In conversations recently and in our last blog – Social Media should you? The question of being clear on who you market to was raised.
An important part of this same question is – what do you want your potential and current customers to see your brand stand for? Seems simple enough and, if we were betting on it, several of you would instantly say, quality, service and price or a variation of these… but, to take an example like NIKE, is this all that this brand stands for, or all that you want your brand to stand for?
So, going back to my original point about who you are marketing to, if you are clear on this then you can start to develop your company’s offering to match their need with the benefits that you offer. Do you have a niche that you work within, that means that you understand your clients’ needs particularly well? In which case, this is part of what your brand should be recognised for. In the case of Nike, mentioned earlier, then part of their brand is sports equipment designed and developed for athletes but it is also linked with youth fashion and style. They do not say this overtly but it is implicitly inferred and understood within their brand perception.
You will notice that at no point has price been mentioned, as everyone in business today is only too aware of the pressure from both internal cost rises for raw materials and energy, as well as external price pressures. So instead of working to reduce your sales price, perhaps looking to offering a better-matched service or product for your target audience, should be considered.
To look at another brand ‘Temu’- they are flooding social media channels with adverts, but every single one is about massive discounts, sign up to our app for more reductions and buy now for great prices. Without having made any purchases from this company, so not able to determine quality and service, immediately this brand implies we are a cheap, disposable products seller. It may be that this is the position that they want in the market, but if it is, then all we can say is the ‘Wish’ brand did not fair well long term even after a, probably expensive, re-brand.
So knowing your market, finding what they are looking for from your company and making sure that you feed their interest with relevant product and service benefits, is the crucial first step to making sure your brand is recognised as you want it to be.
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