- by Rory Ramsden
If Henry Ford had surveyed his market to ask what they most desired by way of personal transport, they would have probably replied ” A faster horse”. But Henry knew that the personal transport market was pretty well tied up by the big players in the industry. He was also working on a completely new disruptive technology as we all now know.
The word to focus on here is ‘disruptive’. For if you want to give yourself every chance of success in a new market full of power players, you should quickly decide that your product marketing strategy must not set out to take these guys on at their own game. This will only lead to failure.
The launch of the motor car disrupted the market. Whilst it was not a run-away success immediately, it certainly proved so in the long run.
So what lessons can you learn?
Well, there’s the obvious…
Taking on the big boys at their own game in an established market is asking them to swat you like a fly. They have everything going for them. Brand recognition, credibility, authority and a core group of raving fans.
You are bound to lose… or are you?
You need to be smart and focus your product marketing strategy like this…
- Analyze the competition
Big companies are busy focusing on their best clients so they can squeeze every last drop of profit from their big selling products. They can’t be good at everything. 80% of their clients are not being treated as they would like to be.
And ‘Mr Big’ probably has a product or three, that he is too busy to market properly. He is big and slow to innovate. You are small and quick to act. The deck is stacked in your favor…
If you take a long hard look at the competition, you have a very good chance of coming up with a new way of solving an old problem and in so doing you will disrupt the market just like Henry.
- Find the weakest point in the strongest under-served market
By their very nature the big companies have to focus on the biggest segments of the market if only to sustain the goliath that they have become. Smaller segments of the market cannot provide the returns they are looking for. This may sound to you like ‘picking up the scraps that fell from the rich man’s table’ but mature markets are constantly splintering into ever smaller niches.
Some of those small niches will out-grow the older established markets. Just look what happened to the computer industry where the big old mainframe market was decimated by the advent of the laptop… or the music business which has been transformed by digital downloads.
The facts speak for themselves. A nimble newcomer who focuses his product marketing strategy on the point-of-least resistance in the market has a much better chance of winning new customers.
Identifying then focusing all your energy on a sub-niche by launching an innovative and disruptive new product is a proven marketing strategy which will ensure that you break into a new market, be recognized as the specialist and then expand your field of activity.
The big players will be left playing catch-up. The people in your market will see them as companies trying to jump on the band-wagon in a place where you are seen as the go-to guy.
Plan your product marketing strategy in an intelligent way by focusing your energy where your competitors are weakest will ensure that you much more likely to succeed.
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