A brand’s performance may decline over time due to the changes and updates in marketing strategies, global competition, and technological influences. When you created the brand five years ago, it may not be as reliable and competent now in the current trend because of the inevitable changes in the industry.
Let’s say you created a unique milk tea brand around 5 years ago. It may be possible that your milk tea product may not be as popular as compared to the previous years. Why? The reason behind primarily are the improvements and changes occurring on the competitor and industry side.
If this is the case, it means that you don’t have a solid foundation of the brand because it cannot compete anymore in the current year. As a solution, you should keep in mind these following powerful strategies to build a strong and globally competitive brand:
1. Identify Your Niche and Market Segmentation
A market niche is a segment of the population in which the business owners focused their attention. Market segmentation is the process itself of identifying a market niche to align the brand with its appropriate target market. These two principles go hand in hand together. Although this seems to look basic, however, this is important in making your brand powerful.
Choosing a marketable niche needs detailed research because you have to consider the different factors that may affect the overall flow of the business. You have to check whether the niche is:
- Scalable to Sell
- Low to Moderate Number of Competitors
- High Profitable Margins
- Low to Moderate Operating Costs
- Accessibility of the Products or Materials
- Production and Logistics
- Frequent Complains Encountered with the Niche
- Marketing Strategies to implement
2. Implement the Appropriate Branding Tools
During the planning phase, you just need to carefully identify all the valuable inputs to build a solid foundation for your business.
In dealing with the marketing phase, this is the most challenging aspect of the business because you have to convince your target audience to buy. But if you put the right elements during the planning phase, it will less likely cause any issues in the long run. Usually, the common mistakes of the owners rooted in the planning phase. A reason why they encountered several problems in their operation, sales, production, and marketing phases.
To keep your brand powerful, you’ll need a professional to get you on the right track. According to the corporate brand creation sketchcorp, getting an expert to help you with the digital marketing, content management, emails, and lead generation is crucial in building a strong and solid foundation of your brand.
Aside from consulting an expert, you must have an innovative mindset and versatile actions regarding the technological phase. You can always try and experiment with different apps and sites that will help you in terms of the designs, audio, videos, images, and other physical aspects of the brand. You may also consider the apps that provide a helpful process for your payment and collection options, logistics, and production.
3. Create a Sense of Exclusivity
Customers are always satisfied with the services as if they were treated like VIPs. Well, everyone wishes to be treated as a special customer that’s why creating a sense of exclusivity is crucial to your brand and business.
Some owners are implementing marketing strategies that entail a psychological impact. Customers will definitely grab this opportunity to buy regardless if they currently need it or not.
The exclusivity approach was derived from the scarcity principle. Based on this market study, people find the product valuable if it’s rare or unattainable. It simply means the people will do everything to get the product since it was on a drastic sale. For example, a pair of $65 sketcher shoes will be sold on a buy-one-take-one promo. Of course, you will not be going to hesitate to buy it right? That’s how the sense of exclusivity comes in. Its psychological effect will make the buyers impulsive and aggressive to purchase the item.
4. Promote a Symbolic and Notable Value
People will trust your services if you are very dedicated to serving your customers. When you value your business reputation, you always provide a professional service to your customers. Moreover, people will also trust your brand if they witnessed how much you can do for the community. This is where corporate social responsibility comes in.
Do you believe in the give and take principle? The same concept applies in the business setting. If you know how to give to the others, you will unexpectedly receive it in return. For instance, you can support a foundation, charitable institutions, or provide scholarships to the youth.
If you are committed to performing these duties, the customers will be delighted with your activities and they will be happy with your business. You serve not only the customers but also the community as well.
5. Embrace Criticisms and Consider the Impact
Expect that every business received both positive and negative feedback from various people. Although the business is already long established, owners couldn’t escape from the feedbacks of the critics. The best way to handle this is to embrace the criticisms and learn from it. Some critics are able to recommend solutions to your business.
For example, the brand name is misleading and it has a similar name to the other companies. Another example is, the customers have disputes when it comes to the product or service. In a recent study, market analysts believed that angry customers are good for your business.
Complains and negative testimonies might be challenging to resolve. However, when the owners find a better solution to solve these dilemmas, it will be a good reputation for the business as a whole. That’s how customers retain their trust and still engage with the business. That’s how the brand and trademark of the company are properly managed and protected as well. Thus, it’s a win-win situation for the business and the customer.