How Brands Grow: What Marketers Don't Know (Byron Sharp)

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#Brandgrowth #Marketingstrategies #Consumerbehavior #Mentalavailability #Physicalavailability #Customerloyalty #Distinctivebrandassets #Evidencebasedmarketing #HowBrandsGrow

These are takeaways from this book.

Firstly, The Law of Double Jeopardy, The Law of Double Jeopardy is a pivotal concept in 'How Brands Grow', articulating that brands with smaller market share not only have fewer buyers but those buyers are also less loyal. This principle challenges the traditional marketing emphasis on cultivating deep loyalty among a small, targeted group of consumers. Instead, it suggests that the key to growth is expanding the brand's reach and customer base. Byron Sharp presents compelling evidence that loyalty levels across brands in a category tend to be surprisingly similar, especially when accounting for market share. This underscores the importance of brands focusing on being easily available (mentally and physically) to as many potential buyers as possible, rather than exclusively trying to increase loyalty among current customers.

Secondly, The Importance of Mental and Physical Availability, Sharp introduces the concepts of mental and physical availability as critical determinants of brand growth. Mental availability refers to the likelihood of a brand coming to mind in buying situations. Physical availability, on the other hand, involves the extent to which products are easy to purchase across varying buying scenarios. Sharp argues that improving a brand's performance on these two dimensions can lead to substantial growth. This goes against the grain of focusing solely on distinctive branding or emotional engagement, suggesting a more pragmatic approach that calls for wide distribution and ensuring the brand can be thought of in a variety of purchasing environments. Through numerous case studies, Sharp demonstrates how increased availability can lead to a brand becoming a habitual choice for more consumers.

Thirdly, Debunking the Myth of Customer Loyalty, One of the most provocative claims in 'How Brands Grow' is the dismissal of the traditional marketing focus on fostering deep customer loyalty. Sharp provides data indicating that the vast majority of a brand's buyers are light, infrequent purchasers rather than devoted users. Consequently, he argues that marketing strategies should