Want a real-world story about ‘Why Brand Awareness and Market Share Go Hand-In-Hand’? We’ve told this story before, but it definitely bears repeating as we head into a time notorious for businesses taking a break from their marketing agenda.
This rings true across all industry sectors. As the busy Christmas season falls away and tighter budgets come into play the first few months of the year, many take this time to sacrifice their marketing efforts to save money.
However, this story will tell you why your company may want to choose otherwise – displaying that the New Year may be the right time to stay in the game, maintain your presence and retain your market share. In fact, it may even expand your market share, as many choose to opt for the traditional pull-back on their marketing efforts.
Brand Awareness and Market Share: Kellogg’s vs. Post – a True Story
As seen in a previous blog, the Kellogg’s vs. Post true tale tells of why it’s important to push through difficult times in order to come out ahead in the long run.
“Forbes, The New Yorker, and many others have shared this similar story over the years, telling of a time when businesses struggled to stay open – let alone had the budget to market their products to people who largely did not have the money to buy them. It is, perhaps, one of the most telling reasons why it is imperative to maintain your branding presence to stay on top of the food chain – literally.
In the late nineteen-twenties, two companies—Kellogg and Post—dominated the market for packaged cereal. It was still a relatively new market: Ready-to-eat cereal had been around for decades, but Americans didn’t see it as a real alternative to oatmeal or cream of wheat until the twenties. So, when the Depression hit, no one knew what would happen to consumer demand. Post did the predictable thing: It reined in expenses and cut back on advertising. But Kellogg doubled its ad budget, moved aggressively into radio advertising, and heavily pushed its new cereal, Rice Krispies. (Snap, Crackle, and Pop first appeared in the 1930s.) By 1933, even as the economy cratered, Kellogg’s profits had risen almost 30 percent and it had become what it remains today: The industry’s dominant player.”
– Forbes
Marketing 101 – Persistence Pays Off
Although this reads like a great story, it’s actually used in many college and university marketing classes. It teaches a great lesson in the power of persistence. That, what might cost you a little more in the short-run, can truly pay off in a much broader sense in the long-run.
At Net 360 Solutions, we provide a wide-range of digital marketing services from our local Langley office. We are here to help businesses retain and build upon their market share, providing them with modern marketing methods that offer real-time results – and look forward to doing so in 2022!