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 what I call “non-mature” and “mature” markets and why this is important for you to understand when you are developing your brand strategy.
Let’s start by defining non-mature vs. mature markets. A non-mature market is where there is no clear category leader. No top-of-mind, no mindshare that any one particular brand is commanding in that market.
In a mature market there might be several category leaders. For example, if I asked you to name a top cola which one do you think of? Coke, Pepsi probably come to mind first and maybe RC Cola, a distant third. Those are all category brand leaders in a mature market.
There are various branding strategies you can leverage depending on whether or not you are in a non-mature or mature market. In a non-mature market there is an opportunity to capture mindshare. You can begin branding your product and letting consumers know your name, where you are located, and what your business is all about. You can also educate potential customers to ensure they clearly understand the overt benefits associated with your products verses your competition.
In a mature market you should continue branding to maintain top of mind. There are going to be new companies trying to capture your customers from you so if you aren’t branding and reminding your customers you’re out there your competitors will begin taking away some of that marketshare.
I would like to make a distinction between non-mature and mature because it may relate specifically to you. Let’s say you’re an entrepreneur opening a new pizza parlor. Your first thought might be that you are in a very mature market. And, yes, if you are trying to come into town and compete against Domino’s and Pizza Hut that could be the case. But if you’re opening a pizza parlor on the far end of town in a new residential development where there is not a lot of commercial development, your market may only be that smaller area. That would be a non-mature market and very important to educate your customers about where you are what you do. In this case, your differentiator is close proximity to the new neighborhood and you want residents to find you when they are hungry.
That concludes Smart Monday. Join us tomorrow for Strategic Tuesday. To discuss an online or face to face service engagement and enhance the marketing and branding for your organization, contact James Glover: (505) 501-1330 or email@example.com. I’m Jim Glover, That Branding Guy, for Once a Day Marketing™ and we’ll see you next time.
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