Branding and Brands competition
BRANDING
MODULE 10
Our aim is for our brand to be the leader in the market. If that happens, what's the next step? Is it ok to start working towards blocking other brand their right to compete? Never the best, be happy you have competitors and you are the leader!
Competition is good, it is healthy in the market because it brings out the best in every serious company , competition births creativity in the market place. Embrace it and use it as a positive tools . In addition consumers love to see Thier power of choice in practice.
Many companies do achieve greater success and even create uniquely new brand due to competition. Many brands think positively in ways to satisfy consumers all due to competition. Brands are able to put many knowledge in practice due to competition. Competition makes brand thinks uniquely.
Competition makes consumers to believe in Products and adds to mass increase in purchase of that product. Without competitors within your category your brand is at the risk of exit. Consumers will likely dump it any time.
It is normal we fight against competitors and competition, but the fight should be by introducing something unique around brand. Assume your product is wine, and many of your competitors don't include wine openers, then add it! So when consumers buy your wine they won't have the stress of looking for an opener. You have given your consumers reason to keep buying your brand. You can introduce a better fancy container. Etc
So in all, competition is healthy in market. Use it to your own advantage and embrace it. And the best thing now is that you are a leader, so once you apply the best logic every competition will always promote your brand!
Check out past Modules on Branding
https://hive.blog/hive-148441/@drigweeu/introduction-to-branding-brand-expansion
https://hive.blog/hive-148441/@drigweeu/brand-and-brand-contraction
https://hive.blog/hive-148441/@drigweeu/expose-your-brand
https://hive.blog/hive-148441/@drigweeu/brand-and-brand-advertisement
https://hive.blog/esteem/@drigweeu/fake-fake-fake-never-be-fake
https://hive.blog/hive-190212/@drigweeu/quality-and-justification-of-price
https://hive.blog/hive-190212/@drigweeu/building-category-over-building-brand
https://hive.blog/hive-190212/@drigweeu/does-brand-name-matters
Without competition companies would stagnate and not develop or advance, I have worked for companies that have no competition in the market place and have found that although they do quite well at the start, they tend to get stuck in a rut. whereas companies that have competition constantly strive to be the leader
Thanks for the post
Thanks for saying the truth. Competition is healthy and makes companies grow. It will make consumers understand the importance of those products since many companies will be doing advertisement which will even favour all.