Do you know your place in the 2021 market
“Brand” is your brand’s identity. But it goes beyond the logo, colors, or typography. A brand is your story, your goals, your accomplishments, the things you want to communicate to your audience. It’s your business ID and birth certificate. And every single aspect of that identity is for you to decide in which direction to take.
So, by that definition, you could do just about anything? Well yes. But do anything successfully? Depends on your execution.
Let’s get back to our two imaginary humans, where one would like to eat an apple and the other one doesn’t want it. While from a perspective of a business, there are two humans who could be the potential buyers of your apples, knowing your target audience will help you recognize the one who actually is looking to spend money on apples. And knowing your competitors is going to help you position your apples for optimal appeal factor with the buyer.
With the new product we are launching, a big chunk of our time has gone into market research, competition analysis, and finding our buyer. Once we figured that out we moved on to finding the right strategy for approaching our buyer. And we are here to help you go over that process with your business. Of course, you can always find an agency to do the analysis for you (hint, us), but you could give it a shot yourself first.
SWOT or SMART?
Discovering the unique values of your brand and finding a correct marketplace position is key for creating and running a successful marketing campaign.
And it can be accomplished by two analyses to give you much-needed data to work with. The SWOT and the SMART analysis.
SWOT stands for Strengths, Weaknesses, Opportunities, and Threats. The analysis goes through external and internal factors and components of your business. It is designed to inform you about and investigate your strengths, selling points, and the things that set you apart from your competitors in the market. The weaknesses can be found with branding, messaging, but also costs of production, weak spots in the hierarchy chain, etc. Opportunities are mainly external, and they can present themselves in unfulfilled customer needs, and vacancies in the services already provided by your competitors. Threats can come in a variety of forms, from unexpected subsidies you cannot take advantage of, new laws being proposed, market fluctuations, and changes.
Once you have a clear SWOT analysis in front of you, you can set goals for your business. And the best way of forming them is through SMART objectives.
The SMART criteria are Specific, Measurable, Attainable, Relevant, and Time-Bound. All of them are supposed to be qualifying factors for your goals. The value in setting SMART objectives is clarity and measurability of goals.
Audiences are becoming more in tune with the brands they trust, and for establishing a long-term relationship with your desired customers, a goal-driven, data-fueled digital marketing plan is key.
Once you know who you are and who you are selling to, it’s a simple matter of testing out strategies to attract your customers. It’s no longer a game of shooting darts in the dark and hoping the board is somewhere in the room. Analyze, plan ahead, and execute. And repeat. That’s the secret.