24 Jan What You Can Learn From Big Brands
Big brands get all the limelight, have the biggest budgets, and crush little brands every day. That’s probably what you tell yourself anyways. The truth is, the little guy isn’t always so little. Sure, you may not be on the international playing level. Heck, you may not even ship out of your state, but that doesn’t mean you’re just the little kid on the block. Just look at the craft beer industry. It seems like every day there’s a new brewery opening up. Do they all make it? No, but the craft beer industry has taken a considerable amount of the market share from the big breweries. How? By paying attention and learning a thing or two from the big brands.
As a smaller fish, you can learn a lot about your business, strategy, brand, and customer service simply by observing what the big brands are doing. That doesn’t mean you should steal everything they do and try it out yourself. Sometimes it means taking what they do and making it work for you. But, it also means seeing what they aren’t doing or doing wrong and then doing that yourself. The bigger guys are more than likely alienating key demographics. You have the opportunity to swoop in, get their attention, and gain new customers.
Here are just a few things you can learn from big brands:
Innovation is the key to growing your business.
When you’re selling products or services, if you aren’t constantly trying to create something new, then your products or services will start to feel stale. Not only that, you can lose passion over time for the things you sell. You need to be in a constant state of innovation. This will inevitably lead to your purple cow.
Product diversity doesn’t always equal a success.
Don’t confuse product diversity with innovation. Having 20 different products on your sku list won’t lead to instant success. In fact, it could end up being your business’ demise. The key with product diversity is to know when products are needed, when to pull products off the line, and what the profitability of product expansion is. This falls into the whole don’t-chew-off-more-than-you-can-handle bucket.
Own your brand and your brand story to grow your presence.
The major brands around the world know who they are and they own it. Even if you don’t do business outside of a small town that doesn’t mean you can’t own your brand. Share your story with those that will listen and show off your logo and designs. Your marketing collateral wasn’t created to sit in a closet somewhere. Own who you are and what you represent. Customers will appreciate it and respect it.
Go where your target market is in order to connect with them.
For some small businesses that means jumping on Youtube and creating funny videos or placing ads. For others, it means sharing photos of your products being used on Instagram and Facebook. Remember, your target market isn’t just watching the latest show on Hulu. They’re using their phones and computers all day, every day.
Know your audience to tailor content and messages.
You can’t go to where your target market is or start creating content for them until you actually know them and what they’re looking for. Figuring out where your audience likes to hang out is a great first step. But, from there you need to discover what their pain points are and what solutions they’re looking for. When you’ve got that nailed down, even a small business can stand up to a giant.
It doesn’t matter if you’re a one-man-band kind of business or have 500 employees working for you, there’s always something to learn from the competition. And, if you don’t think of the huge brands as your competition, then you’re going to end up missing out on sales opportunities.
If you’re ready to develop the strategy you need to start dominating the market and creating content that your target audience will love, then the team of writers, designers, marketers, and branding geeks at Iconic Digital are ready to help.
What are you waiting for? Contact Iconic Digital today.