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5 tips to build a brand in a crowded market
Mon 6 June 2011 - 8:58 amMarketing
Bringing a brand to market, carving out a niche for that particular product offering and encouraging consumers to invest in that brand, is never easy. In many ways, the process of introducing a new product to market and being responsible for its success, is much like the relationship between a parent and a child.
It is increasingly difficult for brands to create cut through in a crowded environment, so here are some tips to stand out:
1. Nurture through different life stages
How a brand is built varies greatly on the lifecycle of the brand and how long it has been in this market. A virtually unknown must first establish a presence, work on the foundations and then look to expand as the customer base increases.
2. Adapt a brand to market
When bringing an international brand to the Australian market, different strategies will need to be considered and implemented. Undertake research with focus groups to ensure that the brand is correctly positioned in order to appeal to its target audience.
3. Understand brand positioning
With thousands of brands and companies launched in this market every year, the competition to get your brand noticed over a competitor is increasingly difficult. Brands need brand positioning, and in the mind of consumers, more is less. If a product can be defined in one simple big idea, then you have a chance to stick in the head of your target market.
4. Keep innovating
Strong brands must be consistent; they must have a set of values that they hold true to, but that doesn’t mean that you can’t add new varieties, move into new areas of brand and product differentiation. There is a golden opportunity for strong brands to use their brand’s values and the franchise they own with their consumers to try new things.
5. Guard the brand property
When you have put all the hard work in to establish that brand property, and have built up a consumer following, do everything you can to maintain market share and consumer loyalty. If it is a strong property the likelihood is that there will be copycat marketers trying to piggyback on your idea.
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