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Which type of marketing best fits your marketplace?

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Marketing is all about connecting with the right consumer audience to help build your business. While there are no right or wrong ways to marketing per say, there are some helpful strategies to start with. Here are 3 different types of marketing that can set your marketplace off on the right foot.

Undifferentiated marketing

This is ideal for businesses that would like to keep their marketing strategy very simple and consistent throughout the company. Keeping one marketing mix for your marketplace is the typical approach for it. Being able to offer one product, for one price, and one market strategy is the idea. Simplicity would be the ideal term for this type of marketing.

Concentrated marketing

This is also known as niche marketing. This type of marketing is ideal for small businesses, as budgets are much smaller and resources are limited. As a small business or startup, you want to have that competitive advantage over your competitors. Being able to show your expertise in a certain field makes it easier to connect specifically with your target audience.

Differentiated marketing

This is great for an established marketplace looking to expand its brand. Multiple marketing mixes are specifically designed for different segments of the company. For example, a company that has different marketing mixes to target young millennial, generation X and baby boomers. While these have a broad age range, segmenting your product to each generation would increase the chances of success for your products.

While these 3 types of marketing are a good place to start, don’t limit  yourself to only one of these. Businesses often start with one type of marketing and then gradually grow into another. It’s best to start with one that suits your marketplace based on the size and your target market. It’s important to really understand what the purpose of your marketplace is and whom it is intended for.

Topics: Marketing

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