In truth, we probably all know a market leader when we see it—because it keeps showing up… in news pieces, on people’s lips, in people’s hands. Its branding and its performance in the market outshines that of its competitors. Its name is synonymous with the values, products, and services that it represents. It owns mind share.
Branding, the Market Leader Way
So, maybe an appropriate question would be: What makes a market leader? What type of branding is necessary for success?
There’s no magic branding formula; in fact, criteria are ever-changing. But there are a few pieces of advice that that branding experts at How to Build a Brand would like to share:
- Shift thinking from being the biggest in the market to being the best in the market. Do something better than anyone else and you’ll set the scene for growth. In the meantime, remember that there are advantages to being a small business—including the ability to change operations to satisfy the needs of consumers (who are your lifeblood) more quickly than the big guys.
- Learn to separate shallow trends from ideas that have staying power. Even better—get to know your target audience and start a “lasting trend” of your own. A good example is social media. Many believed this “trend” would fade. We all know better by now.
- Don’t discount the power of catering to niche markets. Old-school thinking may have dictated that appealing to the masses would result in a larger market share. New-school thought believes that in this economy, when people have less disposable income, they’re more likely to spend what they do have on what they’re truly passionate about. That leaves the door open for you to fulfil that principal passion.
- Consumers are more discerning, and arguably more intelligent, than they once were. That means that businesses no longer have the right to demand that consumers think in a certain manner or believe certain things. Today, consumers have earned the right to demand what they want of businesses. Market leaders are the ones who oblige.
- Be relevant. Keep your finger on the pulse of what’s important to today’s consumers and be standing ready to listen to what they will want tomorrow. If what you have to offer doesn’t really matter, you cannot lead the market.
- Market leaders solve problems. Consumers have problems, and those in your target niche market share many of the same problems. Start by solving at least one of those challenges—in ways that make success simple for your clients – and you shall be rewarded with your market share.
- Engage people with innovation. Do something well—and do it in a way that no one has done it before. You’ll not only gain the attention of people who are looking for fresh ideas, you’ll grasp the attention of those who thought they were happy with the way things were being done by the current market leader.
What is a market leader? It’s a business that has enacted all of the above principles with masterful branding, and much, much more. To learn more about how you can join the ranks of other market leaders with brilliant branding practices, join our next Online Masterclass to help Kickstart your branding strategy. Simply click here to register.