You can capitalize on your competitors’ marketing, but make sure to position your product as the“next generation.” For example, when microwave ovens were flooding the market, new entrants adjusted their positioning by marketing their products as “speed cookers” that evenly cooked food, a significant improvement over their microwave counterparts. Then reposition this market problem with your own unique solution. Ensure that the problem is an important one, and that your solution is better. Study your competitors and learn how they target a market problem. Make your products stand out as new and improved Otherwise, your offering may not hold enough appeal to the wider audience to give you an advantage over your competition. This would enable you to specialize in, and appeal to, a pediatrician’s particular needs. For example, instead of concentrating on a wide market encompassing all doctors, zero in on a niche within that market, such as pediatricians. Your market-specific expertise will set you apart from the competition. Focus your market expertiseĮstablish your expertise by focusing on one particular niche to develop market specialization. Develop your reputation and expertise with knowledge-sharing activities, such as writing blogs, articles or white papers, or presenting webinars. You can establish leadership in different areas, such as technology, science or sales. Leverage your expertise: Establish leadershipīeing perceived as an expert in your market bestows on you a level of trust, which transfers to your products. However, it can take time to gain market acceptance of new ideas, and being first does not last forever. By being first to market, you will be able to take advantage of having no competition with your offering (also known as the first-mover advantage). Be first in the marketīuyers tend to stay with what they know. The following strategies can help to distinguish your offering in the market and create a competitive edge. In today’s crowded market, many products can more easily mimic each other in terms of their attributes and offered benefits. By differentiating your product, service, personnel or brand, you can establish a unique position in your market. Quality, customer service and price do not provide a competitive edge.ĭefine your competitive edge by finding different ways of being unique in the marketplace.Work constantly to maintain your competitive edge.To distinguish and position your product, be the first in the market and leverage your expertise to establish leadership.It’s critical to create a competitive edge for your product within your target market.
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