In the market space, there are some companies whose products dominate a sector of the economy. This is not because there are no other companies producing the kind of products they are producing, but because of the approach that they use. This is because they are not trying to be unique but trying to be the best among their peers. In this article, we will explore marketing approaches that broke through strong market monopoly.
Strong Distributor Network
In order to take competitive advantage, there must be a strong distribution channel with your business partners. As a matter of fact, this approach creates a strong entry barrier into the market. Ensure that you are always producing value amongst other competitors.
Create A Good Brand Identity
Having a good brand name or identity is another approach that can used to break into strong market monopoly. Let your brand name present who you are and what you are all about. It is essential that your brand name is very unique o yourself an it tells all that you are. Do not create a brand name that will be difficult o pronounce or hard to remember in itself. Also, accompany it with a strong visual representation that depicts what your brand is.
Proprietary Technology
Let the technology of your business be so unique. It should be so that no one will be able to copy or replicate your products. This will in turn increase the competitive advantage of your brand as well as help to monopolize it. This is because your products are unique and only you know about how that value you give is created. As a matter of fact, proprietary technology will also improve your customers’ loyalty to you and your brand.
Advertisement
Advertisement is a major aspect of business that requires your attention and investment. This is because it increases the demand of the products. It as well help information about your business get out to people as required. Your main aim of wanting to break into a monopoly market is to make more money and more profits. The business of advertising your products is as important as selling your products. This is because it is the former that leads to a high level of the latter.
Influence Over the Price
Another approach you can use to enable you break through the market monopoly is to have a kind of command over the price of your products and that of your competition When you produce your products, at times, you have to reduce the price of your products to increase the demand for it. Some other clients of other varieties of the products you produce will as well switch over to yours because of your reduction in price. Gradually, the demand for your own products will be getting higher and you will then work your way toward becoming a monopoly.
In essence, the marketing approaches that broke through strong market monopoly above would pave a good path for your brand in becoming a monopoly. If you need help with coming up with suitable marketing approaches for your business, contact us at Ovacom Consulting.
