29 Jan 2014

Getting sand kicked in your face?

If you don’t have a competitive advantage, you’d better create one if you want to survive, says Mike Rigby, Managing Director of MRA Marketing.

Marketing is critical to your survival, and the main creation of your business is your business itself. Your business is a product or brand, and as such needs to be promoted as a brand. Do enough potential customers know about you? Do they know the right things about you? Do you have a strong enough business identity that customers come to you ready to buy? Or are you suffering from intense price competition because customers see little difference between you and your competitors?

The important thing is to identify or create your own competitive advantage to differentiate you clearly from competition and then build on that. Being able to prove your products and service outperform others is vital. Guarantees of longer life, proof of better performance, and tangible improvements in service give you the edge. And if you don’t have a competitive advantage, you’d better create one if you want to survive.

When you are building your brand keep in mind six major characteristics of brands that achieve their potential:-

1 Quality product. Without satisfactory experience of use you are building on sand.

2 First to market. Being first doesn’t guarantee success, but it’s easier to stake a position in the customer’s mind when you’re the only show in town.

3 Unique Positioning Concept to distinguish you from competitors.

4 Active communicator. A successful brand requires an effective selling, advertising or promotional campaign to communicate the brand’s function and values, prompt trial and purchase, and reinforce commitment. It’s no good just being better – you’ve got to let people know you are better! Remember share of mind precedes share of market.

5 Time. Brands are not usually built quickly. It often takes years to build up the added values. Brands require investment which has to be maintained over their lives. There are no short cuts, but the rewards can be tremendous.

6 Relative market share, not size, is critical. Being No 1 in your sector is the key to your long term profitability.

If your brand is a six stone weakling getting sand kicked in its face, perhaps it’s time to think about building up your brand.

Agree? Disagree? Want help with your marketing? Comment below, tweet @MRAMarketing or email social@mra-marketing.com.

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