Tag: brand strategy

Digital BrandingSaaS Branding

A STEP-BY-STEP Guide to creating a SWOT Analysis for your brand strategy

When you set out to build your brand strategy – it’s always best to be number 1 in a new market – then number 2 or number 3 in an already crowded market. But, how do you build a great foundation for your venture?

The answer? A SWOT Analysis.

WHAT IS A SWOT ANALYSIS?

A SWOT analysis of your brand strategy would give you an idea about the strengths (S), weaknesses (W), Opportunities (O), and threats (T) of your brand’s ability to dominate the market.

SWOT ANALYSIS EXAMPLE

Let’s take real-life scenarios. A good friend of the writer named Sameer was starting a business where he would buy journals from India and sell it to the United States through an e-commerce store.

After a lot of research, he found a journal he liked and took his first step towards his goal. Upon the advice of the writer, he followed this step-by-step SWOT analysis for his product.

1 – Evaluate the Strength of your Idea

Sameer first did a quick Google research for the following keywords.

1 – Journals USA Buy

2 – Journals California Buy

3 – Self-improvement Journals USA Buy

4 – Gratitude Journals California Buy

He found some common denominators in the competitor’s websites.

Firstly, he found that there was virtually no copy under any of the products.

Secondly, he found that each of these websites had multiple journals for sale.

So, he found where his strengths lay;

  • He would sell just one journal on his website.
  • He would focus on a benefit-driven copy for his website.

2 – Swallow your Pride and Admit your Weakness

Next, Sameer needed to closely look at his weaknesses.

His biggest weakness was his marketing budget. If he were to take the Ad words route based on the projections, it would cost him close to $25 dollars to acquire a sale.

With a marketing budget of $500, he couldn’t risk running out of capital. So, he decided to explore alternate forms of advertising instead of Ad words.

 

3 – Look for Opportunities in Lesser Crowded Areas

Sameer had been hearing a lot about Instagram shoutouts.

Upon some quick research on Instagram hashtags, he found that the yoga handle has closed to 2 million posts.

Now, coincidentally Sameer practiced Yoga as well. So he decided to put his $500 dollars into marketing his business through shoutouts.

He found the best handles related to yoga and spirituality wrote a quick starter e-book on yoga which he used as a low tripwire offer of about $7 and then created an upsell page with the journal with a tagline “Journal like a Yogi”.

 

4 – Search for threats that can effectively shut you down

Sameer’s biggest threat now was the long lead time that comes with going through the funnel approach.

Upon his first couple of shoutout tests, he found that he got a 2% conversion on each shoutout expenditure.

So, at about $50 per shoutout – he would get close to 5 sales of his e-book. But no one was buying his journal.

He was $200 short and had just about $300 left before he ran out of his capital.

After looking at the analytics on his Upsell page – he found that a majority of the users bounced off within the first 10 seconds.

After a lot of dwelling, he decided to test a down sell page.

So after a user purchased his e-book he would then send them to the Upsell page for his journal.

Once a user clicks away from the page – he sent them to a down sell page where he gave the customer $20 off their first purchase.

After sending about 5000 people to his website – he saw that his tripwire e-book sales remained the same but this time he managed to sell one journal which helped break even on his shoutout expenditure.

This was a promising enough start for Sameer to continue on with this venture.

 

CONCLUSION

A SWOT analysis is just a tool you use to fine tune your business strategy. Do not make the mistake of spiraling down the analysis rabbit hole. An action is the greatest key to finding out if your theories are based on sound results or not.

Result driven advertising should help you here. Closely monitor what effect each one of your USP’s or offers has on your customer. Evaluate your cost per lead and lead time and then go about fine tuning it until you can fully automate the process.

Once you have found a good marketing strategy you need to scale up your operations and the best way for you to do that is to use a CRM software for marketing.

Kapture CRM is a cloud-based marketing SaaS provider that helps you automate a lot of the key tasks in your business.

Kapture CRM customizes its offerings according to the needs of your industry. The cloud-based platform can be used over a mobile application as well that is integrated over both iOS and Android platforms as well. Currently, Kapture powers 500+ brands in 12 countries.

 

SaaS Branding

Stand Out in the SaaS Market Through Brand Differentiation

You have your software. It provides a service, a service people need. It will make their lives easier, their business more efficient, and their accounting department happy (as happy as accountants can be). Clients should be crashing your server in a mad rush to access this game changing software, but they aren’t. Why not?

You may have a branding issue. In a market where a host of established companies already offer products that provide the same service – the old adage “If you build it they will come” no longer applies. You have to give your customers a reason to choose you over the competition. It’s called differentiation, and it should be the starting point for your marketing efforts.

The following questions serve as a jumping off point to help you identify what differentiates your company from the competition.

What Do you Do?

This should be a fairly simple one or two line statement. As an example, here’s the meta description for the Slack website: “Slack brings all your communication together in one place. It’s real-time messaging, archiving and search for modern teams.” Don’t worry if your statement isn’t quite as polished as this one. With some work, this statement might become your public mission statement, but right now, it’s a planning tool.

How Do you Do it?

List the key features of your product and the tools that you provide to users. And don’t forget that SaaS stands for Software as a Service. Also list the services you provide.

Where Do you Excel?

Where Do you Excel?

Is there an area of your focus in which you particularly excel? Perhaps you have amazing customer service or the slickest customer interface. Customer feedback can be a great way to identify your areas of expertise. Their answers might surprise you.

Who is Your Target Audience?

Who is Your Target Audience?

Be as specific as you can here. Your answer can’t be – Everyone. Not everyone needs Workforce Automation Software. Think about your ideal user. How big is their business? What kind of services do they provide? How many staff do they have? Do those staff members work collaboratively or independently? How many customers? How do they communicate with those customers? What is their level of technical knowledge? Do they have a formal business culture, or are they hip and trendy?

Now that you’ve answered those questions about your own software and service, you may already have some ideas about where your company excels. That’s great, but we’re not done yet. It’s time to take a look at the completion.

What Do other Brands in Your Market Do?

In examining this question you may identify service areas that other brands cover but yours does not. You may be tempted then, to try to change your software to do even more. Resist the urge. The goal here is not to redesign your product, but to figure out where you fit in the overall market landscape.

How Do They Do it?

Again you may be tempted to patch on a bunch of new features to make sure that your software does everything that theirs does. But hold on. The point here is not to change your product, but to get a clear idea of what your product is.

Where Do they Particularly Excel?

Look at the areas of service your competition stresses in their advertising. Read reviews and see what points they praise. If possible, talk to the customers of your competitors. Find out why they chose that company over others.

Who Do They Seem to be Targeting?

In some cases it’s easy to identify who your competition is targeting. Take Zirtual for example. The main message on their home page tells you their product is “for Entrepreneurs,
Professionals, and Small Teams.” Not all businesses label themselves so clearly, so you might have to make some assumptions based on their marketing. Are they talking about growing your startup or are they putting a lot of stress their software’s ability to handle huge client lists with ease? Is their messaging formal or playful?

Now that you’ve answered what, where, how, and who for both your company and the competition, it’s time to compare your answers. You are likely to find many areas where you overlap. For example, HubSpot and Infusionsoft both provide inbound marketing support through automation and optimization of online marketing to execute their clients’ individual marketing strategies.

If the answer to what What for one of the companies you listed is radically different from your answer, that company may not be your competition at all. You’re differentiated by default, since you offer a completely different service.

Your answers to How and Who are most likely to give you the key to your differentiation strategy. Though you may offer a host of features that are the same as those offered by your competition, you’ll differentiate your software by focusing on the one extra feature. If other companies are focused on clients with large established businesses, you might focus your marketing toward small to medium sized businesses.

A word of caution: you can take differentiation too far. Don’t try so hard to stand out that you promise more than you can give. Getting new customers is not use if you can’t keep them and unhappy customers can do a lot of damage to your reputation.

Focus on what your company does well. Base your marketing on that and you can’t go wrong.