This approach works for companies that specialize in a high-quality product and have the ability to customize it to fit the specific needs of different segments.
By Lee Frederiksen, Ph. June 20, Share Specialization has long been an effective brand marketing strategy to command premium prices, generate more leadsand close sales. In this environment, the advantages of specialization are more powerful than ever.
Is this the end of the generalist? For more perspective, we should consider the different kinds of specialization, including the advantages Product specialization strategy disadvantages of each as a brand marketing strategy.
This is one of the most powerful types of specialization, for a very simple reason. Generally speaking, industries as a whole are likely to remain with us for some time.
They will always have challenges and issues, even though those challenges may change. If you chose to specialize in serving video rental stores 15 years ago, you might be in trouble now.
But industries are typically more stable than other anchors for specialization; you just have to choose your industry strategically. Pick the right niche, and you can adapt continuously as issues change within your marketplace.
Another brand marketing strategy is to specialize in providing a certain type of service across various industries. Examples of this might include specialization in social media consulting, succession planning guidance, or strategic planning.
As a provider, you leverage deep expertise in a highly specific service to assist a wide range of clients. It can provide fuel for tremendous early growth while establishing your credibility in a burgeoning market. There is, however, a snag. In the past, the advantages of specialization to a region have been significant: Say, the idiosyncrasies of local regulation.
Geographical specialization can sometimes afford you a close-knit network of clients and prospects. This might mean you provide management consulting specifically for CEOs, or work exclusively with heads of human resources.
This strategy can position you to deliver extraordinary insight on the needs and challenges of a particular role, helping them frame problems in a way based on extensive and focused experience. If you pick a role that is relatively stable, you can really focus on the needs of professionals in those roles, even across industries, opening your business up to a wider variety of potential clients.
Depending on what type of professional services you provide, you may specialize in a particular problem that you solve through a variety of services offerings. This specialization style lends itself well to content marketing and lead generation.
What might these problems look like? They could include productivity improvement, cost reduction, and dealing with post-merger integration.
Have generalists had their day? By carefully choosing a focus, you can differentiate your firm from the pack while building real expertise and credibility in your niche. Choose an area of the marketplace to focus on, and own that area. The specialization is likely to serve you well moving forward.
Learn more about how you can identify a specialization to turn your firm into a high-growth, high-value firm in the full-length book, Spiraling Up.Marketing Strategy Specialization Develop Your Marketing Strategy. Learn the fundamentals of market research, positioning, the marketing mix and campaign planning.
Cover the concepts and tools you need to successfully develop a marketing strategy for a business, product or service. Begin by understanding consumers and the main market.
Specialization represents a different kind of strategy that’s more focused in very specific offerings. In a way, this is the more realistic option, since expecting a company to be good at.
"Product specialization -The marketer deal with varying products in the same product line; it adapts the product to sell to several different market segments. Example: Gillette Advantages: i) When the marketer caters to different segments, with a single product or varying forms of the same product, he can develop specialization and reputation.
Once it gains a foothold, it can expand by pursuing a product specialization strategy, tailoring the product for different segments, or by pursuing a market specialization strategy and offering new products to its existing market segment.
Product specialization is one strategy a company can use to target specific customer market segments. This approach works for companies that specialize in a high-quality product and have the.
Product Specialization is the Key to Profit Many small and medium sized organizations dealing with multiple products find it difficult to find enough market space for their products. They spend much of their money to advertise all these products and the brand name.