Customer are even more cautious these days in spending as there are many competitive options available online and in case, one competes with a big brand, the profit margin will unquestionably reduce. In such conditions, even low price offer or a discount may not work. Making the advertisement visible can be difficult task where there are ever-changing technologies adopted by the businesses.
Companies need to include a detailed analysis of its brand strategies for brand management and development. Strategies appropriate for the business helps to succeed at a low cost. The strategies should be based on brand objectives and target customers. The brand management and development strategies should be able to deliver the right creative message, at the right time and at the right place. The strategies involves stages -
Brand guidelines can be created and a competitive analysis of the market or customers inclination can be made. Market research helps in identifying target customer. Market research may invoke demographics, personal information, educational information, career (or jobs or industry), habits (likes/ dislikes), difficulties faced in personal life and buying / shopping behaviour. The research may be based on questionnaire, data synthesis, surveys, focus groups etc.
Brand should be able to sustain with added values and be able to compete under changing market conditions. Branding strategies should promote excitement and alleviate stress in viewers. To build a presence one need to adopt various branding methods such as email, cell phones, blogs, and web sites.
Online strategies can promote visibility, trust, quality, customer experience and credibility. Most people hooked to twitter or other social networking sites are not getting any physical asset, they are just communicating and relaxing. Here, the product brings happiness to the user. The main purpose is to communicate effectively with the target buyer to make him / her feel delighted. Somebody, can purchase a thing for emotional connectively, or due to a personalised experience. The companies should identify their buyers’ preferences / inclinations to deliver.
Authenticity is the leading feature searched by online shoppers as reliable brands are selected more, in comparison to, others with low credibility offering heavy discounts. One of the key things is that one should be honest with shipping / return policies and legal aspects of trade and be ready to find answers to customers’ queries. The brand should be available when needed and easy to find and communicate.
Most brand managers fail to design long term planning or vision. Inconsistent approach and outdated methods can reduce customer response. Some brands not just offer discounts, they give gifts, wish on special occasions with gifts, have a great follow up with their buyers, and their after sale service is great, which attracts new customers.
Online brand management may involve influencer marketing strategies where the individuals working for the network have a dedicated base and online followers who can create a brand. The influencer marketing strategy may involve celebrity guest posts on blogs, where one shares a photo or product reviews, on social media sites to team up with others.
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