In a highly competitive market, how do you ensure your brand is heard, viewed, and recognized? How do you achieve top-of-mind awareness and maintain this position?
Every day, a new product is launched, a new marketing campaign gets ahead and your brand is fast forgotten. Unless you have built a strong foundation for your company and your brand, you will find yourself fighting in the red ocean and struggling to bridge the gap created by others.
To start with, you need to have these 5 essentials steps in place to ensure you have a strong and steady platform to build your brand:
1- Define your brand persona
Outline the vision of your brand, the positioning that you aim for, the brand promise, the brand identity, and tone of voice.
2- Select your products
Your product list has to be varied enough to fulfill almost every demand type and short enough that you can still manage it efficiently. Constantly evaluate every product from size, price, variety, duration and purpose and don’t be afraid to rationalize your list of products or add more depending on the market’s evolution.
3- Profile your target audience
Identify who your brand appeals to (Gender, age, income bracket, profession, marital status, etc). Recognize the needs of your audience and evaluate how your brand can fulfil this need.
4- Study your internal resources and capabilities
From human capital and IT infrastructure to marketing budget and product selection. Understand what your company’s strengths and weaknesses are, build on the strengths and work to improve all the weaknesses. Identify your USPs (Unique Selling Proposition) and communicate them to your audience.
5- Understand your competitors
Analyze their SWOT (Strengths Weaknesses Opportunities and Threats) versus yours. Constantly monitor their activities but never copy them. Innovate in your approach and stay in the lead.
Once you have these in place, your next step is to define your 3 main strategies:
- company strategy
- sales strategy
- marketing strategy
One cannot work nor succeed without the others. A deeper overview will be touched upon in a future post.
Following that, prepare a SMART (Specific, Measurable, Agreed upon, Realistic and Time based) action plan detailed by activity, by deadline, by budget and by person in charge.
To conclude and as what Benjamin Franklin said “By Failing To Prepare, You Are Preparing To Fail.” the punctuality and efficiency of the execution is crucial for the success of the plan. Make sure you are on top of it day by day to assess, evaluate and correct as you go.