[BLOG] Basic steps to rule your market
As we know, developing great products or services and marketing strategies with heavy budget do not guarantee success. To be successful, a unique market to be dominated by you must be carved first. It is also wisdom to create barriers that will not be easy for the competitor to scale if the brand must continue to enjoy preferences for a long haul.
While many are confused about necessary steps to take, we are of the opinion no brand wins by concentrating on its own preferences. It seems good and profitable if a great effort is geared towards creating strong and sustained differentiation. This differentiation must be powered through innovation, creativity and unique communication process. This way will entrench the brand in the leadership soil of relevance and profitability than any other forms magic.
Before I continue I must accept the fact that I am usually fascinated by new information. So in the course of last week, I was reading Alker’s book ‘Brand Relevance: How to make competitors irrelevance’. My take away from the book is what I will be sharing in this book.
At the foundation of industry domination is the necessity to first define brand’s position and actively manage perception of the niche market. To make this process effective, brand custodians must take keen interest in great concept generation. This should be done through accurate evaluation of the market forces. In addition, there is need to clearly define the subcategory involved.
The second obvious step is the need to create strong barriers which competitors cannot scale on time. This can be the use of technology or low price strategy. Whatever that barrier is, it must be strong enough to delay early entry of competitors. In all, the barrier must ensure the competitors are irrelevant for a long haul.
The next step is the use of significant and transformational innovation. There is no guarantee in the marketplace for any brand that remains stagnant. Hence a constant innovation can help. Having fulfilled these foundational requirements, next step should now be focused on the followings.
Creating visibility: it is a fact today’s world is hyperactive. To add to this, the level of noise is reaching unprecedented height. Remaining anonymous is bad strategy. Taking right steps which enhance brand visibility to target audience is no longer ‘if I have time’. It is now a must.
Credibility: no one follows a brand that is deficient in credibility except crooks. Every step must be taken to ensure brand credibility, believability and relevance. If these are missing, it is just a matter of time before the brand goes out of circulation. Work hard on ensuring brand’s trust barometer is constantly moving upward scale.
Remain attractive: Create offerings and marketing programs that will earn the approval and loyalty of customers who are buying the established category or subcategory
In whatever you do today, brand needs to stay hungry. Brand custodians must remember the world we live today is volatile, uncertain, complex and ambiguous. Hence a greater demands on brand alertness. Over to you, what is missing? Share your thought.
Yinka Olaito is happy,excited and passionate Brand Communication, Social Media expert, Trainer and speaker. Yinka Olaito helps brands(Profits and Non-profits)with effective communication and positioning for premium service delivery and returns. Yinka Olaito also has special interest in Development Communication and has consulted for noted UN Agencies. Yinka Olaito is the CCO of Michael Sage consulting and African Child Right Inc.Lagos Nigeria
This article was originally posted on Nigeria Business Communities