Examples of how SMEs can use Porter’s 5 Forces to assess marketplace viability
Right now, Porter's 5 Forces is the most useful tool for owners and managers to stay one step ahead of the competition in a challenging market. The Porter's 5 Forces model has always been popular with SMEs in particular, looking to invest for growth and manage risk to their limited resources.
Earmarked as the best marketing model to help small businesses analyze the competition in the marketplace, balancing these 5 forces is a must for your 2022 marketing action plan.
What are Porter’s 5 Forces?
Porter’s 5 Forces is an analytical model that helps marketers and business managers look at the ‘balance of power’ in a market between different organizations on a global level, and to analyze the attractiveness and potential profitability of an industry sector.
Competitive rivalry
Threat of substitute products
Bargaining power of buyers
Threat…
Branding means fully integrating your customers' experiences of your brand. We'll recommend marketing tools and training to show you how, as well as taking an in-depth look into the definition of branding
What's the definition of branding? Across numerous terms and definitions, one thing that rings true for pretty much all of them is a heightened focus on your customers' experiences of your branded goods or services, compared to your competitors. But what is meant by brand definition today? And what can brand marketers learn from this?
We've all seen that, to succeed in today's competitive omnichannel environment, it's more important than ever that brands champion their key customers (both potential buyers and those with existing lifetime value) in all of their marketing activities. You need a data-driven, customer-focused approach to marketing to outpace your competitors.
As a result, we guarantee that all our marketing training is integrated across our tried and tested…
Need a framework to help your brand stand out? Streamline your brand strategy framework with our tools and templates to cut through the noise
Right now, brands are going through an identity crisis like never before. In the age of digital disruption and bad omnichannel marketing, it can be tough for branding to unify marketing communications effectively. Like your customers, you need to refresh your approach to digital to keep your brand relevant today. But it's easier said than done. We recommend using a brand strategy framework, such as the RACE Framework, to streamline your branding and keep everyone on track.
With a defined brand framework in place, you can strategically manage your brand with trusted data and processes in place to optimize your brand marketing and win more customers. Interested? Find out more about managing your brand with a brand strategy framework, plus our recommended tools to reach, convert…
If you're planning to optimize your branding or rebranding, we have tools to support your brand development at every stage
Have you ever wondered how brands grow as large and as well known as they do? From companies like Google to Starbucks, their names are known, customers know exactly what services and products they provide, and satisfied customers keep coming back for more. Brand development is how this happens, and it is no small feat. It takes time to cultivate a brand, to the point that a company has universal recognition like Gillette and Coca-Cola.
What does brand development involve?
Now that you recognize the importance of branding, what do you need to create a good brand? In a nutshell, brand development means:
Finding your brand’s voice and communicating your value proposition
Implementing your voice and style consistently throughout…
Insights, tips and advice on personal branding from Rita Clifton CBE
For many people within the marketing world, Rita Clifton is regarded as one of the definitive ‘brand gurus’. Her authority in the field of branding is impressive, with previous roles including Vice Chairman at Saatchi & Saatchi and London CEO and Chairman of global brand consultancy Interbrand.
However, whilst Ms Clifton’s expertise has been dedicated to building corporate brands, I was interested to hear her talk recently about how these brand-building skills can be applied to ourselves.
As digital marketers, it’s becoming increasingly important to identify and exploit a point of difference. While some of us may specialize in a particular area, others may take on a broader, more overarching role. Whatever field we work in, it’s essential for us to make it clear to others what…
Brand logos are highly memorable and become a symbol of your company, service and products. This is why you need to create a good one
All famous companies have a trademark. It increases recognition and sometimes even determines the success of the company. A special combination of colours and symbols can capture the brand for decades or become another faceless corporate sign.
So how do you find a balance between brand involvement and recognition? How do you create a logo that will work for your business? In this article, we will introduce the rules and a step-by-step guide to developing a corporate symbol.
What is logo and why does your brand need one?
According to psychological experiments conducted at the University of Amsterdam, 67% of two-years-old and older children are able to recognize the brand by the logo. A well-designed sign means brand recognition, which…
If your brand logo or brand message is not connecting with your ideal consumers, the chance of brand recall in the future are slim
Branding is equivalent to telling a story, a story that resonates with your ideal buyers. Visuals form the core of this storytelling.
In other words, visual branding is the first step to building a successful brand image and developing your business. First impressions matter and this rings true even with visual branding. If your brand logo or brand message is not connecting with your ideal consumers, the chance of brand recall in the future are slim.
There are many examples of branding going haywire and the reasons can be anything - a bad logo or poor brand name or inconsistent visuals, and so on. While each brand has a different story, there are a few little design errors that every brand should avoid.
1. Creating a controversial logo
A logo is…
When your employees fail to understand your brand identity, it is nearly impossible to communicate it effectively to your consumers
Establishing a strong brand identity is like building a healthy relationship - you have to believe in yourself before anyone else can do the same. However, getting your sales team, customer service team and every other department on the same page can easily become an uphill battle. When your employees fail to understand your brand identity, it is nearly impossible to communicate it effectively to your consumers.
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To make matters worse, it only takes a single slip-up to lose your customers forever. A simple disconnect between your stated values and the…
Some of the best brands set themselves apart in their industry by coming up with creative brand names. Here’s what we can learn from them
If you don’t believe that having a good name will impact your business, maybe you should. After all, catchy names outperform long and complicated names on the stock market by 33%. Sometimes, being bold when naming a business pays off. These can be the names that stick in people’s heads and set up your business for success.
A name is an outgrowth of a business plan. The right name will support the growth of your business and can help improve your chances of becoming successful.
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Whether it’s the strategic partners, customers or employees themselves, digital branding relishes the all-encompassing feeling of a digital businesses profile
Digital Branding, as a term, has been coined as the cornerstone of modern marketing technique, where various digital channels and assets are used to communicate a brand’s positioning in the ecosystem as part of the multi-channel brand communication or engagement programmes.
The competition across nearly every industry is becoming more fierce by the minute.
For this very reason, developing an identity for your local business and devising a plan to reach out to your audience has never been more important than it is today.
Your local business no longer needs intermediaries in order to have a direct interaction with customers. With the onslaught of digital branding, a message well-delivered has the potential to impact real-life experiences that can be transmitted through multiple networks.
[si_guide_block id="109627" title="Download our Premium Resource – Brand vision and identity…
