Thursday, April 22, 2010

How To Grow Your Brand & Market Share

Marketers and CEOs, how do you grow your brand or your company's market share & sales volume? A few years ago, I posted on my blog titled 'what is your marketing iq?' which has all the answers. The answer is actually quite simple, so simple that most don't know the answer. Most company would think that the answer is to get existing customers to increase their purchase frequency i.e. buy more from you or by increasing customer loyalty. This is why so many companies allocate a substantial amount of their marketing budgets towards customer loyalty program. But in fact, this is not true. The answer to growth is to actually get more customers or buyers. This is not too hard to understand, imagine there are a 1000 people in your market and you have 700 people who are your customers. This is 70% of the market share and thus making you the market leader. Having 100 out of a 1000 people buying multiples times from you still doesn't change the fact that you only have 10% market share. Simple, isn't it?

If you are interested to know more how about brands grow, you need to visit this website or buy this book from Professor Byron Sharp titled 'How Brands Grow'. There are alot of marketing knowledge from this book where most marketers don't know:

1. Growth in market share comes by increasing popularity; that is by gaining more buyers (of all types), most of whom are light customers buying the brand only occasionally.
2. Brands, even though they are usually slightly differentiated, mainly compete as if they are near lookalikes; but they vary in popularity (and hence market share)
3. Brand competion and growth is largely about building two market based assets: physical availability and mental availability. Brands that are easier to buy - for more people, in more situations - have more market share. Innovation and differentiation (when they work) build market based assets, which last after competitors copy the innovation.

17 comments:

Sachin N said...

nice information on brand market share, please keep posting.

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web design bangalore said...

Wow! Such awonderful blog, it really helped me to gain such informative knowledge about your website on Improving Brand and Market Shares, thus awaiting for such more blogs in the near future from your website.

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Mabelle Bay said...

Clear and good point you stated right there. This can be a quick guide/tip to those fresh business men so as to not go in the wrong way. Indeed popularity is one of the most crucial part in growing your brand.

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sandy said...

nice post n brand marketing, improve brand popularity will definitely helps to get more traffic, thanks you for share this post publicly.

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harsh kumar said...

Great Post..Brand building is any activity which influences the customer of your product in a positive manner... a brand is not about a slogan, advertising or marketing campaign only - it is about trust and credibility. We all need good Brand Marketing Company

Bettypaul said...

Wow, That was a good click. "Brand marketing". Definitely people will come to you after some point of time even without advertisement. That is the main highlight of brand marketing. Thanks for the share.

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L Suletha said...

I appreciate you …Absolutely enjoyed the read.

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Great post, thanks for sharing..


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