Published on July 31, 2014
Marketing & Brand Strategy: Marketing & Brand Strategy Author Lakesia Wright Marketing Strategist June 19, 2013 PowerPoint Presentation: It is said that people do business with people whom they know, like and trust,. However do they follow the same rules for BRANDS? Marketing: Marketing The management process through which products and services move from concept to the customer. What is a Brand?: What is a Brand? Definition: Unique design, sign, symbol, words, or combination of these employed in an image that identifies a product and differentiates its from the competitors. Over time, this image becomes associated with a level of credibility, quality and satisfaction in the consumer’s mind. Brand Strategy: Brand Strategy Defined as: Long-term marketing support for a brand, based on the definition of the characteristics of the target consumers In a Nutshell: In a Nutshell Your brand in the minds of the consumer designed by your Marketing . : It is said that people may not remember what you said, or what they read but they will remember how you made them feel. How does your brand make me feel?: How does your brand make me feel? The buying process is 80% emotional and 20% Financial. Consumers will pay more if they feel that your brand products or services solve a problem while catering to their intrinsic needs. Brand Experience: Brand Experience The overall feeling consumers achieve when they buy from your brand. The product The quality of the product The delivery process, in-store to online. The quality of service How does it compare to the competitor? Who will buy your brand?: Who will buy your brand? Marketing plans strategies will get them in the door, but will they continue to buy again and again and refer others. Brand Building: Brand Building Brand Building encompasses Credibility Reliability Accountability Serviceability Target Market: Target Market The target market process allows us to break down groups of people so we can better understand how to reach them. One way to do this is to create a target market profile. 5 Ways to Identify Your Target Market: 5 Ways to Identify Your Target Market Geographic's Demographics Psychographics Behaviors Generational Focus on Benefits: Focus on Benefits One of the marketing fundamentals is focusing on benefits. This perspective is critical to target marketing. Establishing an intimate understanding about the needs and wants of your desired target market is critical. How will your customer benefit from using your services or products ? Analyze the DATA: Analyze the DATA Where do we get the DATA? In-house data or CRM systems. Researched Purchased Leads Lists The Landing page of your company website Industry Organization data houses Smart Goals: Smart Goals So many businesses fail to thrive because they have never really established SMART goals. SMART is used as an acronym in goal-setting discussions. S =specific, significant, systematic, synergistic M =measurable, meaningful, motivational A =achievable, agreed-upon, action-based, accountable R =relevant, realistic, responsible, results-oriented, rewarding T =tangible, time-based, thoughtful Marketing Strategies & Tactics: Marketing Strategies & Tactics Goals are specific, measurable, achievable, relevant and tangible business objectives. (SMART, remember?) Strategies are the ideas and approaches that are developed to achieve the goals. Tactics are the specific actions, details and activities that must occur in order for the strategy to succeed . How much do I spend to build my brand?: How much do I spend to build my brand? D etermine a Marketing Budget. In a marketing plan, a pre-established and committed budget is essential to assuring the plan's viability. Remember, in establishing SMART goals, the "A" stands for "achievable" and the "R" stands for "realistic" (among other attributes). How can you know that you are developing an achievable and realistic plan if you don't know what budget resources you can or will commit ? Budget Models: Budget Models Objective & Task Budgets. This method is probably the "purest" budgeting method for a marketing plan. Here the budgeter must specify exactly what goals and outcomes are expected. Budgets are then based on this expected outcome. (For example, the primary objective could be to increase overall revenues by 20% over a 12-month period.) The following steps are followed in developing an Objective and Task Budget: a. Specify the marketing objective(s) to be achieved. Ideally, these goals must be quantifiable and measurable. b. Specify the marketing strategies and tactics necessary to achieve the stated objectives (i.e., brand development or enhancement, advertising, public relations, networking, internal marketing, training, etc.) including quantity and frequency of activity and associated costs. c. Evaluate profitability of marketing plan if goals are achieved at the expected costs. c. Assuming profitability level is acceptable, assign budget based on anticipated costs associated with strategies and tactics necessary to achieve the goal. d. Launch plan, monitoring and tracking closely to adjust strategies and tactics as necessary to achieve, maintain or exceed anticipated profit levels Return on Investment Budget: Return on Investment Budget n this model, the marketing budget is established based on a ratio of anticipated return-on-investment for the budget and its associated marketing activities. The challenge in ROI-based budgets comes in identifying a reasonable expectation for return. Most ROI-based budgets work from a source of quantified data on performance of similar marketing plans or activities in similar situations and circumstances to those of the budgeter. The difficulties in this model are a) limitations on availability of statistically meaningful comparative data; and b) there is no guarantee that the performance of the new budgeter's marketing plan will mirror those whose data was used for the ROI modeling. There are many variables that affect the performance of a marketing plan which are difficult or impossible to measure and compare. These include personal initiative, attitude, sales skills, focus, etc. Still, ROI-based budgets are employed in certain situations - assuming the data is available - where a marketer wants some level of reassurance, however unscientific, that the odds of success are in their favor. Your Marketing System: Your Marketing System The quality of implementation of a marketing plan is certainly as critical as the quality of the plan itself to the chances for a successful outcome. While the success formula here may not exactly correspond to the Thomas Edison quote that "Genius is 1% inspiration and 99% perspiration," it is clear that effective implementation of a well conceived marketing plan is at least half the battle. Dramatic differences in the outcome of similar or identical marketing strategies and plans, executed in similar or identical situations, reinforces this reality. Like so many other business processes, marketing implementation is far more successful when a practice executes a solid marketing plan with the support of a structured system. Who do you HIRE?: Who do you HIRE? “ if you think it’s expensive to hire a professional, wait until you hire an amateur ” . Marketing is: Marketing is not about who you know with money, or the number powerful connections. Because if the benefits of buying from the brand doesn’t resonate with powerful money connections, they won’t buy anyway. It’s about marketing so well that even your competitor will want to copy. Marketing specialist Vs Marketing Company: Marketing specialist Vs Marketing Company Here’s some help in this category. While large enterprises may prefer to outsource their marketing for optimal performance. It is still a good idea to hire a few good marketers and build a marketing department to oversee the process, manage the people and keep abreast of consumer trends and internal intelligence . Choosing who will Market your brand.: Choosing who will Market your brand. The marketing specialists, should atleast have a minimum of 5 years Marketing experience and knowledge of specific industry consumer trends and insights as it relates to your business. Additionally should have project and process management experience. An understanding of the sales process. The Professional or Directors level at 10 The Executive level at or more than 10 yrs Consumers and Your Brand: Consumers and Your Brand In conclusion, consumers will buy from brands that they like and trust even if they never heard of it. Marketing and Branding together will deliver this concept if done properly. Remember that buying from a brand is an emotional process. Uncover the needs of the consumer and deliver exceptional service that they will remember.