“Keep your finger on the pulse of the market.” One of my favorite college professors repeated this at least twice during every class session. At the time, it was monotonous. As a marketing professional, I wish there was a billboard for it!
The infamous downfalls of previous market leaders like Borders and Blockbuster are strong reminders that brands need to be at the top of their game in order to keep (and grow their share of) market presence. Here are a few “big-picture” tips that will help you do just that.
Influence Rather Than React
Some of today’s most profitable brands have created solutions to problems consumers weren’t even aware they had. Before Netflix invented online video streaming, cable and satellite were the catchall platforms. Now, we can watch our favorite shows when we want, where we want. And binge watching is a common hobby.
How did they do it? They understood our needs better than we did.
Be More Than Just A Market Offering. Be A Movement.
Revisiting brand strategies is important as companies grow. When evaluating a brand, it’s important to not just get stuck on elements that meet the eye. Brands are more than the products and services they represent. Shutterfly isn’t just a photo development company—it shares life’s joy. Apple doesn’t just develop and sell technology—it challenges the status quo.
What does your brand do? No matter what the answer is, it needs to fit within your customers’ everyday lives.
Plan For What’s Ahead
Brands need to fit in the market’s future, not vice versa. Be ready to adapt to the needs of your customers as they transition through life stages. Bottom line, your audience will change, and your brand needs to follow right along. Make ‘em stick around for years to come.
Where—and who—will your audience be in five years?
What are some strategies you use to keep your brand edge? Let us know in the comments below!