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Finding New Markets

Expanding market share is a conversation many of us have probably participated in over the past year. To survive in business we know that we need to constantly grow our book of business. The strategies differ – regional expansion, international expansion, discipline expansion, etc.

Tiffany & Co.’s spring ad campaign got me thinking about a different type of expansion strategy, specifically finding a new market. Undoubtedly meant to be provocative, Tiffany’s is running an ad campaign for engagement rings and wedding bands that pictures two men. While you could argue the company is trying to make a political statement, I would argue they’re trying to expand market share by being first to market with a new demographic, same-sex couples. As more same-sex couples marry, there are more wedding bands to be sold. Tiffany’s was brilliant by being the first jeweler to specifically target this demographic. Why does this matter? Because being first can be a game-changing competitive advantage.

What client type is out there now that’s relatively ignored? Now think about how you could capture that client type with a first to market strategy?

Author

Valerie Puchades, CPSM served as SMPS Boston Chapter President for the 2018/2019 program year and is Director of Marketing at GUND Partnership.

2 responses to “Finding New Markets”

  1. Andrea Lalinde says:

    Sounds like a blue ocean strategy: http://www.blueoceanstrategy.com/concepts/bos-tools/six-paths/

  2. Valerie Conyngham says:

    Thanks for sharing the link, Andrea.Using the blue ocean strategy could definitely help you to get to the same place.

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