Written by: Vickie Sullivan | May 31, 2016
How to Brand Your Expertise In New Markets
Earlier this month I ranted about what to do when you’ve outgrown your market. Sometimes we learn the most through examples. Check out this oldie-but-goodie article from Strategy+Business about physicist turned business consultant Geoffrey West.
Let’s move past strategy into branding. Here are two branding lessons we can learn from West about positioning our gifts in a different arena:
• Use trends to stand out. West moved from physics to social systems. Why? According to the article, it was a mix of “midlife angst and fickle federal funding.”
How many of us have faced a changing marketplace? And how many of us stayed there knowing that the well was running dry? Instead of going down with the ship, West looked at how mathematical laws applied in a completely new area (cities and companies). He took advantage of the evidence-based trend and stood out in a sea of others who focused on word play instead of new ideas. By comparison, his competitors looked like the “flavor of the month.”
Related: Two Ways to Take Advantage of Crazy Markets
• Use predictions to define your territory. Another thing West did well: His platform on “rules for growth” added rigor to what others have touted before. According to the article, “Social scientists and management theorists may have arrived as some of the same conclusions … but West has done the math.”
With that precision came the surprise prediction: His calculations show that public companies are good for 10 years. Why? Because their sharp focus on the core cuts off discoveries for renewal. Predictions not only make headlines but also establish West’s role (hence his title as “Fortune 500 Teller”). They help West to stand out for those who want long-term growth.
Ask yourself: What do I have that contrasts what is already out there? And based on my gifts, what predictions can I make that will establish my role in the buyer’s journey? These answers can help you establish your brand in new markets.
Other Resources You May Like:
- When to Jump Into a New Market
- Real-World Advice And Innovative Ideas For When The Rubber Meets The Road