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Building a Powerful Brand.

Wednesday, June 23rd, 2010

At our last meeting Lindy Yeates, Creative Director of Yeates Creative shared her brilliance on building a powerful brand. It was great to have her reinforce the importance of the work that we have been doing defining our businesses and positioning, is essential in building an identity. She also pointed out that a brand promise needs to come from the CEO level of the organization as it involves all points of contact with the customer.

Lindy defines brand success as the combination of an authentic and differentiating brand promise with a company that is aligned to be a “Promise Delivery System”. How many of us have responded to brand only to find that the experience is something quite different? Yeates Creative uses a three step process.

Step one in the process is having a clear understanding of who you are or what your business is. Ask yourself, what are your core values? What is the purpose of the organization? What are the goals of the organization? What is the business model; how do you make money?

Step two is to determine your positioning. How do you fit into the market and what makes you different? Questions Lindy asked where: What do you want to be famous for? What is your promise? Who is your idea customer? Who are your competition? What is your customer’s buying process and why should they buy from you? What are your primary and secondary brand touch points? List 10 words that describe your company.

Step three, the last step before designing your corporate identity is defining your brand personality. This is the expression of who you are and how you’re strategically positioned in the marketplace.

One of the exercises we did is “If you were…” For example, if you were a vehicle what would you be? If you were a celebrity who would you be? Get as descriptive as you can, tell a story, paint a picture and it will help you get a clearer idea of what you want from your brand.

Lindy did a great job and we had a lot of fun play around with our brands. My advice as always, if you want a professional brand, work with professionals. Start with a solid marketing strategy so you can answer the questions and provide the information and vision a designer needs to create a brand that will work for your business. Also, remember to communicate your brand promise to internally as well as through external marketing.

Happy Branding,

Liz

Target Practice

Wednesday, June 9th, 2010

You’ve done your market research, you know that there are enough people out there who potentially want your product to make your business viable now who are they -really? Knowing this will tell you how to reach them. This is a case of, the more narrow you can be the better. A well-defined target market will bring clear focus to the rest of your marketing mix and ensure that you are spending your money in the most effective areas. Knowing your customer will help you find out what motivates them. Consumers buy when you solve a problem for them, satisfy a need or make them feel good. If your product is B2B do you save them money, help them increase revenue or maintain revenue? Make the connection between what your product provides and what your customer wants and put your message in front of them.

Here are the main market segmentations and some points to consider:

Geographic Segmentation

  • Local, national or global
  • Place of work
  • Climate
  • Size/ population
  • Urban/suburban/rural

Demographic Segmentation

Create a profile of your target customer or the decision maker. If you are targeting businesses include industry, revenue size, number of employees, number of locations, location of HO.

  • Age
  • Sex
  • Income
  • Occupation
  • Education
  • Ethnicity
  • Religion
  • Life Stage
  • Generation
  • Household size
  • Home ownership

Psychographic Segmentation

  • Lifestyle / interests – family, job, community, fashion, recreation, home.
  • Attitudes and beliefs – social issues, politics, economic, education, culture, business.
  • Activities – hobbies, social, travel, entertainment, community, sport.

Other segmentation methods include Product segmentation (usage, relationship to product, benefits, preferences), Behavioral segmentation (knowledge, attitudes, habits).

Unless you have a bottomless budget you can not reach everyone so go for the customers who will be most interested and most likely to buy. Also consider life stages and generations, as this is trickier now more than ever. Don’t make assumptions, you may find information you didn’t expect for example, women are having babies much later, people in their 70 aren’t retiring and 30 somethings can be living at home. You could uncover an untapped market or a secondary market.

Researching these points will give you a better focus on who your best customer is, what they really want and how to speak to them. Have fun getting to know your customer!

Cheers,

Liz

You Take the Good, You Take the Bad…

Wednesday, May 26th, 2010

For those of you following along at home you may have noticed that the topics I am covering are steps you take when creating a marketing plan. So if you play along you could create an awesome plan, eventually.

SWOT Analysis

Once you know your business objective doing a SWOT Analysis is a tool to help you look at your organization and the environment and determine if your objectives are attainable. Beyond identifying what sets you apart, which we looked at in Differentiation, going through this exercise can help identify areas where you are weak compared to your competition, exterior factors that can threaten you business and new opportunities. Consider the external factor of technology, the internet was a huge threat to businesses that had local markets tied up and it was a limitless opportunity for those who wanted to expand their market. What’s happening that can change how you do business?

Strengths
Also referred to as core competencies are the areas where your business is unique or better than the competition. Think brand strength, personnel, patents, product, service, selection, procedure, quality, stability, policies, expertise, access, location or innovation.

Weaknesses
Weaknesses are attributes that may keep you from your objectives. Areas in which your competitors are strong and you are lacking. These can be brand, reputation, experience, pricing/cost, funding, location, undifferentiated product, poor quality or service.

Opportunities
External conditions that benefit your company and help you grow. Things to consider are product, expansion, location, customer needs, trade, technology, distribution chains, related markets, conversions.

Threats
Changes in the marketplace that make reaching your objectives more difficult. These can include consumer demand, competition, technology, regulations, pricing, saturation, suppliers.

As always it’s what you do with the information that matters. I like this table to consider strategies that may come out of your analysis.

Strengths Weaknesses
Opportunities S-O Strategy

Focus on opportunities that fit   strengths.

W-O Strategy

Overcome weaknesses to take advantage of opportunities

Threats S-T Strategy

Use strengths to overcome threats.

W-T

Defend against threats.

What strengths do you have that match the opportunities?
What weakness or threat can be turned into a strength or opportunity?

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