The strategy outlined focuses on regaining competitive advantage in the crowded poultry probiotic market through three main approaches. Enhancing product differentiation involves leveraging unique benefits, refining product formulation, and developing a compelling brand story. For example, by conducting research with universities, firms can validate and showcase their product's unique benefits and offer customization options for various poultry producers' needs.
Expanding market reach targets new geographical markets and cultural preferences, accomplished through international partnerships and digital marketing. For instance, attending international trade shows fosters connections with global players and enhances visibility. Tailoring marketing to different cultural contexts also helps resonate with local consumers.
Implementing competitive pricing strategies is crucial to appeal to a diverse customer base. Introducing tiered pricing or bundled deals can increase product attractiveness, while loyalty programs incentivize repeat purchases. Regular price reviews against market conditions ensure competitiveness, as shown by the strategic negotiation of raw material costs to maintain flexible pricing.
The strategies
⛳️ Strategy 1: Enhance product differentiation
- Conduct research to identify unique benefits of your probiotic that are not offered by competitors
- Develop and promote case studies showcasing successful use of your product
- Enhance the formulation of your product to provide additional benefits
- Invest in high-quality packaging that highlights the unique aspects of your product
- Partner with universities or research institutions for joint studies to validate product benefits
- Improve product support services for customers, including educational content and training
- Build a strong brand story focusing on the history of your product development and expertise
- Offer customisation options to cater to the unique needs of various poultry producers
- Obtain new certification or accreditations that highlight quality and innovation
- Engage in targeted marketing campaigns to emphasize differentiated features
⛳️ Strategy 2: Expand your market reach
- Identify and enter new geographical markets where competition is lower
- Develop partnerships with international distributors to increase product availability
- Tailor marketing strategies to suit cultural preferences in new markets
- Invest in digital marketing to reach a broader audience beyond traditional channels
- Attend international trade shows to connect with global industry players
- Leverage social media platforms to increase brand visibility
- Develop multilingual content to cater to non-English speaking markets
- Create an incentive programme for existing customers who recommend the product in new areas
- Collaborate with local experts in target markets for endorsements
- Continuously monitor and adapt strategies based on feedback from new markets
⛳️ Strategy 3: Implement competitive pricing strategies
- Conduct a pricing analysis to better understand competitor pricing structures
- Introduce tiered pricing models to appeal to different segments of the customer base
- Offer bundled deals or value packs to increase perceived value
- Develop a loyalty reward programme to encourage repeat purchases
- Negotiate with suppliers on raw material costs to enable more flexible pricing
- Launch a limited-time discount for first-time customers
- Analyse and reduce operational costs where possible to maintain profitability
- Regularly review pricing strategy against market changes and adjust as necessary
- Educate customers about the long-term cost savings of using your product
- Collect and utilise customer feedback to ensure pricing meets perceived value
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
