As you plan to grow your brand, the logistics of making growth happen should be strongly influencing the targets you set. We all know when talking about growth, increasing market share, developing new products, and finding new markets will be the ways to make it – but it is not about everything.
(1) Access
Distribution contributes to customer brand insistence in two ways. It increases brand accessibility so the brand preference is more likely to be converted to brand purchase. More importantly, it increases brand exposure, which leads to increasing brand awareness. You should consider the accessibility of your brand to your target market.
(2) Speed
Can you deliver the product fast enough to meet your customers’ demand? At one level, this is purely about the fulfillment of demand. At another, it is about making sure that you have paced the introduction of new products and the upgrade of current offerings at the right speed. The right speed could avoid simply trying to shovel more of the same thing into the market, which is already boring to them.
(3) Interaction
You may find yourself allocating resources increasingly to interaction, however it speaks to no-one and adds nothing to your ability to grow. You could revise your social marketing strategy, ensuring your social feeds are not just background to your target audience. Your social conversation should fuel interest across all your products and planned releases, in the meantime without reducing your social channels to promotional mouth-pieces.
(4) Responsibility
What compromises will you need to make ethically to achieve the growth you’re targeting? Does it come at the expense of diversity goals or other responsibility targets? Not doing so risks your brand being labeled as one that pursues its commercial plans at too high a social cost.
(5) Understanding
While the market gets bigger, the demands of consumers to be treated specifically and personally grow louder. Those demands come with some potential investments. Therefore, it is important that you understand your market as quickly if not more quickly than you can the consumer base itself. Focus on customers, not channels; win in the era of big data; unlock the power of partnerships; master the entire customer experience.
Conclusion
Brands remain addicted to growth. In the meantime, growth continues to be the metric of marketers to prove that they are doing their job well and the businesses are strong. Need help on business branding? ShangHai, as the most influential business media platform in Malaysia, provides the platform and consultation for business owners, especially for SMEs in Malaysia. Contact us!