Empathic Market: Why you should care!Apr 29, 2023
Issue: 012 | Read: 2 min. 57 sec. | Action: 30-60 minutes
Empathic Market - Why you should care!
In this newsletter, I aim to shift the perception to a feminine, empathetic perspective. Researching the topic was overwhelming because of the masculinity in what I was finding. Here are a few such examples
To Identify Your Competitors
Auditing the market landscape helps you identify who your competitors are and what their strengths and weaknesses are. Learn to differentiate yourself from the competition and create unique selling propositions to make you stand out.
To Keep Up with Market Trends
Market trends constantly change, and staying current is essential to remain competitive. Auditing the market landscape allows you to identify emerging trends and new customer needs so that you can adapt your business strategy accordingly.
To Find New Opportunities
By auditing the market landscape, you can identify new opportunities to grow your business by identifying new customer segments, developing new products or services, or entering new markets.
To Stay Ahead of the Competition
Finally, auditing the market landscape helps you stay ahead of the competition. By anticipating changes in the market and adjusting your business strategy accordingly, you can stay one step ahead of your competitors.
In a society that often pressures us to conform,
I urge you to stay authentic and genuine in your values.
In an empathic market, exchanging emotions has a powerful impact on how people feel and can even help them develop a positive connection with a product or themselves. By forging emotionally solid relationships with your audience, you can influence their decision-making and shape their responses to your brand.
Consider building empathic connectors by,
Share their feelings
Make yourself vulnerable
Offer help or advice.
Share your story
Resonate with their story
When considering your audience, it's essential to consider your competitors. By understanding their position in the market and their challenges and strengths, you can identify gaps and potential that you can fill with innovative solutions. Utilise your insights to connect the dots and effectively serve these gaps in the market.
We are in a cost-of-living crisis, making the market landscape fragile and susceptible. Now is the perfect opportunity to showcase your empathy and understanding. In return, you will gain valuable insights into your audience's challenges.
I started my career at 16 in retail. I walked the talk on the shop floor every day of those eight years, serving my customers and being of service with my goal to exceed my customer's expectations at every opportunity. You are nothing without your customers. You don't need to compete for them in the marketplace. Display to them how you are different to everybody else and can create the difference they seek.
I encourage you to read /listen to this book -
** (this is an affiliate link, which means I earn % of the sale when you purchase from Amazon.co.uk)
The book is short, easy to consume and has some amazing case studies and templates.
It will transform your thinking about showing up and marketing your business. If you do purchase it, let me know!
And if you didn't already know, she is my go-to author on all this branding!
Unit 5: Market Questions
Here are five questions to consider when auditing the market landscape
Who are your main competitors in the market?
How do your competitors differentiate themselves from one another and from your brand?
What are the strengths and weaknesses of your competitors?
How do your competitors target and engage with their audience?
What market opportunities exist that your competitors still need to capitalise on?
Answering these questions ensures your brand is elevated to stand out in the competitive market serving the audience's needs.
As always, get in touch if I can offer assistance.
If you get overwhelmed with pages of questions like me, don't fear; I have broken the audit into units, with each having five questions. I'll share a unit each week, but if you like to have them and work through them at your own pace.
Download the complete audit here -> The Brand Audit Workbook.
As a brand strategist, my job is to build and protect the brand's core, which is most vulnerable during change and transformation. I bring energy, fresh insights, and new ideas to the table, identify areas where the brand may fall short, and provide recommendations for improvement.
Got a question you want answered in my newsletter?
I'd love to feature it in a future Chatterbox newsletter.