Wednesday, April 28, 2010

Branding - Taking your rightful place

As products and services introduce themselves to the market, we hear the term "brand dominance" come into play. To dominate a brand you need to do one of two things:
1.Be the first to market with your product and tell the world about it.


2.Tell the world about it, better than your competition.

Sounds very simple right? But does doing a better job telling the world about it mean outspending the competition and blasting them out of the water with expensive, lavish television commercials?
Perhaps at one point, but not any longer. These days you have a lot more weapons at your disposal. Social media, and the proper use of said weapon gives you the opportunity to "out think" the competition instead of "out spend".

By recognizing your brand's competitive advantages, coming up with a clever message and perhaps a social media contest backed up by a clever viral campaign, you can give the impression your brand is a market leader. Even if it's not a market leader spender.

Remember the cool kid in the school yard? He didn't necessarily have the nicest clothes, but he did have the cachet and the swagger. People are drawn to that intangible that is so hard to break down and repeat.

With a firm understanding of your brand and what makes it different and more importantly great, you can help leap your product over the outspending competition so you become the one to catch. Then you can recall the famous quote from Satchel Paige, "Don't look back. Somethin' may be gainin' on you."

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