29 Jun How to Thrive as a Strong Brand in a Saturated Market
How do you differentiate your brand when more and more businesses are offering the same products and services? If you’re marketing your products and services based on their features or on the basis of price, you could be running the race into the ground.
Why Traditional Interrupt Marketing is Not Effective Anymore
In the traditional “interrupt marketing” model, people were interrupted between their engagements and told about products and services. Highlighting a product’s new and unique features was enough to set the brand apart from its competitors. Today, however, the market has become saturated with multiple vendors offering the same products and services. In this scenario, the old ways of establishing a strong brand on the basis of features (or price) isn’t effective anymore.
Additionally, the old “interrupt marketing” model was based on the limitation that consumers had to either call or visit a store to make purchase decisions. The ubiquity of technology, however, has fractured this straightforward buying process. Businesses must advertise across a larger number of media channels as well as target customers at all phases of a fragmented buying process. And this is more challenging because consumers don’t ever have to interact with company representatives or visit an outlet to pursue products and/ or services any longer. They can learn everything they need to know about your products and services online. Your customer chooses his/her own path to do business with you.
How can you differentiate your brand in a saturated market with a fragmented buying process spread across multiple channels?
Focus on consumer experience of your brand. Many brands offer similar products and services in the market, but it’s impossible to have the same experiences between all the brands. Focus on how your customer feels when they use your product or do business with you, and shape your marketing tactics to intercept your target audience at the right time.
- Think backwards. Start by asking yourself what needs or circumstances lead your target audience to look for your products and services. Shape your marketing tactics according to the answers to the following questions:
- What leads consumers to look for products and services in your industry?
- How do consumers find your products and services?
- What or who influences their buying decision?
- When do they make the purchase?
- What happens after they buy?
- Shape your marketing campaigns on experiences at several stages of the buying process (your customer’s journey), from discovery to purchase:
- Want-it-now moments
- What-do-I-do moments
- Near-me moments
- Is-it-worth-it moments
- How-to-do moments
- Time-for-a-new-one moments
- Get-me-out-of-here moments
- Time-to-change moments
- Devise a strategy to intercept with the best communication at the moments when a consumer is looking for an answer or a solution related to products and services in your industry. In the digital marketing world, this is accomplished through a combination of tactics, including good website design, online content strategy, SEO, PPC, social media marketing, and so forth.
- Ensure the rest of the customer journey is a remarkable experience at every level. Make sure your customer service is up to par, your customers’ purchasing transactions are seamless, and your after-sale services (product returns, exchanges, trouble-shooting) are conveniently available to customers. Do this, and your brand is a winner.
Converting a product-centric brand into an experience-centric brand calls for careful analysis of the current status and planning for the changes necessary. Begin with a conversation about how your brand can head in this direction. Click here to set up an appointment for a free consultation.