When times are tough and sales are slowing down, most businesses fight tooth and nail to increase market share at the expense of their competitors.
Which is a fundamental mistake.
Why? Because if the market is declining, there’s only so much to go around.
So what should you do instead?
The first should be obvious, but most don’t take advantage of it. Sell more to your existing clients. They already spend money. They know you, like you and trust you. So if you’re not extracting every last dollar from them, you’re inviting them to spend their money with someone else.
The second is a blue ocean strategy where you target new market segments who traditionally would never have considered you.
Barbara came across this article on Marketing To Women yesterday.
It has some excellent examples of Blue Ocean Strategy and thinking outside the box where organisations like McDonalds increased worldwide sales by 7% during the economic downturn.
How about car manufacturer Kia raising their monthly sales to women by 44% in 2011 compared to 2010?
Nivea who traditionally targets women got them to buy skin care products for their male partners.
Nike who had 50% of the men’s fitness market but only 20% of the women’s market redesigned their shoe range to suit a woman’s needs with new designs catered for women’s different body shapes and movements, with more lines emphasizing a fashionable look.
And you can read the full original article at http://socialmediatoday.com/ekaterina/1708156/marketing-women-how-get-it-right
So if you’re looking to expand your business regardless of economic circumstances which you have no control over, talk to us about blue ocean strategies where we’ll help you target new markets.
Fishing in the same small pond with everyone else is simply not good business sense.
Call me now on (02) 9499-7958 to get started.