Growing your base is now easier than ever in a global market. International partnerships, online shopping and sophisticated supply chains have enabled Swedish milk alternative Oatly to become a success story in China, and Chinese auto brand BYD to be one of the fastest-growing car companies in Sweden.
Selling more to existing customers has become attractive in an era where people build communities around brands they trust—a phenomenon particularly strong among Gen Zers. This has enabled a new generation of influencers to create revenue streams from their personal brands. London-based entrepreneur Grace Beverly, for example, started out as an Instagram influencer and has since created million-dollar brands Tala (activewear) and Shreddy (a fitness app).
Simplifying to win your target customer
There’s lots to be said for signaling which customers you’re catering to.
In a world where more brands are going for mass appeal, with different products and services targeting different segments of the population, choosing a lane and sticking to it can give brands a competitive edge.
EasyJet’s purpose is to “make low-cost travel easy,” and it unashamedly delivers on this. When the airline was founded 25 years ago, it launched with the slogan “Flights for less than a pair of jeans.”
Such a laser focus on affordability has worked extremely well for EasyJet, which has won a large portion of the market that is simply looking for the cheapest flights. It reported revenues of £2.69 billion ($3.42 billion) in the six months ending to March 31, 2023—a 79% increase from the year before.
Narrowing the focus to differentiate your brand
Many categories have become a sea of sameness, making it harder for customers to distinguish among an increasing number of players. With options feeling interchangeable, this has contributed to a decline in brand loyalty. Research published in Forbes shows that only 37% of Gen Z are loyal to brands—that is, consumers who bought a product from the same brand they were considering at the start of the shopping journey. This is quite different from the 56% of boomers in the same category.
from Digital Marketing Education https://ift.tt/wXdKH7E
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