When it comes to our brand, however, it's usually done on the fly under tight deadlines and feels very ad hoc. Great brands identify what they stand for and who they are and use those things to speak with a strong and consistent voice in the market. The Brand Positioning Workshop. A conversation on brand architecture should consider the name of your company, whether you envision the need to re-brand at any point and if so, why?
These are brands built on personality and purpose. Niche brands are about perspective and expertise. They manifest in two key forms in my view: Cult — Some brands choose to operate under the radar. These brands are found rather than marketed, and they deliberately look to set themselves apart from the mainstream. As a result, they develop passionate fan bases but remain largely unknown. Cult brands are about exclusivity and integrity. In the case of Sriracha, they have been name-checked on The Simpsons, s potted on the International Space Station and even had a film made about them.
So five options, five choices, right? This is where it gets really interesting. In his book Building Strong Brands , David Aaker talks about the need for marketers to move beyond the management of brands to the management of brand systems. Increasingly those systems incorporate elements of several of these approaches as brands mix scale with intimacy to rebalance their portfolios and broaden their appeal.
Burberry for example now have sub-labels that run all the way from accessible to exclusive. Vespa — the idiosyncratic motorbike — is pushing into India, the largest vehicle market in the world. All of these strategies are shifting and mixing the mechanisms. But the mechanisms are exactly that — ultimately, the key to competitiveness is understanding the goals you have set and the mindset your brand will need to push forward in the face of ramping pressure.
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Very interesting perspective Mark. However I find myself disagreeing with one aspect of your categorization. I would shuffle your deck a bit. There are two positioning components here that I believe are distinct. Challenger and Cult refer to strategic approaches.
And I would add Leader to the approaches sub-category. Global, National and Niche will all either take a Leader position or a Challenger position unless they are the much rarer Cult brand that makes its own rules.
Coke has been very effective as a leader brand, while Avis is the poster child for a challenger brand, fully embracing a 2 position. Your Sriracha example is perfect for Cult. I agree that hybrid approaches can be used. Successful global companies typically craft regional strategies. The market development strategy is slightly riskier.
It involves taking an existing product and developing a new market for it. There are two types of market development: Developing a new demographic environment involves finding new customers in the same geographic area. For example, if a company sells ice cream in Ohio to commercial customers it could expand demographically by selling to consumers in Ohio as well.
Geographic market development involves expanding to a new area; for example, exporting products to a new country. Product development is essentially the opposite of market development. Instead of developing a new market for an existing product, the company creates a new product for an existing market.
The risks of this strategy are moderate, because the company knows the market, but developing a new product can be uncertain.
An example of this would be if an accounting firm that provides auditing services to corporate clients expanded its products to include financial consulting services to the same clients. Diversification is the riskiest of growth strategies.
It involves creating a new product for a new market. It is risky simply because there are many more uncertainties than any of the other strategies. A company pursuing this strategy must learn about a new market while simultaneously developing a new product for this market. An example of diversification would be if an American computer hardware company whose sales are all domestic decided to enter the software market in a foreign country.
Wendel Clark began writing in , with work published in academic journals such as "Babel" and "The Podium.
The brand growth strategy matrix is basically a way of visually representing the options that a company has in order to increase its market growth. Find out about the brand growth strategy matrix with help from an experienced marketing professional in this free video clip. The brand growth strategy matrix is a simple method for visually representing the options a company can use in order to increase its market growth. The matrix considers two dimensions, products and markets, and considers whether they are new or existing. Build A Human Centric Brand. Join us for The Un-Conference: Degrees of Brand Strategy for a Changing World, April , in San Diego, California. A fun, competitive-learning experience reserved for 50 marketing oriented leaders and professionals.