It is by now a widely accepted fact that, for a brand to grow, it needs to find more buyers. The largest brands in the world attract the most buyers and the fastest-growing ones are finding more buyers than the competition. This is true in every category, in every country, even within defined retailers or demographics.
But knowing that by itself is not going to grow your brand: it's time to get specific. How many more buyers do you need to attract to increase your market share and meet your sales target in the short and long term? Where are they going to come from? And, consequently, what do you need future marketing activity to achieve to grow buyers at the rate required? Here are five principles to consider in stimulating demand for your brand.
1. Understand your target
Creating better category definitions allows you to create actionable buyer targets. Most brands solve various needs, will come in a range of formats and present us with numerous features. Any one of these could create a different buyer and loyalty structure containing different competitors. You need to understand how your brand is bought and used – and which other brands are chosen in a similar way – to properly define the category that you are competing in.