Jemma Jones, department manager of marketing communications at Honda Motor Europe Ltd, thinks concise, consistent communication is the cornerstone of effective brand-building but says it’s surprising how many small business owners overlook this: “It might seem obvious, but ask yourself who you’re providing a service for and what the key messages are that you want to convey.”
According to Porter, these strategies are mutually exclusive and the firm must select one approach to the exclusion of all others. Firms that try to be all things to all people can present a confused market position which ultimately leads to below average returns. Any ambiguity about the firm's approach is a recipe for "strategic mediocrity" and any firm that tries to pursue two approaches simultaneously is said to be "stuck in the middle" and destined for failure.
Market challenger: The market challenger holds the second highest market share in the category, following closely behind the dominant player. Their market posture is generally offensive because they have less to lose and more to gain by taking risks. They will compete head to head with the market leader in an effort to grow market share. Their overall strategy is to gain market share through product, packaging and service innovations; new market development and redefinition of the to broaden its scope and their position within it. #MarketingTips: Innovative Marketing Ideas
Even small businesses need to consider their branding as a whole and that includes your logo. Companies like logoworks.com create illustrations, not really logo’s. It’s vitally important that your designer/s concider how your visual identity is implemented. So consitant use of colour palettes, typefaces, layouts and a whole brand armoury are important. Your idenity should be more than just you logo stuck on everything!
High levels of horizontal integration lead to high levels of communication within the business. Another benefit of using this strategy is that it leads to a larger market for merged businesses, and it is easier to build good reputations for a business when using this strategy. A disadvantage of using a diversification strategy is that the benefits could take a while to start showing, which could lead the business to believe that the strategy in ineffective. Another disadvantage or risk is, it has been shown that using the horizontal diversification method has become harmful for stock value, but using the vertical diversification had the best effects.
But this isn't just about posting your ideas on your own blog. You should start authority blogging. Use platforms like Medium to post content. Answer questions on Quora and Reddit. Or get out there onto LinkedIn's publishing platform. These are all authority domains that anyone can post on, which have massive audiences, giving you instant and immediate reach right now. How To Build A Successful Brand!