From charging a price premium to wielding substantial customer influence, the ability to take a big bite out of the market share has many benefits beyond revenues. But before you toss money into marketing or take out a loan for product development, you must examine your BRAND.
The key lime to gaining market share
A company’s marketing efforts will certainly have an effect on sales if done right, but they are absolutely not where all the money should funnel into. Creating a strategic brand is the fundamental key to gaining market share.
Everybody wants a piece of a great brand!
A brand is much more than a logo that identifies a business, product, or service. A brand also encompasses the consumer’s experience and the mix of associations that develop as a result of these interactions. The most effective way for a company to increase its market share is to create a meaningful brand—and then market it tactfully.
Customers only have pies for you
You want customers to choose your brand? Make sure you don’t just look good, but you’re filled with awesome stuff!
The marketplace for products is very crowded, with many similar products and a lot of advertisements trying to get the attention of consumers. Companies that have developed a strong brand don’t have to work as hard to get the dominant results. Getting noticed is important, but it’s even more important to know who you are and who your consumers wish to be. Don’t just be a pie in the sky brand—create some value!