Good point to add there re; "keep asking." We recommend that all the time - periodic surveying.
@Tvotapka,
I agree with you periodic surveying is necessary infact social networking sites have made this task pretty easy. Companies take use of FB/twitter to get feedback from users which gives the company live feedback.
Good point to add there re; "keep asking." We recommend that all the time - periodic surveying. You reinforce WHY you have the business and ensure your actions are in alignment with what's needed or wanted.
Yes. Avoidng assumptions or ancient company history (what was once true) are essential. The excellent example given below has likely often been repeated. Then what's important is to KEEP ON on asking. Staying close to customers and listening are two challenges often forgotten as companies grow and prosper. Up to a point, customers can certainly help a business decide where opportunities lie and how they must change.
Indeed! I was once involved in creating a positioning strategy for a medical equipment manufacturer here in the U.S. Their challenge: get the target audience to understand the fact that this company was a viable enough player in the diagnostic market to be considered. Their problem: too many different creative themes in a short period of time; none of which really hit the buttons that would make the targets notice. The solution: We suveyed a several decision makers in the market. Each of them said they'd pay attention to any supplier who could - with confidence - say they had a product that would truly save time and be standardized from one product to the next. Guess what the campaign pitched - It's About Time, Your Time and there was very little emphasis on the mechanics of the devices.
The results were tremendous. The reps had an easier time getting conversations and the sales increased. Point being - just ask. People will tell you what they want. Don't think you know.
Tvotapka - Good point! All strategically-effective campaigns begin and end with research, including audience and competitors. Assumptions about correct direction can put the program way off course from the start. Too often planning goes immediately to tactics, worse yet copying what competitors are doing, right down to the same language, including all the same buzzwords. In addition to not knowing your target market's values and perceptions, sounding like your competition is another great way of wasting marketing time and investment.
All good, logical and certainly pro-surivival points to keep in mind. I'd add one major tactic that should be the cornerstone in any branding strategy. SURVEY your audience. Don't assume your best creative minds will hit the right buttons with their concepts. They may be close, but when you're in an airliner at 30,000 feet, 5 degrees off course on the beginning of the trip will lead you way off course before you reach your destination.
Jacob - Agree that brand value cannot be created instantly or quickly. We're dealing with human nature here, so trust must be earned through experiences and word-of-mouth references. Howevr, there are cases where brands have substantially increased their percieved value in a relatively short period resulting increased credibility among customers, which is the subject of this column. That may be accomplished by fixing something that needed attetion or adding something new and of value to customers...which could include becoming a notably greater informational resource than competitors.
Suggest products in the tech sector must fulfill precise requirements and be plug-compatible. If a differentiating product benefit can be included, that's a competitive advantage. Quality is essential to just being in business. Every brand must at least have parity in the quality area. That's required just to play the game. Howerver, at the end of the day, its not about the products as about brand perceptions. That's where the difference truly occurs, in the mind of the market. There are cases where products offering less held higher percieved value.
If the product is from a corporate subsidiary brand, certainly the parent company's reputation (brand perception) plays into how that product is viewed. There's cascade effect which must align to result in positive brand value perceptions. Pricing and service are also determinants of perceptions. Brands with higher percieved value typically command higher selling prices, even when the products may be nearly identical. Service can be a brand differentiator but only if that brand's competitors allow it to become one. Any competitor can match or exceed another brand's level of service if they want to make that investment. While it's an important factor, service is usually not a sustainable brand differentiator.
Ford, all companies wants to create their own space in industry. For this, brand value matters very much, but how to create a brand value is very important. Nobody can create brand value within one or two days/months. First the product should be identical and unique from similar products. It has to maintain quality and the parent companies have to hold certain amount of credibility also. Otherwise it may be difficult to build a brand name. I think pricing and after sale service are also major factors.
Thank you J - Some ideas on using video: Whether video is used in social media or on the company's site, its now within the reach of nearly any organization. Using moving images and sound can break through with fresh ways of telling your story such as demonstration or showing customers applying your products. What's important remembering in this medium, as with others, "less is more." Give the audience their initial experience in small, susinct, informataive, even entertaining doses. If they want or need more, provide longer-form information in video or other formats. Doing a brain dump in video usually won't well. A 3-minute video is a very long initially. 30 seconds will often hold audience attention more effectively and forces the producer to immediately get to the point. The quality of the script makes all the difference
This was a great follow up to your previous article and shed light on many issues. I've noticed that many companies are taking advantage of social media also to communicate with the public. My husband’s company has used Youtube for a variety of things. They have videos explaining job openings and showing exactly what they are looking for while also giving a glimpse into what their job would be like. They have also produced videos following some employees in different areas of the company to give people a sense of what it's like to work for this company. I thought all of this was a great way to get some coverage with the media, especially for a large company looking to hire and expand business.
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Thailand Stages a Comeback Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
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Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Peter Drucker famously said "Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window." Yet in the razor's-edge world of electronics—with a lean supply chain and just-in-time demands—the need to know the future is vital.
While no one really can accurately predict the future, we can take guidance from another Drucker saying which is the best way to predict the future is to create it.
You've heard the saying "the No. 1 supply chain risk is your people." That hasn't always been the case. But today's complex global supply chain requires a new type of multitalented employee. It's one who understands, finance, marketing, economics, is savvy with technology, graceful with relationships and can think analytically.
Where are these people? Are universities properly preparing the next generation supply chain professionals? How do train your existing workforce for these new, demanding positions?
Brian Fuller, editor-in-chief of EBN, will lead a 60-minute Avnet Velocity panel discussion that will ask and answer these and other questions swirling around today's supply-chain talent challenges.
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