In a market, over-populated with brands, how do you ensure that your brand sets itself apart! Some would tell you, the key is to strengthen your product. While this is true that the better product wins in the long-run, it isn’t the only thing that keeps a business on top.
In fact, as startling as it may be, research shows that 40% of brands that record the highest sales measure only 20% customer satisfaction? What this means is that the brands that are selling the most aren’t really offering the best products! This also means that there may be more satisfying options in the market. A variety of perfect and improved substitutes for that branded item going unnoticed! What could be causing this gap? They are losing it to the label of a brand.
This right here is what it is about – the “brand”! As important as it is to create a good product, it simply wouldn’t get you anywhere if your product is devoid of a positively recognised “brand” label. So, to help you achieve that positive recognition, the following are six ways to revamp your branding strategy:
- Start on the inside:
All phenomenal things are built inside out. The same holds for your brand too! Your brand’s internal ecosystem needs to be fresh, creative, and in line with your long-term vision for the company. You could achieve that by improving your employer branding. Branding service providers such as BrandMatters can help fix your brand architecture.
- Know your competition:
While it is good to be focused on your own growth and purpose, to survive in a market with this stiff competition, you will need to test the grounds you stand on. It always pays to keep an eye on the market, and the new updates your rivals are bringing to the products you deal in. The idea behind this exercise is to stay a step ahead and improve on the loopholes to further the strength and position of your brand in the market.
- Know your customers:
Just as important as it is to know your market and your competitors! To make your brand a mass favourite, you have to start with understanding what the masses want. Furthermore, you need to identify the section of this wide mass that would be most likely to buy your product, or in other words, your target audience. Your branding endeavours need to be in accordance with and relevance as per your target audience. Market research on the demographics and shopping patterns of your customers could help you understand them better.
- Brand your products the right way:
It isn’t enough to just put your logo and tagline on every product you produce. The positioning of the logo and the catchiness of the tagline is also very important. You do not want to go overboard with the logo placement. Moreover, the colour palette used for your logo and the font used for your tagline also impact customer behaviour and the overall persona of your brand.
- Incorporate feedback:
It is important that you conduct regular surveys and polls to understand how your target audience is taking to your products. The key to improving your quality is to understand the loopholes that you currently struggle with. While you may feel that your product is the best in the market, the customers will be more objective about the quality. Therefore, you should encourage them to regularly give you feedback and reach out to you on how the product can be improved.
- Build your social media empire:
In this day and age, if you still do not have social media channels active and running, then you are missing out on important leads and content both. Everybody is online these days, and you can make the most of it by getting online yourself. Have a trending and user-friendly social media disposition. This would not only help you maintain your online reputation, but you will also be able to reach to the millennials. Plus, there is a bonus: Despite its efficiency, social media still remains the cheapest platform to advertise your brand on!
We hope this article has helped you with some ingenious ways on how you can strengthen the grip of your brand in the market.