Developing a brand marketing strategy which will elevate the brand above competitors is not quite as simple as it used to be…
Over-crowding in the marketplace is just one of the growing problems for new businesses trying to establish and maintain a new brand. The ever growing concentration of both traditional & online retailers is altering the economics of markets forever.
The fragmentation of conventional media has made it far more difficult and expensive to communicate with audiences, and this, combined with the empowerment of consumers through technology, means that brand strategies need to be aligned with these changes in attitude. The modern marketing environment presents ongoing challenges for those that develop and manage brands in this day and age, meaning that brand elevation is essential to achieving greater margins, increasing shareholder value, and conveying the robustness of the brand.
During the current economic climate, consumer spending (even on sale items), will continue to be driven by a ‘reason-to-buy at all’. This signifies the end for brands with no authentic meaning (high-end or low), as the superfluous markets are the first to go in a recession. Elevating a brand is primarily about securing loyalty by delivering value for money whilst maintaining a good customer care service. Looking after these essential elements will secure credibility for the brand by acting as a reassuring signpost in today’s hazardous marketplace.
The unique meaning of a brand will become increasingly important as superficial brands continue to inundate the marketplace. Awareness as a meaningful market force is becoming obsolete, therefore differentiation is critical for sales and profitability. Brand values which are established as the brand identity must believably exist in the mind of the consumer. More and more brands are finding it hard to keep up with consumer expectations now, and a brand can’t merely claim to stand for something if it doesn’t in reality. Consumers will decide whether or not the brand values are authentic, making it essential for a brand to have measures of authenticity that will promote consumer engagement.
As consumers adopt and employ the latest technologies and innovations, their expectations become higher, and their tolerance thresholds lower. Clever marketers are identifying and capitalizing on unmet expectations. Brands that understand where these expectations exist and meet them, will be the brands that survive and prosper.