5 Tips for Brand Dominance
Let’s start with something the world over finds as a popular topic: Booze. If you like vodka, you probably know the names Smirnoff, Grey Goose, Belvedere, and Ketel One. Which one would you choose if someone was buying you a drink? Probably Grey Goose or Belvedere, right? Why? Because they are top shelf. They are known to taste the best, feel the smoothest, and hold the most favorable undertones one can appreciate. THEY have brand dominance.
Here are five tips on positioning your brand as the Grey Goose in your industry!
- Position. Brand dominance is all about positioning. Belvedere stamped itself at the top. This is where they are located. This is where they are priced. And, no matter the competition, people still buy it — all for the same odorless, colorless, tasteless spirit. Many times, the position on the marketplace shelf denotes the value proposition of the brand. If your company has the capability of providing top shelf services and products, it may be a good idea to move up in that direction.
- Presence. Grey Goose is loud about its brand. It is trumped by celebrities and holds the best advertisements. Not only that, the bottle itself is a work of art. When it comes to presence, make it known, make it loud, and hold your ground! For businesses looking to reposition into a higher shelf space, make sure you both look the part and act the part. If you’re positioning for a boutique experience, then everything in your brick-and-mortar experience should make customers feel like royalty. Even the slightest smudge or grunginess may betray your brand promise.
- Proactivity. Having an active brand which either joins or cultivates a community is a sure way to attain brand dominance. The interesting thing about Grey Goose’s rise to fame was how many people attested to the brand promise of being the best tasting vodka around. This noise was the company’s way of coming out with that very loud presence. As a result, consumers rallied together as vodka snobs, buying only the best for drink – this is community of Grey Goose. Ironically enough, blind taste tests became popular on television shows to which Grey Goose didn’t exactly win out. Still, Grey Goose sells like no other brand of vodka. It’s formula? Dominance.
- Profits. Brands that make money are wise to reinvest their profits. Let me say that again. Brands that are making money, do well to REINVEST IT! You don’t need to be a top shelf brand for this to be a choice strategy. Look at Walmart, Costco, and Target. They reinvest in their brand all the time. Why? They need to continually secure their position in the eyes of the consumer. Wherever your company’s chooses to position itself, it is important to remember that it takes money to make money. And, only profitable companies can sustain innovative movements to keep ahead of the curve. Be profitable. Stay profitable. And, do so by putting some of your profits back into your brand.
- Preparation. Brands that forecast the changes in their industry, market, and world events at large do the best in retaining brand dominance through crisis and disruption. Many times, such firms are the ones doing the disruption. Disruption is best done with the popular #JobsToBeDone approach. It’s no secret, if you provide what your customer wants, they’ll buy it! So, what job are your customers hiring you for? More importantly, what jobs in the future might they need to be fulfilled? Can you fulfill their needs? Can you make them want to hire you first? Perhaps more intriguing is the question, can you provide for their future needs and let them know that as they realize their emerging needs? Marketing today the needs of tomorrow is the best way of establishing brand dominance.
If you want to become relevant and stay relevant, you have to continually battle for the top. Dominance is a hard place to defend. Keeping an audience engaged is tricky and can be quite challenging. Engaging your consumers with a visible brand is a smart place to start (blog coming soon!).
For more on branding, check out our free webinar “Branding With Clinical Precision.”