Taking on the big brands... [Gulf Daily News (Bahrain)]
(Gulf Daily News (Bahrain) Via Acquire Media NewsEdge) Many smaller brands and new entrants to a category are often "put off" by the sheer "perceived" strength of the market leaders in that category.
Experience shows that leading brands may not always be as invincible as they appear to be and often they can suffer from complacency.
After all, the success of a brand can be broken down to "granules" - effective research can help you zero in on these.
Identify customers or segments that are dissatisfied or marginalised by the major brands.
This is best explained through a real life example; Tots to Travel. Quite simply it is an online travel company that specialises in providing holidays for families with young children.
In an industry that is dominated by big brands, Tots to Travel has managed to stand out amongst them by uniquely identifying and offering a service to customers that are not particularly catered to by the mainstream big online travel companies.
The provision of inspected holiday accommodation designed and kitted out to keep families safe and happy is Tots to Travel's unique selling point.
And this USP has been vital for a small brand like them to be successful (sold more than 3.5 million ($5.9m) worth of holiday accommodation).
Hence, to take on the big brands, knowing the market is essential.
And it's vital to not only know your target customers but also the competition. This will help in identifying the niche market that the big brands are not currently servicing.
Also the ability to continuously align the value proposition according to changing target customers' needs is what gives small brands a fighting chance to take on the bigger/cumbersome brands.
Likewise, the importance of marketing cannot be overvalued. With the emergence of social media marketing, no longer are the tools of reaching mass audiences limited to brands with deep pockets.
Find out what will make them shift and what is their ideal brand.
Experimentation is one of the most effective forms of market research.
Mr Cader is the chief executive of MTI Consulting
(c) 2014 Al Hilal Publishing & Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).
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