Marketing is an unavoidable step when it comes to building a marketplace. While it may come easily to some, many have trouble forming a strategy without the proper knowledge. You may have come up with a plan by observing other companies but we have three strategies today for you to start.
This type of marketing goes to the masses and is also called “mass marketing”. In this form of marketing, the marketer does not segment the general population and generate promotional material that’s meant to reach a very large number of consumers. Undifferentiated marketing is the simplest of the three strategies. A marketplace has one product line and a general theme that ideally appeals to most consumers. An example would be a billboard or radio commercials.
Concentrated or “niche” marketing is quite the opposite of our undifferentiated counterpart. Developing a plan for a concentrated marketing strategy takes some research in knowing your target market. For businesses with a small budget, this may be the one for you. Form a marketing mix (price, promotion, product, and people) that most appeals to your audience. The key is grasping the attention of that small group of people you want.
This tactic is for marketplaces that want to expand their business. In a differentiated marketing strategy there are at least two market segments that are trying to be targeted at the same time. For example, GoPro advertises to athletes as well as young parents. These two may seem very different but you can offer separate campaigns with a different marketing mix to reach both segments. Many large brands take on this strategy but it is the most costly of the three we’ve gone over today.
Related: Why Your Marketplace Needs A Blog
There you have it! There are definitely many more strategies out there but you can start by playing with these and implementing social media campaigns and possibly pushing out content. It’s a learning process and with time you’ll find the perfect way you can reach potential customers. Good luck!