These are brand names that people refer to instead of their actual product name. Imagine your brand name being interchangeable with the product? That is straight up dominating a product market if you ask me. It’s called a genericized trademark.
Kleenex did this by being the first facial tissue product and originally marketing themselves to replace face towels before moving onto the disposable handkerchief replacement that they are known as today. Chap Stick was invented in the early 1880′s in someone’s kitchen and sold locally as an alternative to the previously popular lip balm, ear wax. I’d say that market was ripe for the picking.
So how can you do this? It’s simple (don’t confuse simple for easy), you find an emerging market (preferably a problem that needs to be solved) and you market the hell out of a quality product. Are there a few competitors out there but none of them are really taking the lead? Max out your budget, work 25 hours a day, whatever you have to do to get your name out in front of your demographic and raise your brand awareness to the sky. It will pay off infinitely if you can capitalize and achieve that genericized trademark status and you’ll be swimming in money like Scrooge McDuck.
First, get a real logo designed for your company. Not a cheap, stock logo or your neighbors high school kid who took desktop publishing last marking period. This is going to be the face of your product to the customer, so don’t try and half-ass it. There are plenty of places to find quality logos designed:
Then, deliver a quality product and maintain consistency. Don’t slack off when you get your momentum going, once you get your competition down, put your foot on their throat and don’t let them up. Take a strangle hold of your industry and don’t let go.
Ultimately you want to gain brand loyalty and then you’ll be golden. How to get brand loyalty? Separate yourself head and shoulders above the competition with quality and service that your customers won’t be able to get anywhere else.
A simple strategy but definitely a tough task to accomplish. Have you created products in an emerging market? Solved a problem that no one else had an answer for? What are your experiences trying to gain market share and what have you done to enhance brand recognition?
Learn from other people’s mistakes! A lot of money is spent on investing in your own business when you are first starting out. Most of the time this is a necessary evil and there’s even a good argument that even if the money doesn’t return something tangible, it’s worth the learning experience. Here’s where we’re