Marketing and public relations set any brand apart from its competitors in the market, but not if the brand is marketing itself to the wrong people. Brands should know their niche – large or small. This means not only the people the brand intends to attract but also who it can most likely expect to attract.
Brands should also pay attention since changes to the brand and expansions can cause changes to the market it attracts. For instance, Viagra once attracted consumers for its heart health, but today it primarily attracts customers for its side effects.
Celebrity endorsement can make all the difference for a brand because it instantly allows the brand to ride off the success of the celebrity. The celebrity of choice does not always need a Hollywood address. Nor do they need to grace the big screen. Local celebrities work just as well; such as local heroes and athletes, or a mayor. Successful bloggers in certain niches also make great options.
Most brands think of flooding the market to increase availability and entice customers to buy the product or try the service out of convenience. However, many successful brands distinguish themselves through scarcity.
One brand known best for this is Rolex. Rolex deliberately restricts how many watches it produces of each model. This makes each model special, scarce, and almost a one-of-a-kind purchase. The scarcity of individual models also allows surviving pieces to retain their value, which actually appreciates over time. Few brands can inspire towards this level of greatness, but perhaps all should. It should be noted that in most cases scarcity only works for the most top-of-the-line brands.
It can prove difficult to distinguish your brand from the noise in the media shouting all the other available options. However, these tips are sure to help any brand set itself apart from the competition.
Chris Burch is a venture capitalist and founder of Burch Creative Capital.