Marketing91

  • HOME
  • Marketing Concepts
    • Marketing
      • Retail Tutorials
      • Market Research
      • Customer Management
    • Strategy
    • Management
    • Advertising
    • Branding
    • Business
    • Finance
    • Sales
    • Career Guidance
  • Digital Concepts
    • Blogging
    • Search Engine Optimization
    • Social Media Marketing
    • Facebook Marketing
    • Internet Marketing
    • Ecommerce
  • Brands
    • Marketing Mix of Brands
    • SWOT analysis of Brands
    • Brands Strategy Analysis
    • Business Models
    • Brand Competitors
    • TOP 10
  • Courses
Home » Marketing » Leveraging the power of specialty products

Leveraging the power of specialty products

December 31, 2017 By Hitesh Bhasin Tagged With: Marketing

Each and every marketer out there wants a product which the customer demands himself. The best product for a start up company can be one wherein there is automatic demand for the product. The products having an automatic demand or in other words, products for which the customers will go out of their way, are known as specialty products.

The doctor to whom you go every time you have an illness, the accountant who helps you with tax planning and your company lawyer are an example of Specialty product. These are people whom you search. They are not people who search you. Off course, there is competition in this sector too. But is there any competition for the best surgeon out there? Or the best tax consultant? No. The consumer themselves approach them.

Just like the above service products, there are several consumer products which enjoy this kind of loyalty. Imagine a BMW, Mercedes, Rayban, or johnny walker whisky. Each and every one of these brands today enjoy the specialty product status. Being a specialty product does not mean that there would be no competition. It just means that the consumer wants to purchase a product from your product category.

Building a specialty product takes time or innovation. When the light bulb was made, it sold on its own. That was an invention and it was a specialty product when it was invented. However, look at the status of a light bulb today. It is being sold as commonly as any other household product. Thus it is now a convenience product. Similarly, desktop computers were in great demand during IBM and Microsoft time. But now they are available everywhere and are more of a shopping product rather than a specialty product.

So what does this teach you? If you are a budding entrepreneur, you know that you need to target the specialty products sector. Its not possible for every entrepreneur out there to start a specialty product as it needs a thinking process which is beyond everyone’s capability. But yes, the one who comes out with the unique specialty product is the one who can generate profits for his business very soon.

Similarly, for a marketer the lesson is simple. Look at what the consumers in your product category are seeking. And make changes to provide them the same. You might have to cut down on the volume of business that you do (Specialty products rarely do high volume sales) But by cutting down the volume, you are guaranteed high margins on every product sold if it achieves Specialty product status.

As the competition rises, it is becoming difficult to stand apart from the crowd. Several specialty products over the years have become so common that they have now been demoted to being shopping products. But there is still a lot of potential left to explore, thereby providing various opportunities of growth. As consumers become technologically sound, i am sure there would be more and more such speciality products needed. That’s when you should leverage the power of the specialty products.

Share this post:

Share on Facebook Share on Twitter Share on LinkedIn Share on Email Share on WhatsApp
Digiaide Marketing and Digital Marketing Courses

Related posts:

  1. Consumer Behavior: Definition, Importance and Types
  2. Consumer vs Customer
  3. What is Product Development? Definition, Meaning, Phases
  4. What is Product Quality? 7 Steps of Product Quality Management
  5. What is Product Launch – Examples, Types, Advantages
  6. 3 levels of Product competition – How companies compete on basis of products?
  7. What is Product Strategy? How to develop a product strategy?
  8. What is Product Standardization? Uses and Advantages
  9. Price Competition: Meaning, 6 Types, Advantages, and Disadvantages
  10. Variable Pricing: Definition, Examples, Model and Advantages

What Do You Want To Learn About? (Start Here)

  1. Marketing Hub
  2. Management Hub
  3. Marketing Strategy
  4. Advertising Hub
  5. Branding Hub
  6. Market Research
  7. Small Business Marketing
  8. Sales and Selling
  9. Marketing Careers
  10. Customer Management
  11. Top 10 Lists
  1. Internet Marketing
  2. Blogging
  3. Search Engine optimization
  4. E-commerce
  5. Facebook Marketing
  6. Social Media Marketing
  7. Business Model of Brands
  8. Marketing Mix of Brands
  9. Brand Competitors
  10. Strategy of Brands
  11. SWOT of Brands
GET DAILY MARKETING UPDATES

About Hitesh Bhasin

I love writing about the latest in marketing & advertising. I am a serial entrepreneur & I created Marketing91 because I wanted my readers to stay ahead in this hectic business world.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement
Recent Posts
  • Capital Gain – Definition, Strategies and Examples
  • Board of Trustees Vs. Board of Directors
  • Board of Governors – Definition, Roles and Responsibilities
  • Capital Budgeting – Definition, Methods and Objectives
  • Bid Ask Spread – Definition, Types and Examples
Advertisement

Marketing91

MORE INFO

  • About Marketing91
  • Privacy Policy
  • Cookie Policy
  • Disclaimer
  • Terms of Use
  • Advertise
  • Contact us
  • Sitemap
  • ISO 9001:2015 Certified

LEARNING SERIES

  • What is Communications
  • Types of Communication

WE WRITE ON

  • Marketing
  • Small Business
  • Management
  • Internet Marketing
[email protected]

Copyright © 2022 Marketing91 All Rights Reserved