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This question is about marketing consultant skills.
What is cannibalization in marketing?
Cannibalization in marketing refers to the negative impact that a new product or service can have on the sales of an existing product or service within the same company. Just imagine a blood-thirsty ravenous product eating all of your other products... oh the carnage!
The scary part is that whenever you're introducing a new product or service, you run the risk of it competing with your already existing product or service. Marketing cannibalism is not good and it ultimately leads to a loss of market share and revenue for the company. This is why it's important for companies to carefully consider the potential for cannibalization when introducing new products or services.
Some strategies that companies can use to minimize cannibalization include:
Differentiation. Companies can differentiate their new product or service from existing products or services by offering unique features, benefits, or pricing.
Segmentation. Companies can target a different customer segment with their new product or service, rather than competing directly with an existing product or service for the same customers.
Timing. Companies can time the release of new products or services to minimize the impact on existing products or services. For example, they may release a new product or service during a slow sales period for the existing product or service.
A snake eating its own tail is never a good thing, which is why companies should proceed with caution when introducing new products or services. It's a good idea to first carefully evaluate the potential impact on existing products or services, and then develop strategies to minimize its impact on sales and revenue.
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