Standing Out In A Saturated Market
How do you stand apart from brands that are selling similar products? You need to build an obsession brand. Here is what you need to consider…
Branding is all about perceived value by your audience.
✓ Is your brand message simple, clear and consistent?
✓ Is your brand positioning clear?
✓Is your pricing a reflection of your positioning?
✓ Do you have a core set of products that you go to market with on a consistent basis?
✓ Are your marketing efforts targeted?
✓ Are you strategically showing up in places where your audience will be? Are you maximizing your sales strategy?
✓ Are your graphics, your design, your packaging attracting customers?
Make Your Products Easier To Buy
Think about how easy it is to navigate a Target store. When you enter, you know exactly where you need to go and get something, no matter the product category. And it doesn’t change no matter what state you go to.
That’s the concept of making your brand easier to buy for more people in a given situation. You could also consider Apple. Apple looked at the statistics and saw that they had a 49% market share within the smartphone category. Apple users are so loyal because the products are not as complicated as an Android. This makes the product more accessible, which is another element of ease.
Create a Loyal Customer Base
What do you think differentiates your brand from a big brand like, say, Kylie Cosmetics?
A LOYAL CUSTOMER BASE.
First, your brand needs to be both physically and mentally present where your customers are.
- Physically is where they are purchasing or looking to buy products like yours.
- Mentally means that they think about you when they’re ready to buy.
The main question is: how do you find your people?
You can find people organically. This is where you capture leads, put effort into your social media such as Instagram live, run campaigns, and publish blog articles for people to find you.
You can also find people through paid activities. While these work wonders at stages of your business, if you’re not selling organically, you won’t be able to sell by putting money into paid ads.
Simplify Your Pricing Strategy
Is your pricing strategy simple? If you go to market with one price, and then you constantly keep discounting your price, you confuse your audience. Why? Because if somebody came to your business and got hooked to your product without any price discount, they’re used to your product being at a certain price threshold. Then, a month later, you discount that same product that they purchased, and your current customers get confused on what price to expect. By doing this, you will shift your audience to start waiting for discounts, rather than purchasing at your regular price.
Your pricing really helps you solidify your position in the market. If you want to be in luxury, product, skincare haircare, beauty, you name it, you have to own that position. Part of owning this position is really accepting your pricing and let your pricing being what you’ve stated is to be. If you offer too many discounts, you attract price sensitive customers.
Once you attract a customer who’s highly price sensitive, if you continue bumping up your product to a point where you’re not discounting your services, that person who bought you a discount will rarely ever go and buy you when you’re on a full price stack. So that’s what I want you to ask yourself. Is your pricing simple and aligned with your market position?
Simplify Your Product Assortment
Is your product assortment stream aligned? This means, do you have a core set of products that you go to market with on a consistent basis? Or, do you have so many products in such a way that when somebody lands onto your website, they have no idea where to go? Simplicity by making a brand easier to buy is the same as simplicity in product assortment. Simplicity is what allows you to scale.
A simple product assortment helps you in so many ways. First, it helps you manage your inventory. Second, It helps you market each product when it should be marketed. This is because a complicated product assortment makes marketing strategy difficult. You’re not able to market each and every product in that assortment.
When you have too many products, you just end up selling the products that you’re marketing. Then you have so much inventory that you’re sitting on. If you’re sitting on inventory right now, I want you to understand that you’re sitting on on cash.
To fix this, you need to really thinking about your product assortment. Do you have a set of products that I go to market with, over and over again? When you do, it makes sure that your customer doesn’t get confused at all. Because they know exactly what to expect when they go to your website. This consistency creates a customer base that’s highly loyal to you.
Timing Is Everything
Different strategies work in different stages of your business. So, it’s important for you to identify where your brand and customers are. Then, you can apply the appropriate strategies to scale your business.
For example, if you’ve not made anything near $100,000 a year, you should not be adding any new products. New products in this stage just dilutes your efforts. Similarly, if you have made above $100,000 in sales over the year, you should neither be altering your promotional calendar nor increasing your advertising and marketing budgets. This will only dilute your profits.
To learn what really works, click one of the links below:
- Looking to uncap the growth of your product sales and scale to the million dollar mark: Grab this free training Maximize Your Product Sales.
- Looking for an eCommerce podcast episode to help you scale your beauty brand, Subscribe to the Product Entrepreneur Podcast here
- Interested in learning how to scale your beloved brand beyond the Multi- Million dollar mark with scientific precision learn more here: Startward Consulting