The Competitive Advantage Of Focused Marketing
The competitive advantage of focused marketing is one of its biggest plus points. Gaining competitive advantage over competitors, through focused marketing by offering better value to the consumers with lower prices is the main goal of any business. There are some suggested business strategies that could be adopted in order to gain competitive advantage of focused marketing.
As the focused marketing strategy involves positioning the business according to one or more criteria used by customers, it is usually associated with extra value-added features provided for the consumer plus charging a premium price for the product. Competitive advantage of focused marketing is evident here by giving customers clear reasons to favor certain product over others.
The competitive advantage of focused marketing also lies in the objective to be the lowest-cost producer in the industry. Minimizing costs, while achieving a competitive selling price for the market, will mean maximum profits for the lowest-cost producer. Sometimes the low cost producer also discounts its product to maximize sales. This helps them to remain ahead in the competition and grab a big share in the market.
The differentiation strategy also brings about the competitive advantage of focused marketing. Differentiating within just one or a small number of target market sectors, the special needs of the customer are met with successfully. The important matter for any business is to understand that customers really do have different needs and wants. Developing Geographical segmentation approach also leads to gaining competitive advantage of focused marketing. Here one dedicates their entire marketing budget, efforts and communications to act according to the geographical segments. See how focused marketing helps one gain a competitive advantage.
If you really want to get most out of the competitive advantage of focused marketing, then you need to follow the right strategies right form the start!