What can retailers do to compete when times are hard and bigger competitors are gobbling up their customers?
One answer is: Think Small.Small retailers can use their size to their advantage if they adopt a niche marketing approach. With niche marketing, they can dominate a segment of the market, that to a large competitor would be unprofitable. “They can be the big fish in a small pond,” says Dr. Peter Johnson, marketing strategist and President of the Strategic Performance Institute, Newport Beach, California.
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