Why distinctive customer targeting is a smart strategy
A one-size-fits-all corporate strategy for business may have worked in the past but now is the era of personalized targeting. When former basketball great Magic Johnson was once opening TGIF and Starbucks stores in Los Angeles in the early 1990s, he deviated from norms and innovated based on neighbourhood segmentation. Specialty wines got introduced at some stores for chains unheard of before. Amazon Web Services survived business challenges from industry giants such as Oracle, Google, IBM and Microsoft only because it had found its niche marker. Ford is one of the pioneering organizations for this concept of finding a space for oneself. Starbucks has faced several challenges over the years, not least when fast food chains started exposing its high coffee prices. But Starbucks went back to its core product and emerged stronger from the financial crisis of 2008.
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