I have been in sales and marketing now for over twenty years, managing start-up new company products and existing products. All of these products have the goal of building a market and creating a brand. Brands still have valuable meaning in today’s market place and building one requires time, people and money. All of those limited but valuable resources that every company large or small requires to be successful. There are no secrets to building market share and creating a brand that I can share with you. There is no right or wrong approach to go about the strategy of hitting your target. You know you have it right when your sales start to climb and your consumers start to buy your product time and time again. You start to build a brand when you reach this consumer more than once.
The basic strategy of building a brand requires that consumers know who you are and what you do. Every consumers has a favorite brand. I have two favorite brands that I buy under any conditions without exception. These brands have me for life. In marketing, we evaluate this concept as Customer Life Time Value (CLV). If I spend $200 a year on my two favorite brands and live another 20 years then these companies generate $4000 of revenue from me in my lifetime. This does not sound like much but if you get one million of me – that do the same thing – it adds up into a nice business. At ekn links , we help companies position their companies and products so that they can get one million of consumers like me and we help them to build a brand.
I have learned some important lessons over the years when it comes to branding and creating revenue. Although, every single product has it own positioning which is supported by any combination of resources, most products have to start by answering some of the most basic fundamental questions. I am not shocked when I am engaged by a client who has not been able to answer these basic questions. I often start my new clients off by helping me understand what their answers are to this basic set of Brand Development questions. I would like to share these basic question with you in this blog.
Use the set of question below to help your company begin to understand how to build your brand. Answering these questions below is a great place to start in understanding what your brand and product is all about. At ekn links, we provide a complete marketing service that will help you answer these questions and prepare a detailed strategy report that will help to make your brand a success. Visit us at www.eknlinks.com. We can help.
Answer the following questions will help you create your brand strategy:
1. How do your competitors position their brand against yours?
2. What is your competitors marketing message? How is it different from yours?
3. What marketing promise does your competitor make? Do your competitors deliver on their marketing promises?
4. Is there a marketing segment that would benefit from your brand that the competitor is not already servicing?
5. Can your brand name be pronounced and remembered easily? Does it translate well into other languages? How does it sound against the competition?
6. What is my company’s overall market message? Does it make sense with the product brand message? Is your message clear and focused?
7. Do you know who your target audience is and does your message connect with them?
8. What promises does your company make during the sales process and do deliver on those promises?
9. Does your customer or clients believe you are delivering on your promises?