Make Your Brand Impossible Not to Buy
Posted by Matt Krautstrunk on January 4, 2011 in Business Start Up Advice [ 3 Comments ]
A brand is the personality that identifies a product, service, or company. Brands are some of the most powerful tools that marketers use to create competitive advantages, and ultimately, survive flooded industries. Brand’s can almost hold human personalities that take on a life of their own.
There is surmountable data that can back up the success of major corporations to effective brand management. For example take Baylor’s research study on Pepsi and Coke soda preferences, “Using functional Magnetic Resonance Imaging (fMRI) technology to monitor brain activity, researchers conducted a blind taste test among 67 subjects and sure enough, preference was split down the middle.” Even more surprising was the control, where the respondents were told what brand they were drinking, “Coke was preferred by 75% to 25%.” This study shows how powerful brand loyalty can be in consumer purchase. In addition to this, establishing an effective brand can be a daunting task for marketing professionals, let alone business owners with unrelated backgrounds.
Thankfully we are now in 2011, and establishing a functioning brand can be as easy as responding to customer feedback and staying current with trends.
Everything your brand does, matters. From something as small as updating twitter content to something as huge as delving in to new industries, your brand is constantly speaking to your customers. Make sure you take in to consideration brand loyalty when making major changes to your brand; if 95% of your business is from repeat customers a re-branding initiative may not be the most effective method.
Listen to what your customer wants. We have so many tools at our disposal to understand our customer, and even more important our brand. According to Jacob Morgan, Principal, Chess Media Group, “We’re definitely going to see more technology integration. We’re going to see more social data leveraged in CRM systems. We’re also going to see multiple units within an organization leverage that data, not just used by marketing and PR, but also development and other departments. But that’s a little ways out, not next year.”
The 4 P’s (product, price, place, promotion) are not dead, totally! Even though everybody is focusing on social media marketing, attempting to understand the constantly changing customer, the most fundamental marketing mix should guide your marketing efforts. According to Forbes, the customer life cycle is a, “customers’ relationship with a brand as they continue to discover new options, explore their needs, make purchases, and engage with the product experience and their peers.” The traditional buyer process is not totally ancient, it’s just modified with the ability for consumers to buy online.
In order to make your brand impossible not to buy you must understand your constantly changing customers and implement marketing efforts to fulfill a need. As basic as it sounds, a brand is the face for all of your business efforts. A brand speaks to the consumer in “consumer language,” and formulating what your brand speaks is up to you. Take some time to use social CRM tools like Oracle, and User Voice to understand where your brand is positioned and commit actions to your findings.
Image Credit: Crunch Gear