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This lets you pivot your strategy to meet new demands as needed. Newtechnology is being introduced all the time to offer: Omnichannel shopping. New customer acquisition channels. New customer acquisition channels. It also ensures you can take advantage of newtechnology as it’s released. Automations.
Identify untapped markets Tracking competitor weaknesses, shifts in customer demand, market trends and potential threats allows your brand to capitalize on new opportunities before others do. For instance, you might spot some niche marketsegments your competitors might be neglecting, like a different age group or interest.
Segmenting Your Target Market Once you have a solid ICP, it’s time to break your TAM into smaller, more manageable pieces. This process is called marketsegmentation. Good for New Products/Markets : This is particularly helpful when entering newmarkets or launching new products with limited market data.
By filling this gap, the company can potentially capture a newmarketsegment and position itself as innovative at the same time. Respond quickly to new threats What if your competitor launches a new product that directly competes with your flagship offering?
Working with Digital Marketing is a never-ending effort to better understand an audience and get closer to it. In this search, marketers are always finding newtechnologies and insights on how to use them so they can keep up with ever-changing expectations. The result?
Marketsegmentation. It’s the classic segmentation based on nationality, region, marital status, sector, position/department, or media and market trends. As we highlighted throughout this article, consumer behavior is always changing and requiring companies to adapt to newtechnologies and new forms of consumption.
Dave Robertson: Yeah, so the fundamental idea is that we often talk about innovation in terms of using newtechnologies, right? That was of course nothing new in terms of we’ve been taking pictures for a century, but it was a very new way of doing it. Dave Robertson: Good question.
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