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Build Your Own Brandcast: S2 E4 Analyzing Your Market
BUILD YOUR OWN BRANDCAST: S2 E4 ANALYZING YOUR MARKET
Knowing yourself is critical. Knowing your customer is equally important. In the world of business, to be successful it’s almost equally important to know the market. Understanding the marketplace consists of being aware of your positioning in relation to the competition. Who are your direct and indirect customers? Sometimes it isn’t just apples to apples. Sometimes it’s apples vs oranges vs bananas! In this episode, we share some marketplace pitfalls you should avoid and a resource to help position your brand to win the customer’s consideration set.
Enjoy!
* Download Episode
* Subscribe via iTunes
* Subscribe via Google Play
EPISODE HIGHLIGHTS
What is market analysis when we look at things from a branding perspective? The market analysis from that is basically saying, “Who is else is trying to speak to the people that I’m trying to speak to?” You’ve got to understand the other voices that are speaking to your audience to make sure that you are distinguishing yourself accurately.
Why is it so important for this aspect of the brand development process to happen? Your brand is your biggest asset. Your brand is what can increase sales or kill sales. It’s what allows you to charge a price premium. Understand and be aware of what everyone is doing, but define your position in the marketplace based on what makes you unique and what makes you valuable, not how you look in relation to the next brand or the next business that’s doing something similar.
How do you position your brand? How do you position your uniqueness and your value in the marketplace? Position yourself to win the consideration set of your target customer. In that consideration set, make yourself the clear best option to solve whatever problem that they’re dealing with. To do that effectively, look at it from a branding perspective and think about what matters to your target customer, what are the things that they actually care about, and how you can position yourself to be the best option to solve their problem.
You can create a niche based on your uniqueness and your value proposition based on an unexploited area. But you have to take the time to look at these things and think about these things.
“No matter where you’re at, you’re going to analyze your market. It depends on what angle you’re looking at it from.” [0:04:05]
“It’s about how individual you are, how genuine you are, how much you are you that’s going to attract people to you.” [0:06:12]
“Your competition isn’t always your peers. It’s not always apples versus apples. Sometimes it could be apples versus oranges versus bananas.” [0:10:13]
“Your best competitor for you is yourself. Don’t get too comfortable. Always innovate what you’re doing.” [0:12:02]
WRAPPING UP…
Do you like what you’re hearing? Like and subscribe to Build Your Own BRANDcast. Visit enthrall.co/byob and schedule your Brand Discovery Session with us. Let’s get started. Let’s see what we can do for you.
Do you have any information on Branding, Business, or Building an Elite Life that you’d like us to cover? Send us a tweet @EnthrallU and we’ll add it to our topic list. #Progress
View all episodes
BUILD YOUR OWN BRANDCAST: S2 E4 ANALYZING YOUR MARKET
Knowing yourself is critical. Knowing your customer is equally important. In the world of business, to be successful it’s almost equally important to know the market. Understanding the marketplace consists of being aware of your positioning in relation to the competition. Who are your direct and indirect customers? Sometimes it isn’t just apples to apples. Sometimes it’s apples vs oranges vs bananas! In this episode, we share some marketplace pitfalls you should avoid and a resource to help position your brand to win the customer’s consideration set.
Enjoy!
* Download Episode
* Subscribe via iTunes
* Subscribe via Google Play
EPISODE HIGHLIGHTS
What is market analysis when we look at things from a branding perspective? The market analysis from that is basically saying, “Who is else is trying to speak to the people that I’m trying to speak to?” You’ve got to understand the other voices that are speaking to your audience to make sure that you are distinguishing yourself accurately.
Why is it so important for this aspect of the brand development process to happen? Your brand is your biggest asset. Your brand is what can increase sales or kill sales. It’s what allows you to charge a price premium. Understand and be aware of what everyone is doing, but define your position in the marketplace based on what makes you unique and what makes you valuable, not how you look in relation to the next brand or the next business that’s doing something similar.
How do you position your brand? How do you position your uniqueness and your value in the marketplace? Position yourself to win the consideration set of your target customer. In that consideration set, make yourself the clear best option to solve whatever problem that they’re dealing with. To do that effectively, look at it from a branding perspective and think about what matters to your target customer, what are the things that they actually care about, and how you can position yourself to be the best option to solve their problem.
You can create a niche based on your uniqueness and your value proposition based on an unexploited area. But you have to take the time to look at these things and think about these things.
“No matter where you’re at, you’re going to analyze your market. It depends on what angle you’re looking at it from.” [0:04:05]
“It’s about how individual you are, how genuine you are, how much you are you that’s going to attract people to you.” [0:06:12]
“Your competition isn’t always your peers. It’s not always apples versus apples. Sometimes it could be apples versus oranges versus bananas.” [0:10:13]
“Your best competitor for you is yourself. Don’t get too comfortable. Always innovate what you’re doing.” [0:12:02]
WRAPPING UP…
Do you like what you’re hearing? Like and subscribe to Build Your Own BRANDcast. Visit enthrall.co/byob and schedule your Brand Discovery Session with us. Let’s get started. Let’s see what we can do for you.
Do you have any information on Branding, Business, or Building an Elite Life that you’d like us to cover? Send us a tweet @EnthrallU and we’ll add it to our topic list. #Progress