Branding and Promotion in Business

 

Branding and Promotion allows a business to present itself in an identifiable way to the consumer that allows them to leave a slight lasting impression of their existence that should aide repeat purchase or identification of their qualities.

Types of Business Promotion

  • Advertising – The most common way of increasing brand coverage is through advertising, because of the potential reach and scale of platforms advertising is available on it is very easy to meet the metric a business desires, this also has become more easy to segment further by having online advertising to deliver ads on a uniquely measurable and quantifiable scale, whereas before the amount of impressions and effectiveness of the adverts was not individually classifiable in the real world, using online advertising changes the game as advertisers are able to segment the market down to the age, location and interest.
  • Promotions – Offering promotions allow a business to make itself more noticeable to the consumer as they will see the promotion as a deal, and then associate the product and brand. Promotion may also increase brand awareness by sponsoring a stadium or event, that allows them to receive some of the publicity that the stadium has with it.
  • Direct Marketing – Marketing to the customer directly through more orthodox methods, such as telemarketing or shopping channels, typically requires a lot of sales cost and sometimes isn’t always effective expenditure, whereas advertising or promotion is more effective at reaching consumers as they are able to form their own opinions, rather than have one forced upon them.

Benefits of Strong Branding

Having a strong brand enables a business to sell to their consumers consistently as consumers will actively recognize and seek out their brand. A strong brand is identifiable, recognizable, aspirational and flexible.

Having a strong brand should enable a business to sell its added value effectively to customers, provide the brand with the ability to charge for the brand at a premium rate and have a reduced price elasticity of demand; enabling them to sell to customers even though there are competitors.

Branding and Promotion Word Cloud

Building a Strong Brand

Building a strong brand can be hard to get right.

  • Having a Unique Selling Point allows the customer to differentiate their brand from the others, having something other than a generic product allows the business to market on that principal and build their brand on its effectiveness to the consumer.
  • Using Advertising should increase coverage of their brand and make it recognizable to potential customers.
  • Sponsorship enables businesses to build a positive relationship with their customers, sponsoring a racing event, for example, presents a positive relationship for customers who watch the race, and need one of the sponsor’s products.
  • Social Media and Online presence allow a business to be seen from the internet.
    • Viral Marketing and Guerrilla Marketing allow a business to sell its products, often without the need for expensive advertising budgets. However, this tactic can often be hit and miss.
    • Emotional Marketing can be used to target the emotions of a customer, by playing on the nostalgic or romantic side of individuals for example.
  • Seasonal Marketing can be used to reach customers during festivities and events.

 

What actually is Marketing?

Marketing is Anticipating, and satisfying, customers wants and needs, efficiency and profitability, Marketing includes

  • Market Research
  • The Marketing Mix

What is the purpose of Marketing?

  • To make profit, essentially by improving sales
  • To remind the customer of your product through promotion
  • To see what the customer wants by offering their product
  • To link the product to the brand and create a brand association
  • To communicate and offer competition to other businesses (to compete)

There are two types of business orientations, Business to Business where businesses sell products to other businesses, such as tools, office equipment and building supplies. Business to Customer is more noticeable to individuals as it is more prominent and most common.

Marketing begins by setting a goal or objective that defines what the company wants to achieve, and when it hopes to reach these goals.

They then create a marketing strategy, to outline how they will bring in what they wanted to reach their objective.

the four ps of marketing product price place and promotion marketing mix

What defines a Market?

A market is anywhere that brings together buyers and sellers with a view of exchanging goods and services. The location can be physical, national global, physical or electronic.

A niche market is a small or select group of a larger market. Niche markets generally have a smaller cohort of customers interested in the product, however some businesses sell their products at a high price to compensate for lost sales.

Market size is the total volume or value of all sales of a particular group of products. Market growth is the percentage change in market size over a period of time. Market share is the percentage of the market achieved by one firm, or brand, or product.

Markets can be dynamic, which means they change quickly or stable, where any change is fairly small. Dynamic markets are becoming more and more common as technology advances to new greats, incorporating new techniques mean a business can become obsolete.