Too many marketers use me too marketing which is doing the same thing as their competitors are, and sometimes it can even backfire. There are few differentiating factors, when there are no such things a marketer who does this risks removing the leading company's share of the market.
What is Me Too Marketing?
Me too marketing is a strategy where a product serves a need that's already being fulfilled. An example of this can be seen in the satellite TV industry in India. Tata Sky, the first brand to pioneer satellite television in India, became popular for its fantastic schemes, plans, and great service. But within months, it was followed by Airtel, Reliance jio and Videocon--all with similar goods at a lower price than Tata sky's.
Why is Me Too Marketing Adopted?
The me-too marketing strategy is often adopted for several reasons.
- A competitor has introduced a product with an innovative design.
- The competitor is taking away the market due to the unique product
- The competitor is also getting a lower price because nobody else is selling this specific type of product.
All four of the above situations can be reasons for companies to introduce a similar product. If a competitor introduces a unique product, then the other company will usually copy it and introduce an original product. If a competitor takes away one company's market share all together, introducing an original product will presumably allow some of that lost market share back. And finally, if a competitor has been running on skimming prices, introduce lower prices and release a competitively priced product in order to take back that lost market share.
Why is Me Too Marketing on the rise?
What do you think the reason might be for a business owner to adopt a Me too marketing strategy? Why don't they always start with their own unique products? There are several reasons for this.
1. Exploiting the brand equity of another company – Competition is a sure-fire way to make it in the cutthroat marketing world. Why not take advantage of your competitor's hard work? Imitating what they've done will help you rise to fame just as quickly.
2. Penetrating the market is easier – It is a market follower strategy, which means the company waits for a good product to come into the market and then starts manufacturing a similar product. This way, it can reach a skimming price.
3. Me too marketing is good for consumers – For consumers, more competition in the marketplace is always good. More competition means that companies are on their toes and none of them can afford to be lazy. If a business doesn't listen to the customer, they know that there's a good chance that their competitors will.
4. It is good for the market too – The benefits of me too marketing are immense. With more products in the same niche, there will be more opportunity for growth, more taxes generated for the nation, and more employment opportunities for job seekers.
On the rise today is me too marketing because the manufacturing process has been upgraded and is available to everyone at a low cost. China as a whole has improved because of me too marketing. They manufacture in bulk, and so enjoy economies of scale, which adds to the value of me too products. This increase in manufacturing allows for even more me too products to be made available, thus causing a rise in me too marketing .
Can me too marketing be avoided today?
Have you ever been fooled by a business that copied everything you're doing? We have, and so have other businesses. You can avoid this by running marketing campaigns that are different from your competition and offer something new to your customers. Remember: the goal of any business is to make money. When you bring nothing new to the table, you'll generate less profit margins than the competitor who came first in their industry. You always want to be the first company in your industry; it's what will help grow your brand and increase revenue.
One strategy that may seem like a good idea at first, is to imitate existing companies in your industry. Take the restaurant industry, for example. There are now many pizza chains and burger joints as well as so-called South Indian restaurants. These "copycat" restaurants are popular because they require minimal investment to open and operate. However, once markets start to become saturated with these types of businesses, new enterprises will start to omit differentiation, as it is expensive. And a new company might not possess the resources necessary to do this successfully. That's why me too marketing is becoming difficult to avoid.
I hope this article has given you some insights into what Me Too marketing is and why it's on the rise. As customers become more savvy and demanding, businesses need to find new ways to stand out from the crowd. Me Too marketing is one way to do that. It's important to remember, though, that not all Me Too marketing campaigns are successful. In order to make yours a success, you need to put in the time and effort to research your target market and create a campaign that resonates with them.