Becoming Marketing Active: The Fulcrum Guide to Getting Started with Business Marketing – In the first part of our guide to becoming marketing active retail Store Marketing agency in navi mumbai, we looked at some of the reasons that drive a business to start marketing (if you missed part one, check it out here). But once you’ve made the decision to embark on a marketing strategy for your business, what next? Where do you start and what steps should you take to ensure a smooth and successful process? As is so often the case in business (and life!), preparation is key. So before rushing into any kind of marketing, it’s important to take the time to plan, research and strategise for success. In order to create an effective marketing strategy, you need to develop a thorough understanding of your market, your competitors and your business itself. This means getting back to basics and equipping yourself with all the information you need to identify marketing activities that work for your brand. 1) Research your target market How much do you know about the target audience of your product or service? We’re not just talking about age, sex or occupation (though, of course, you need to know these too). To have the best chance of reaching your target market, you need to dig deeper and find out exactly what drives them towards purchase. What kind of triggers are they most likely to respond to? Which elements of the marketing mix have the most impact on them? How will your product or service benefit them? Understanding these aspects of your target audience will enable you to position and market your brand accordingly, so comprehensive market research is essential. It’s often easier (and more cost-effective) to outsource this type of research to a professional agency who will be better placed to obtain the information you need. 2) Analyse your competition In order to stay ahead of your competitors, you need to know who they are, what they’re doing and how they’re doing it. Once you’ve identified who your key business competitors are, look into the marketing methods they’re using and the way in which they have positioned their brand. What channels and platforms have they chosen to market their business? How are they promoting their brand and its products/services? Consider which elements are crucial to your own business and how you can position your brand in order to get ahead. 3) Define your objectives What do you want to achieve from your marketing activity? Whether it’s to increase your revenue, establish your business in a new market segment or improve brand awareness, setting clear, measurable marketing objectives is vital in understanding what steps need to be taken in order to achieve these goals. Make sure that each identified objective is specific (how much do you want to increase revenue by?), achievable (is it realistic?) and has a timeframe for accomplishment (are you aiming to achieve this goal in three months or a year?). You also need to make sure that your marketing objectives tie in with your overall business objectives. 4) Understand your business You may think you have a pretty good understanding of your business, but it’s surprising what insights can be achieved when you conduct a thorough SWOT analysis (strengths, weaknesses, opportunities, threats). Be rigorous, be meticulous, and above all be brutally honest. Is a lack of staff training letting your business down? Are your prices too high to compete in today’s market? Arming yourself with this knowledge is invaluable in developing a marketing strategy that leverages your company’s strengths and addresses those areas which need to be improved. In the next instalment of the Fulcrum guide to becoming marketing active, we’ll be looking at the raft of marketing channels available and helping you to identify which ones are best for your business. If you have something to share on this topic, why not get in touch? Leave your comments below…

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How to Create A Modern Brand Identity

In the past, a brand’s identity was often closely tied to its logo, slogan, and catchy jingles. Logos, slogans, and musical jingles can still be an important part of branding, but these are far from the only elements that brands need in order to establish themselves in their industry and create a modern brand identity. In today’s world, a brand’s identity should not describe the company, but rather the customers that the company serves. Here’s everything that marketers need to know about creating a modern brand identity:

Brand Identity vs. Modern Brand Identity

A brand’s identity used to be defined by the products or services it sold, its target audience, its price, and many other factors. But, creating a modern brand identity is about creating an identity network, which is a social network of customers who share similar passions, likes, dislikes, and lifestyles. The members of this identity network, over time, will begin to define who your brand is so you don’t have to do so with catchy jingles and memorable slogans.

One brand that has been able to build a strong brand identity through an identity network is Goop, which was created by actress Gwyneth Paltrow. The lifestyle company is targeted at people who are willing to spend a significant amount of money on natural or homeopathic products and services that will improve their lives. In addition to selling high-end products, the website also produces a great deal of content that is valuable to their community. Members can find healthy recipes, blogs written by Gwyneth and other health and wellness experts, and detailed gift recommendations. While outsiders may not understand the point of purchasing a jade egg for nearly $70, members of the Goop community would. By bringing together like-minded individuals—people who are willing to try alternative products and all-natural remedies—Goop has created its own brand identity that was defined entirely by its customers.

Another brand that has managed to build an identity network of loyal customers is Lululemon. Even though Lululemon is a retailer that sells high-end yoga clothes, its community of customers has created a much deeper identity for the brand. Lululemon is not just an athletic apparel retailer, but rather a retailer that represents everything about the yogi lifestyle. Loyal Lululemon customers believe in living a life of health, wellness, and mindfulness, and they’ve attached this belief to the brand. For this reason, Lululemon has managed to remain at the top in an industry saturated with other brands, even though their prices are higher than many of their competitors.

How to Create A Modern Brand Identity Using Identity Networks

Many marketers understand the importance of building an identity network, but they just don’t know how to do it. Instead of obsessing over how to launch an identity network of loyal followers, it’s best to let it happen on its own. The brands that are the most successful in creating identity networks are those that clearly state who their company is and then let customers take control of the narrative from there. If you try to control the brand narrative, it may come off as inauthentic or forced.

As customers start to form an identity network and define who your brand is, it’s important to pay attention to what they are saying. No brand—no matter how successful—should ever ignore feedback coming from their identity network. If you don’t pay attention to the feedback from the identity network, it’s possible that you will upset the customers in your network by moving the brand in an undesirable direction. For instance, if Goop started selling products with artificial ingredients and harmful chemicals, their network of loyal, health-conscious customers may start to dissipate and their brand identity would suffer tremendously as a result.

Marketers also need to recognize the importance of fostering an intimate relationship with their identity networks. Embrace their likes and dislikes—even if they are not directly related to the products or services that you sell. Goop, for example, recognized that their customers were not only interested in purchasing unique wellness products, but they were also passionate about eating healthy. Even though Goop does not sell food products, the company still invests heavily in producing recipes that their community can use to live the healthier lifestyle they desire. If your identity network is passionate about something, then your brand should be passionate about it as well as long as it doesn’t go against your brand’s values.

The customers that make up your identity network should have a lot in common with one another, but marketers should be careful not to make a community too exclusive. Although the only people who used to purchase Lululemon clothing were dedicated yogis, the increasingly popular athleisure trend has completely changed that. Now, many people who shop at Lululemon are not as dedicated to the yogi lifestyle as others. Some may even appreciate the lifestyle without actually practicing yoga. Instead of shutting these customers out, Lululemon started to offer new products that were designed for everyday wear. The company remained true to its core values while embracing a new group of customers who wanted to join the identity network. If they had turned their backs on this growing group of customers, there’s no telling whether or not Lululemon would still be considered one of the top athletic apparel brands.

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