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6 Steps To Laying Out Your Competitive Strategy
Why do so many companies languish and watch as their business turns into a zero profit zone, while others seem to thrive?
When you look at your business, whether it’s a new venture or a company with a long history, can you answer the...
Affiliate Marketing:Promoting your own web presents
Promoting your own web presents Affiliate Marketing is the promotion of anothers products or services.If this process is done right,it's the ideal work at home business opportunity.The key here is to promote your own website that links to...
Determining the Best Web Site for Your Business
The First Step towards making your web site work as an important marketing tool. Establish your web site’s purpose and function The Internet is an ever changing, global marketplace and library. People research and purchase products or services,...
Future Business Leaders of America (FBLA)
Yesterday was FBLA Day at the College of Business at the University of Arkansas at Little Rock. Dozens of yellow school buses lined up to discharge several hundred business suited and skirted members of the Future Business Leaders of America...
Using Seminars to Bump Up Sales
Many of my clients are turning to speaking at chambers and other networking organizations to generate business. This is a wonderful method of building credibility and gaining free advertising, especially when you are in a creative business that...
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On Branding
Situation: Your window of advantage over your competitors closes
more quickly than ever and price vs. price competition is really
heating up. What can you do about it? Brand. If you think
branding is just for large companies, think again - you may be
overlooking the most important component of a successful
business strategy. Branding is not just your logo or tagline or
the "look" and "feel" of your marketing communications. Branding
is the sum total of your client's experiences and perceptions of
your products, services, and employees. In addition, brand
strategy influences company culture by setting the tone for
employee interaction both internally and externally with
suppliers and clients alike. In essence: your brand is what
everyone else thinks it is - it's what people say about your
company behind your back.
A branding strategy is the genesis of all customer contact
activities. At first, it should be the core of all investor and
public relations, sales, customer service, and initial
advertising. When the budget allows, the branding strategy can
become the foundation for larger marketing communications such
as multi-media advertising, direct mail, trade shows, and
expanded public relations.
The task of branding may seem daunting; however there is strong
evidence that branding is worth the effort. Here are some
benefits of a strong brand.
1. Branding is what gives your company value and separates you
from your
competitors. 2. Enhanced perceived value allows for
premium pricing (for example: Ralph Lauren, Perrier water) and
shelters you from price competition. 3. Branding will provide
protection in times of negative press. 4. A strong brand enables
you to launch new products and services more quickly and cost
effectively.
Your brand will happen with or without your input. Branding and
managing a brand is tough work. Here are some practical tips on
how to get started.
1. To succeed, you'll need to get everyone onboard from top
management on down. 2. Research the successful competitors.
Study their communications and how they position themselves. 3.
Learn what brand values are most important to customers. Develop
a questionnaire and interview key customers and prospects. 4.
Develop a strategy from the information you gathered. It must be
achievable and differentiating. 5. Leverage brand strategy by
integrating marketing communications. Check for consistency of
all communications from every department. Sending a unified
message will build brand equity. 6. Evaluate and measure
performance. Make changes as needed but be patient.
About the author:
Avery Manko is the owner of The Manko Company, a marketing firm
in West Chester, PA. His firm develops and implements marketing
programs for small and medium sized businesses. Contact him at
610-725-9844 or avery@mankocompany.com. For more about The Manko
Company, go to www.mankocompany.com.
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