Branding and Marketing are Key to Market Leadership
Mar 18, 2020
Market leadership isn't necessarily about being big. It's about defining a niche and owning it. Or creating a market that didn't previously exist. Apple is a classic example. The company has never had a dominant share of the personal computer market, but their leadership is undisputed -- in their niche.
There are many ways for a company to become a market leader. Offering a unique product, which captures consumer interest, can catapult a company to leadership status. Significantly improving an existing product can have the same effect. Even a new approach to packaging and positioning an existing product can raise a companies visibility. But in almost every case, branding and marketing play an essential role in establishing leadership in the marketplace.
4 Steps for Establishing Market Leadership
- Attain Laser Focus -- With so much competition, the key to success is focus. What exactly does your company offer that's different and valuable? And who's the ideal customer? Without this level of understanding, there's no way to stand out.
- Power Up Your Brand -- Focus is the heart of branding, and branding gives the company a look and feel consumers can relate to. Branding is more than cool graphics and catchy slogans – it’s the tangible definition of a company. Getting the branding right is crucial. Without it, the target audience won't "get" the company and won't respond to marketing.
- Invest in Clear Marketing Strategies -- Successful marketing is never scattershot. Strategies have clear objectives and planned actions that build awareness, generate leads, and drive sales. Strategies can change, based on feedback from the target audience. But not having a plan, that’s the certain road to failure.
- Never Think You're "Done" with Branding and Marketing -- Branding and marketing need to stay current while retaining the core message. Take McDonald's golden arches. The logo has remained essentially the same since the 1960s. But it's gone through a number of updates and has multiple variations, which are used to target different audiences.
Many factors contribute to becoming a market leader, but strong branding and marketing can turn a good company into a great one – simply by reaching the right audience.