In today’s competitive atmosphere, achieving continued growth requires a hyper-focus on what consumers need. But it’s not enough to solely focus on what consumers need right now. Marketers must predict the future, focusing on what consumers are going to want and need so they can consistently stay ahead of the curve.
Not every brand is able to keep up with the rapidly changing competitive and consumer landscape. But when developing brand strategies and thinking about ways to predict consumer behaviors and needs in the future, here are 5 ways to help sustain revenue growth:
1. Master differentiation.
This is perhaps the most important task for any marketer in a growing competitive landscape. Today, consumers can connect with any brand, at any time, and on any platform. And a consumer’s brand loyalty can shift instantly between brands that are similar. Find out who your competitors are, and what is their unique selling point (USP). Think about trends in the marketplace and innovations you can begin to explore that would remain ahead of the curve and show forward thinking planning.
2. Use the holistic customer journey to maintain brand loyalty.
Understanding and monitoring the holistic customer journey is vital to knowing what’s most important to them. By looking at the process of making a choice, we might learn the things consumers think about during their journey that may not drive the purchase today but is important down the road. As an example, a consumer may buy an energy drink today, but we learn that along their journey they considered less sugary options. While they didn’t make that choice today, it might predict their preference in the future.
3. Step up your marketing.
Make sure your USP is aligned with your product offering and image and use that to improve your positioning statement. Make more of an effort to tell people who you are, what you sell, and why they should buy from you. Make sure to market broadly via website, viral campaigns on social media, branded packaging, and other channels.
4. Leverage market segmentation to identify new consumers to target.
Trends and preferences change all the time. Without having a sense of your audience, you could be missing out on one or more groups of prospects. Along with this, explore the potential to expand your market base. Selling into a greater number of markets can increase your customer base, so you don’t waste time marketing to people who won’t be interested.
5. Expand your offer.
New flavors? Sizes? Styles? How far can you extend your brand? Make sure you fully understand consumer needs and white space to help you determine where product development would be most fruitful. You might even consider diversifying into another area.
Using these approaches can help your brand avoid getting caught in an uphill battle against its competitors.
Want to learn more about ways to stay ahead of the competitive curve?