First, let’s define what a brand is
A brand refers to a name, symbol, tag, term, design, logo, or any other feature that stands out and identifies one seller’s good or service as unique and different from those of other sellers dealing with the same products or services. Brands can also be defined as the overall identity of a firm or organization.
Having a Brand is what enables people to recognise you. Not having brand awareness means you would not be recognised as a brand. A great brand has all the marketing efforts in place and the brand recognition which people would then say “Hey, let’s shop at___, they sell great stuff!”
Every business person desires their goods or services to sell as fast as possible to attain maximum profits, short term and long term. To achieve this, a business person has to build a strong defined brand that will attract several customers. Branding adds value to any company.
Example of an entrepreneur with excellent brand marketing strategy
Various prominent entrepreneurs have vast experience in the field of sales and marketing. One such entrepreneur is Ariel Pfeffer. Born in 1960 in Montevideo, Uruguay, Ariel Pfeffer has a BA in Economics, attained from the University of Uruguay. He has established several catalogue companies in different countries.
Since 2007 to date, he has been involved in coming up with several platforms to sell goods and services online worldwide. He has been active in the direct marketing business around Latin America for almost 35 years; this experience has enabled him to excel in marketing his products and services. His brands are well known since he has done massive marketing, thus winning the hearts of many.
Brand marketing is a way of promoting products or services to give a sneak peek of how your goods or services are. Marketing creates awareness of your brand, advertising the goods and services being offered to ensure maximum returns.
Types of brand marketing strategies to attain competitive advantage
As the name suggests, it is simply marketing products and services using mails. It entails sending mail messages to current customers or potential clients by use of email. These mail messages entail an apt description of the products or services on offer. This strategy is efficient in that several people can receive the message sent at once. It is also less costly for the organization.
Social Media Marketing
It refers to the use of social media platforms to market products and services. Some of the social networks include Facebook, Twitter, WhatsApp, Youtube, and Instagram. Most people use these platforms for communication and socializing purpose. Therefore, you can post pictures of products or services with clear descriptions on any social networks to reach your target audience.
Pay Per Click (PPC)
This is whereby a business owner pays a fee each time one of the ads is clicked. The business owner could put several ads on a given site.
Whenever someone clicks the ads, they get some pay. These ads contain information about the products and services being offered, and every time you click, you can see them. This is a strategy that can work out well.
It might be a costly set up for the owner, but in the end, the returns are worth the investment.
In line with this, there are brand growth strategies that can be used by organizations or businesses to grow their brands. These include;
1. Brand Extension Strategy
This entails the introduction or launch of a new brand in a new market. This works perfectly after strengthening your brand’s name in a related field. For example, if your product or service worked out well in a given place or region, you can decide to launch a new product or service in a new market or area.
2. Line Extention Brand Strategy
This involves creating different or additional products or services to respond to the needs of other consumers. Just by adding different or similar Products/Services ensures that you maximise your outreach to potential customers you may not have had before.
3. New Brand Strategy
This is whereby an organization comes up with a new brand to supplement the new product or service. An example is whereby a firm creates different products or services under different brand names. This strategy is costly since it entails introducing a new brand, which tags along with costs like advertising, manufacturing, personnel, and much more. If you apply this strategy correctly, in short time you will see its benefits.
Since there is immense competition in the market, a company must develop effective brand marketing strategies that will work out well to benefit both the firm and its owner. Effective strategies yield maximum sales and profits.