market share. You need to segment products to be able to tap and retain consumers who would go to your competitor if you engaged in a single segment business.
The third strategy is to expand your market share. To expand your market share you need to aggressively counter completion.
A business can deal with completion by doing what your competitor does not. An example of ways of expanding market share is to advertise products using appropriate promotion mix the suits your business.
2. Market Challenger Marketing Strategy
The market challenger marketing strategy means that you research and identify minor unmet needs that you believe your business can cater for competitively.
There is little or no competition here, and it makes it easy to establish yourself in the market. Challengers use the weaknesses of their competitors as their selling point.
3. Market Niche Marketing Strategy
Having a market niche means that your market is differentiated into fine tuned segments. The niches make it easier to address the need of consumers in each of the market niches.
This is a fundamental type of marketing strategy as you are able to address the differing preferences of diverse consumers as well as moving with current trends in the market. Diversifying the market will enable you to reach out to a wider market.
4. Market Follower Marketing Strategy
The market follower depend waits for his competitors to identify markets and carry out research consumer preferences.
As a follower, you need to be keen your competitor’s weaknesses and improve on them. This marketing strategy saves you on cost arising from having to carry out research because you only have to work on your competitors weaknesses to better your products.