At work, you can overhear many conversations. Keep in mind; it is not snooping if you can use it in your business. Take this scenario, for example:
Two co-workers were having a conversation in the office kitchen. It was a lunch break, and Gerald and Alice were weighing their alternatives. Gerald had hunger pangs but had limited time for a complete meal because he was expecting a conference call. So, they decided to have a quick bite- burgers and chips. Alice opted for a pizza, but Gerald quickly responded: “Yeah, let’s do Pizza Pizza”.
Although the conversation between Gerald and Alice may not interest many, marketers appreciate penetrative information. Let us delve into it a bit. You can recognize the need for a “quick meal” in the conversation, the quick fix or a universal product “pizza” and a brand that is instantly chosen-” Pizza Pizza”. But what leads the brand to be of choice, or somewhat the first choice?
Why does that name come first in the mind of Gerald? The explanation is in the intensity of the strategic management of the brand. To comprehend the response of Gerald, we have to begin with keenly looking at these words- Strategic Brand Management.
How We Define a Brand
The definition of the word “brand” is relative. When you tell somebody to describe “brand”, some people immediately begin describing the quality of products and services. They will mainly provide a list of what makes the brand unique and different from others. Additionally, others decide to describe “brand”, concerning the position it occupies in the market. In the two scenarios, the value of the service or product is the crucial information, since it is the value that makes the product identifiable.
Aside from being vital for companies, branding is also essential for clients. This is because of different reasons. A brand signifies devotion and comfort for an average client. Their time to make a decision is shortened, when they are aware of the quality standards of a particular brand. From the perception of the company, not only is branding a specific level of expectation of the client which the company has to deliver, it is also a criterion for quality. Additionally, it is an attribute that separates the company from the other competitors.
Branding in the B2B Sector
Customarily, we relate a brand with stickers on items in supermarkets and malls. Branding is not imperative in your life-your devoted customers, though, this is how important branding is to you. Nonetheless, branding is crucial in the B2B market.
Corpora branding involves raising the information about the brand and its image and promoting your products to other businesses as opposed to individuals. Creating a corporate branding strategy is different from creating that of individual clients.
Branding has never been easy. Though with modern technologies changing the market, it has become more difficult. With the increased reach to information, clients can make smart decisions and devotion has changed from what it used to be. Currently, clients have particular expectations, that if a brand does not meet -it will collapse. The standards have been raised, and businesses react to these challenges in various ways. Some of the ways that a company can use to have a firm hold of the market are by using innovative marketing campaigns and opportunities to display their products. At one time, sponsorships and social cause marketing were hard to come by, but currently, you can observe their implementation in the marketing strategies of every important brand.
Customers have numerous alternatives to brands and products from which they can choose. A brand is an appearance, the impression and the company’s identity that is created from a combination of endeavours of marketing the brand and quality performance. Becoming synonymous with the product is the highest level of achievement for any brand. Let’s go for Tim Hortons implies: “Let’s get coffee”; but people no longer say coffee, do they? Strategic brand management allows you to move a brand from zero to Tim Hortons.