Some are bringing in fresh new products while some are launching competitive products of higher quality, better features, and lower costs with the hope of confiscating the existing market leader.But the question is, how are you going to safeguard your brand and market position?In this blog, we are going to discuss what defensive marketing strategy is, its importance, and how to implement your own defensive marketing strategy.Let’s dive into the details.What Is Defensive Marketing?The actions that a brand, primarily a market leader, takes against its rising competitor in order to protect the market position of its products, profitability, market share, and mindshare is known as Defensive Marketing.In case a brand fails to protect its market position, then they are liable to lose some of its consumers to the competitor.
This is why you need to take specific measures to protect your brand.However, these attacks are not just limited to the market leaders.
Even though Blockbuster tried adapting and changing their business norm by introducing an online service, they were unable to compete with the pricing and services offered by Netflix.
And actually, they used to charge people for using their wifi in case they didn’t purchase anything from them.However, as soon as other coffee shops began providing and promoting free wifi, Starbucks observed a plunge in its revenue.So what did Starbucks do to defend its position then?
Let’s find out.After this, Starbucks decided to not only offer free wifi for everyone, but they also started providing the fastest wifi to match its competitors.Their defensive strategy aimed at differentiating them from others, defending their brand while attracting old and new customers as well.How To Implement A Strong Defensive Marketing Strategy?Before moving on to the implementation part, you first need to decide your best form of defense, i.e., what you’ll fight with, including:Your brand identity or how consumers recognize youThe combination of products and services that support your brand identity incorporating their pricesThe method of conveying your brand identity like advertisingDefensive Marketing strategies can be classified based on their objectives:A positive strategy is planned to retain consumers.The inertial strategy is built to put the brakes on the rates of consumer loss.These strategies can also be classified based on the means to accomplish those objectives:Retarding Strategy focuses on your own strengthsParity Strategy focuses on your competitors’ perceived strengthLet’s take a look at some of these strategies.Attacking YourselfAs soon as you read this, it might appear illogical to you.
Employ specific measuresYou can employ specific tactics using your unique customer insights and protect your market share.4.