Getting consumers to know you
What does your brand represent in the market?
How valuable is this asset to you?
One luxury car company focused on designs that emphasised the ultimate comfort in driving. Another luxury car company emphasised experiencing the ultimate driving machine. They have each carved out a niche of loyal customers and fans. So a brand can grow by effectively creating a niche market as opposed to competing with potential competitors for the same market.
Precision Crafting and Technology
The brand should tell us where it comes from like Swiss master watch craftsmen giving consumers precision in the form of an exquisitely designed fashion piece around your wrist. Japanese watch makers were able to enter the watch market and carve out a niche by emphasising precision time using state of the art watch technology. When a company tells a story around its commitment to quality they build consumer trust in their product and service.
The Source for Consumer Experience
Established brands are being effectively challenged by new brands offering innovation and something new. Consumers are now savvier researching what’s new in the market. This has resulted in product and service life cycles getting shorter with competitive businesses frequently offering new innovations. To remain competitive you must therefore continue to innovate. New businesses that offer improved consumer experiences can now enter the market and establish their very own niche market.
Single product small businesses can compete with big corporations offering multiple products. Hence a resourceful sticky bun baker created a niche market competing effectively against established multi-product bakeries and cafes by setting up a street stall nearby promoting themselves as the source for local, organic and fresh.
Your Name Your Brand
You too can brand yourself as a specialist who delivers an excellent single product. Not too long ago an establish North American company offering a range of home products ceased business. One of their popular salesperson with decades of customer care experience joined a smaller company selling a smaller range of products. He was able to leverage his personal reputation with past customers to get new business for this smaller company because his name had become a brand representing reliability and service excellence.
Thinking out of the box is the key to successful marketing. The challenge for new brands is to tap into the existing supply chain through non-traditional means beyond trade shows and traditional marketing. They need to offer something different to the consumer through these channels.
Consumer behaviour has changed and is continuing to change as global economic forces reshape consumer thinking and lifestyles.
Staying genuine is the key as ultimately it is trust and not necessarily pricing that builds loyalty and repeat sales. Changing the presentation and differentiating the new brand in town from the old established brands are some of the ways to establish an independent and distinct identity in the minds of consumers. Tapping into the changing consumer demand is therefore important in establishing a new brand in the market successfully.
A social network around the new brand can create advocates that promote the new player in the market. Spend time on a marketing plan that leverages to the maximum the connections you have in the community you serve.
International Business Consultant
Reboot your business plan for sustained high growth
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