Positioning and differentiation
The next phase of niche marketing is positioning, which aims to provide the segment with certain marketing messages that appeal to their unique interests and features. According Porter (2008) a company can choose from four main generic strategies to differentiate itself from competition and position strategically in the minds of consumers. These include differentiation, low costs leadership, cost focus and cost differentiation strategy. Millennials display various unique features, which make it difficult to marketers to target or rather position themselves in a manner that best appeals to them. Having grown up during the era of the economic depression, Banerjee & Bhardwaj (2019) show that they make spending, work, and family choices that are peculiar and making it challenging to target. However, with unique marketing strategies, such a group offers an important opportunity to exploit. It is essential to note that while millennials are fond users of the internet and digital technologies, Narang (2018) shows that customers are quite cost sensitive. As such, Eco Forest needs to adopt a cost-focus strategy, where the company will position itself as a low-cost manufacturer that offers unique designs for millennials.
The company can position itself through optimizing marketing messages to fit mobiles and tablet applications, developing a strong brand personality and engaging them on social media and other online platforms such as company websites. Online targeting will be employed at Eco-Forest Leisure through an integrated digital marketing strategy to augment niche marketing will be essential. This communication is informed by the fact that millennials are the regular users of digital technologies such as smartphones, social media and the Internet. The plan should encompass search engine optimization, data management, content marketing and social media marketing. Felix, Rauschnabel, & Hinsch (2017) am apart from being cheap, search engine optimization allows the company’s website to standout from competition given the strong competition in the leisure industry. Given that EcoForest Leisure focuses on health and well-being and fitness suites, the company has sufficient areas where it can create content for marketing. The company can generate content such as videos, images, articles and info-graphics to engage effectively with the millennial generation. Lastly, Banerjee & Bhardwaj (2019) user-generated content marketing can be used to underpin lead generation and position for millennials as they value feedback.
Conclusion
EcoForest Leisure is a Start-up Company that has ventured into the fitness and well-being niche, which lucrative. The niche market has a wealth of opportunities, but the company is saddled with competition and a weak marketing strategy. Hence, a niche marketing strategy has been recommended. This strategy involves segmentation, targeting and positioning of the company in such a way that it attracts millennials. This will involve positioning as a low cost quality manufacturer that focuses on modern technology that fits millennials. To augment this, application of integrated digital marketing strategy will suffice in addressing the limitations of the current marketing strategy at EcoForest Leisure and help the company to gain dominance in the niche market.
References
Akbar, F., Omar, A., Wadood, F. and Yusoff, W., 2017. Niche marketing strategy framework for SMEs: A conceptual framework.
Ashley, Christy, and Tracy Tuten. “Creative strategies in social media marketing: An exploratory study of branded social content and consumer engagement.” Psychology & Marketing 32.1 (2015): 15-27.
Baltes, L. P. (2015). The content marketing-the fundamental tool of digital marketing. Bulletin of the Transilvania University of Brasov. Economic Sciences. Series V, 8(2), 111.
Banerjee, S., & Bhardwaj, P. (2019). Aligning marketing and sales in multi-channel marketing: Compensation design for online lead generation and offline sales conversion. Journal of Business Research, 105, 293-305.
Chang, W. W. (2018). Brexit and its economic consequences. The World Economy, 41(9), 2349-2373.
Felix, R., Rauschnabel, P. A., & Hinsch, C. (2017). Elements of strategic social media marketing: A holistic framework. Journal of Business Research, 70, 118-126.
Hampson, L. (2019, September 4). Eleven of the best UK wellness retreats for some well-earned R&R this autumn. Retrieved September 19, 2019, from
Hartley, S., Yeowell, G., & Powell, S. (2019). Promoting the mental and physical well-being of people with mental health difficulties through social enterprise. Mental Health Review-Journal.
Homburg, C., Vomberg, A., Enke, M. and Grimm, P.H., 2015. The loss of the marketing department’s influence: is it happening? And why worry?. Journal of the Academy of Marketing Science, 43(1), pp.1-13.
Kingsnorth, S., 2019. Digital marketing strategy: an integrated approach to online marketing. Kogan Page Publishers.
Lea, R. (2018). The UK economy: holding up remarkably well. Arbuthnot Banking Group, 20.
Lowfield Farm Cottage. (2018, November 23). Corporate Retreats. Retrieved October 19, 2019, from
Mandal, P., & Joshi, N. (2017). Understanding Digital Marketing Strategy. International Journal of Scientific Research and Management, 5(6).
Mason, H., Schnackenberg, N., & Monro, R. (2017). Yoga and Healthcare in the United Kingdom. International journal of yoga therapy, 27(1), 121-126.
McEldowney, J., & Salter, D. (2016). Environmental taxation in the UK: Climate Change Levy and policymaking. Denning LJ, 28, 37.
Narang, S. (2018). ” Challenges and Opportunities for Digital Marketing: A review analysis. International Journal, 4(3).
Page, S. J., Hartwell, H., Johns, N., Fyall, A., Ladkin, A., & Hemingway, A. (2017). Case study: Wellness, tourism and small business development in a UK coastal resort: Public engagement in practice. Tourism Management, 60, 466-477.
Sargeant, M. (2016). Age discrimination: Ageism in employment and service provision. Routledge.
Synergy Experiences & Synergy Jewellery. (2019, September 19). Synergy Experiences profile. Retrieved October 19, 2019, from https://synergyexperiences.com/about-us
Trafford Leisure. (2019, October 12). About Us. Retrieved October 19, 2019, from https://traffordleisure.co.uk/about-us/#variety