Posted in Marketing and Strategy Terms, Total Reads: 601
Definition: Narrow and Deep
Narrow and deep is a type of retailing strategy where the stores focuses on selling a few number of items across a wide variety of brands. There are many advantages of narrow and deep retailing strategy.
• Offering superior solutions – Vendors can provide superior solutions by addressing industry specific needs by narrowing down the focus. The providers gain the necessary foresight to be responsiveness to changes in regulatory issues and other market shifts
• Gaining of Thought Leadership positioning – Stronger industry segment focus results being a thought leader. With specific industry knowledge vendors can gain necessary foresight to be responsive to market changes in regulations, economic and business issues, market trends, competitive offerings, and other shifts.
• Crafting more effective messaging – Deep industry knowledge and buyer knowledge is required to successfully update and build a vertical solution. Pointed messaging must speak directly and in depth to prospect unique industry needs. Simple address of user-friendliness and cost advantages won’t help win a highly-targeted segment.
A smaller convenience store located near a household may focus on selling a few numbers of items across a wide range of brands because of space and also due to location constraints. The customers may not be demanding huge quantities of specific items but are more concerned with multiple brand offerings as opposed to Supermarket where it follows and wide and deep strategy.