September 16, 2013 at 9:13 AM
By James Glover
Once a Day Marketing
James Glover, That Branding Guy, provides the inspiration and ideas for you to market every day in his Once a Day Marketing video blog. Tune in daily to his short, entertaining and practical marketing and branding tips and watch your organization become more successful.
Once a Day Marketing™ featured video blog: Branding in Non-Mature and Mature Markets
Hello, I’m Jim Glover, That Branding Guy for Once a Day Marketing™. Today is Smart Monday and we’re going to take a quick look at branding in a mature market.
A mature market is defined by the fact that the product or service category has several brand leaders. For example, if I asked you to name a top cola you'd probably mention Coke and Pepsi. These are category brand leaders in the mature soda market.
In a mature market it's more challenging to create top of mind with potential customers, especially if you are trying to compete head to head with the category leaders. The best strategy is to differentiate your offering by focusing on a unique attribute that competitors aren't offering.
Let's take a look at an example. In Santa Fe there is a restaurant called Maria's. It doesn't boast that it's the best restaurant in New Mexico or even the best New Mexican restaurant in Santa Fe. It does promote having the largest selection of margaritas anywhere. Whenever you ask a local in Santa Fe where is the best place to find a margarita, Maria's is always top of mind. By creating this unique positioning in the restaurant category, Maria has captured substantial market share as well.
If your brand is situated in a mature market capture more market share by promoting your unique positioning.
Once a Day Marketing™ positions brands to become #1 in the minds of target customers. Visit our website at www.onceadaymarketing.com. Contact James Glover at (505) 501-1330 or email firstname.lastname@example.org. Listen to Ask Those Branding Guys™ every Monday at noon (MDT) streaming live on SantaFe.com KVSF 101.5 FM.
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