How To Grow Your Brand & Market Share
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2012
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2012
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How To Grow Your Brand & Market Share
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How To Grow Your Brand & Market Share
marketingjournal
Marketers and CEOs, how do you grow our brand orour coman 'smarket share & sales volume? A few years ago, I posted on my blog titled 'what is your marketin i?' which has all the answers. The answer is actually quite simple, so simple that most don't know the answer. Most company would think that the answer is to get existing customers to increase their urchasefre uenci.e. bumore from you or by increasing customer loyalty.
This is why so many companies allocate a substantial amount of their marketing budgets towards customer loalt roram. But in fact, this is not true. The answer torowth is to actually get more customers or buyers. This is not too hard to understand, imagine there are a 1000 people in your market and you have 700 people who are your customers. This is 70% of the market share and thus makinou the market leader. Havin100 out of a 1000eo le buying multiples times from you still doesn't change the fact that you only have 10% market share. Simle, isn't it? If you are interested to know more how about brands grow, you need to visit thiswebsiteor bu thisbook from Professor Bron Shartitled 'How Brands Grow'. There are alot of marketing knowledge from this book where most marketers don't know: 1. Growth in market share comes bincreasin oularit ;that is bainin morebu ers(of all types), most of whom are light customers buying the brand only occasionally. 2. Brands, even thouh theare usuallsli htldifferentiated, mainlcom eteas if theare near lookalikes; but they vary in popularity (and hence market share) 3. Brand competion and growth is largely about building two market based assets: physical availabilit andmental availabilit. Brands that are easier to bu- for moreeo le,in more situations - have more market share. Innovation and differentiation (when they work) build market based assets, which last after competitors copy the innovation.
