Differentiate or die
"Attracting and retaining targeted clients in extremely competitive markets."
Four retailers are in tough competition for the same customers in a growing market. The overriding challenge is to build and retain a profitable customer base. Who will emerge as the market leader?
At the start, the four retailers are “all over the place”. They soon learn that their company cannot be everything to everyone, and that competitive positioning is critical. Which current customers should they keep? Which prospective customers should they target?
“To be successful means to build a strong market position and develop the ability to defend it.” The management team needs to decide on a desired market position and capture it in the most cost- effective way. Teams analyze baseline market research to help them make tactical choices:
- Go for the high end of the market... or the low end?
- Pursue a unique niche... or attack a competitor´s stronghold?
- Build capacity in advance... or wait for the demand to grow?
- Compete on differentiation... or on price?
- Defend your achieved position at all costs... or move to another?
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