Breaking Through The Noise: How Fearless Are You To Take On Predatory Marketing?
Blatantly like a predator, Predatory Marketing aims to engulf competitors; consequently, the small ones are swallowed first. This type of marketing campaign is as dominating as it sounds. Predatory Marketing is usually an option for fast-growing start-ups or those small companies not heard at all. Many marketing firms are injecting this type of marketing strategy for their clients. Should it also apply to businesses already occupying dominant positions? Not anymore. Big names are already in the top spot, and their perspective is entirely different from the ones below. They target to retain themselves being on top and grow possibilities for expansion. In a competitive world of business whose goal is to be the brand or company of choice, a lot of marketing campaigns are created to catch the attention of consumers. Marketing is everywhere. There is so much happening around. If there is a new trend, you better not get left behind. Predatory Marketing is a marketing strategy that cuts through all this noise. It aims to rise above all and be the king of the jungle. More and more companies are intrigued by the emerging predatory marketing practice, but only a few are attempting, and only a few have done it right. You might already be asking yourself now, what are the competitions in my world? How can predatory marketing work in my line of business? Here are thought processes in predatory marketing.
Analyse your business.
Where does your business stand? As a business owner, you know your brand well. You created it, and you believe in it. You could have gotten a good foresight of it in the future before putting it up. Your business may be driven by a definite purpose. Wherever journey your business is in, identify your strengths and weakness. How much potential does your business have to stay a few more years before it fully succeeds? What marketing strategies have you tried? Why are you considering predatory marketing this time? Are you ready to accept changes in your original setup? 2. Who are my competitors? Realistically, your competitors do not necessarily mean to be that already ranking number one. But it may be so if you are strongly-willed to rise above all as it is the very point being a predator. As earlier recommended, analyse your business. Conservatively, you may choose competitors of parity or few notches higher from your brand or those that you feel consumers are more inclined to accept. You may start with three to five of your competitors to analyse on. Get your competitors’ profile. In the process, you will ask yourself how long they have been in the industry. How did they begin? 3. What are my competitors’ strengths? This is the most essential part of the thought process. The strengths serve as the forces that keep the business or the brand being continuously patronised. Analyse the strengths of your competitor based on their profile and from a consumer standpoint. It may be their unique selling proposition, workforce and organisation, period it has been operating, consistency, product price, client reach, customer service, digital presence, accessibility, persons with disability-friendly, etc. Once identified, list them down according to the strongest. Most companies’ organisational strengths, processes and workflows are flaunted on their websites. 4. What are my competitors’ weaknesses? There is no perfect organisation, no perfect brand nor service. Weaknesses shall be derived from the strengths. How easily can you identify weaknesses? We have provided examples for you. For example, (a) if consistency is considered strength, customers would also be interested in having variations. Strength then may be regarded as a weakness. (b) If customer service is excellent, but the technical team cannot keep up with it, then it becomes a weakness. (c) Another example of strength is workforce and organisation; when companies are enormous, employees are only assigned limited tasks. Their knowledge and skills are limited to what they are assigned to do. Having their best fit resign due to lack of challenge at work is their weakness. 5. What are my competitors’ weaknesses that I can use as my advantage? How you spot weaknesses in their strengths is your perspective; being in the position you are at present. In hindsight, a projection of what your brand can currently offer. We thought of specifying examples for you. In example (a), let us say you are a telecommunications company. Countering consistency as strength, you may offer subscribers to have an option to customise their mobile phone plan/subscription that is equal to the cost of a standard offering. The variation here becomes strength. In example (b), still in the telecommunications company, after a complaint being promptly accommodated and analysed by the customer service representative, it will be escalated to the technical team that will advise the subscriber that status update will be received in 24 hours. There is no certainty right through the technical team as to the length of time the complaint shall be resolved. Countering this, the technical team should be able to determine the level of difficulty of the complaint and assure right then and there as to how many days or hours the subscriber should wait for the complaint to be resolved. Having an organised service model that technical team would follow can be regarded as a strength. In example (c), still in the telecommunications company; there is a lot of work going on in a telecommunications company because subscribers are spread nationwide. The organisation is enormous. Naturally, in this industry, the best talents are hired, and the competition is high. Competition is good if it is healthy. But what if it is not. The turnover rate will be high – that is regarded as a weakness. Countering this, you may set a culture in your company that is less demanding by promoting smart ways to work and encourage healthy competition. 6. Rebuild your brand or service. It is now time to provide your business brand or service through thought-processes from 1 to 5. Business owners know their business well. Together with the creative thoughts of their marketing team, they surely can figure out the right way to become a predatory company or for their product or service to get predatory. Although, some choose to acquire marketing consultants to confidently push through this type of marketing strategy which thinks out of the box and has a successful experience in facilitating this. Once predatory marketing analysis has been a success, it may not apply to the same service or brand. As discussed in thought process 1, determining your position in the market shall give you that particular perspective. In rebuilding your brand or service, make the best version it can get. Remember that you are not anymore making noise nor contributing to the information-overload going on like everyone is doing. Consumers already know what they need. You are already done filling consumers’ needs. Now is high time to look at your competitors and counter their strengths with their underlying weakness. Intentionally or unintentionally, a successful predatory marketing campaign may eliminate small businesses. What is the common issue here? Predatory Pricing is a common issue in some companies’ goal of becoming predatory. It is when competitions’ price is determined to be their weakness. Lowering cost is a weakness you can turn to strength that would generate fast results. But this move is usually short-lived due to ethical issues that violate the antitrust law. This will also lead to a monopoly which the government does not allow to maintain consumer protection. So forget about using pricing as your strength to prevent any damage it can bring that will tarnish your brand and service. Predatory pricing, however, would be another profound story. CONCLUSION Not all predatory marketing users practice it to eliminate small businesses. Most business owners aspire to be on the top spot without the intention of having a competitor closed down its business. You should be a healthy industry player after all. If so much has been done, but you are so driven to rise, predatory marketing may be your next move. The risk is being in the business for a time and not being known at all. Predatory marketing focuses on what weaknesses you can derive out of your competitors’ strengths that can be used to rebuild your brand or service. The six thought processes guide to make on-point analysis. Your competition’s earnings can be your earnings. Predatory marketing shall turn the table for you. It can become a rival’s clients to be inclined to you. Are there companies you know that have been successful in taking this business tactic? Until when can you stand the risk of being prey? Talk to us and let us know if Predatory Marketing is high time for you. Predatory Marketing is just one of the marketing strategies Exante Digital offers best as we are an advocate of this. Click on this link to learn more about our consultancy services. http://corporality.global/ Check on my events pages Priyambada Mishra at meetup.com and eventbrite.com for upcoming seminars and programs.