Understand the market to grow your place in it.
With our brand strategy and market research services, we often include market analysis. For some of our clients, it has truly been a game-changer. The approach can look different depending on the client and industry, but the overall goal is to discern how you are perceived by consumers, particularly in relation to competitors. This knowledge can change the trajectory of every decision you make going forward.
First: who is your audience?
Whether you’re just entering the market or have been in it for years, you have to understand your audience to be successful going forward. Who are they? What do they want and need? Successful marketing strategies actually resonate with the audience and communicate how you’re going to help them solve their problem. Otherwise, you’re just adding to the noise.
Next: who is your competition?
To truly understand how your audience sees you, you have to understand your competition as well. Not only is it important to understand the alternatives, but it’s important to figure out how people see you in relation to them. Are you the “Toyota Corolla” to their “Mercedes”? Are you seen as relatable, stuffy, disconnected, fun, exclusive, expensive, affordable? The possibilities are endless. Knowing the landscape as well as where you stand within it is crucial to effective brand strategy.
Now that you have a better understanding of how your brand is perceived and what your audience really wants, you can decide exactly how to connect with your specific audience and maximize your unique strengths. Market analysis like this is key to developing a strong brand and meaningful marketing.
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