When I was ten years old in summer, I was a leader in the potato field. To watch my rivals, I looked over my shoulder and suddenly played and fell. I came to the last place. Even the slow person, Marsh Mellow Matt struck me. It was humiliating. But finally I gained a good learning experience.
When brands that bark brand attacks on your high quality brand, is it still healthy to look over your shoulder? Will you also go over?
In a robust economy, it is relatively easy to maintain profitable growth of brand premium. However, today's economy is today the most competitive economy in today's economy. We are entering a new business type and the days of pronounced consumption are rapidly decreasing. Since 2007, more than 8 million jobs have been lost. We have long-term unemployment at 10% or actually 17% when you add people who gave up work. As fear, insecurity and the need to be brutal into consumer awareness, companies are responding by introducing lower price brands. What is a premium brand to do?
There are three methods that premium brands can consider; (1) Discover your own shopping goal, (2) Use a new product category (3) Or maintain the status quo. Let's keep in mind the consequences that have been made of using your own agreement.
As Jacqueline Kennedy once said, "I can not help, I answer."
It is said, "Never fight with pigs Because you will get a mud and the pig will enjoy it." The same goes for premiums striving to protect their market share by agreement. Every day we see new airlines, purchasing consumer goods, buying cars, buying food and buying electronics. Be careful when you use short-term tactics in pricing and coupons. Only profits may be lost. You can keep the line, but you can afford customers who are missing a price tag. As Jacqueline Kennedy once said, "I do not feel I'll respond."
Search Your Specifics
There are no correct answers, but the discovery data helps to determine your strengths, weaknesses, and specifics. In a recent book by Dr Caroline Leaf, called The Gift In You, this PhD. Scientist discovered that there are seven layers of thinking processes in our minds. The seven layers of thought process are: Native, Interpersonal, Mathematics / Logic, Visual / Spatial, Music, Kinesthetic and Linguistic. From the initial thinking process, when a new thought comes into our mind, it will join seven songs in one order. For example, someone who first thinks of music will be able to read between the lines to mark it. While the logic / mathematician dominant thinker performs pattern recognition in large numbers and reasons in exact order. We all see the world differently and think differently. We are all unique and so are our companies and how we share our thinking. As such, it's unsuccessful to be like someone else like Steve Jobs. No one can think like him and we do not want either. We must learn to be self by knowing our uniqueness and using it to make use of it.
Are you elephant or arena?
As Shakespeare once said, "Of course, true." In other words, do you have the ability to compete as an agreement?
When you set up a new product, you need to adjust and adjust quickly. Is your business a Christmas tree that can move fast and adapt to consumer and market change? Or are you a slow elephant who takes decisions with slow speed? A slow elephants should think twice when they compete with refugee forces.
GM was able to introduce Saturn to compete with Japanese but Intel was quick to respond to constant AMD attacks. First, the Intel Celeron Tiles (Celeron) moved badly, but they responded quickly to the market and hit AMD in their own game.
Do you want to change and win?
Julius Caesar The strategy of overcoming the enemy was to swap and defeat. When you start buying a brand, you could switch your resources and put all your business in a weak place. Without sufficient resources, people and focus, both your premium and branded brands could be diluted and failed. If Bargain-Brand fails, you will receive additional costs and time of cleaning as well as cost and time to rebuild Premium-Brand.
It cost GM $ 15 billion to start and maintain the Saturn League. Delta Airlines launched Ted Airlines and lost billions as well. These two elephants did not understand their position or can respond quickly to market changes. Rather, they had copied the competitive thinking that would satisfy the market.
Fifty years ago, Anheuser-Busch faced a low price shootout from regional players who opened a new market. Anheuser-Busch responded by opening another company that was separate from the parent company;
Do you watch your customers or just your race?
Famous basketball coach John Wooden won more college basketball items than any other. Part of his success was never to allow one player to compare with others. Rather, each player was judged by his own skills, performances and productivity. Companies that try to copy Bargain-Brands do not have the same skills, people, shared thinking processes and experience like their competition. Look at Steve Jobs and his string of successful products; IPod, iPhone, iTunes, etc. Do not copy your competition, rather look for what's good for the customer and take advantage of your product development.
Know Your Customers
This is a key point for learning your customers to determine their actual needs and perceive the value of the offer. Advances in Neuromarketing have found that traditional market research can not understand how a customer receives your message. Every year, billions of dollars are spent in traditional market research and 80% of new products are introduced. Neuromarketing will give you an insight into the emotional needs of the audience and how they perceive your message and marketing.
The power of Neuromarketing begins with our involvement of seven senses; (1) Smells, (2) Smells, (3) Hearing (4) Touch, (5) Sight, (6) Humor, and (7) Intuition. In order to do it all, we must understand the power of the company that directly affects our emotional brain and how previous experiences are diminished when we engage in brands. Go to a healthy supermarket and you are bombarded by a disaster of beautiful food, freshly baked bread, brewed coffee and desserts turned into art. You are flooded with feelings of mom, home, security, abundance and happiness. Experience is often happy and you are willing to pay premiums for their products.
The company's strength will take our feelings to remember the positive experiences we will bind to the brand. Called somatic markings, they represent total summary of emotions, negative organizations and positive organizations. When a woman is given a light blue box with a white ribbon, Tiffany provokes a brand name and a blue color of strong feminine feelings. When we think of good brands, like Coach, Chanel, Harley Davidson and Tiffany, many of us feel emotional and somewhat physical positive feedback. A good brand related to Neuro-marketing should offer:
o Great experience that exceeds customer expectations
o Explanation of the value of the product
o The decision of foreigners to consider buying it
How we link products to past experiences can determine our shopping experience. Mr. Lindstrom in Business Studies pointed out some examples such as;
o Light blue for a woman can be associated with participation, marriage, children and fertility. Pink is associated with luxury, sensuality and being feminine.
o Color will increase brand recognition by 80% and represent up to 50% in the decision making process to select a brand.
o People will buy more from love (53%) versus gender (26%).
o Be genuine, transparent and real. We buy from people we can connect with.
Do not let your Bargain-Brand deny Premium Brand's profits.
If you decide to offer a Bargain brand, make sure you have the right income. If one part of your target audience is not profitable with your premium brand and your bidding mark can capture these profits and then go to it. On the other hand, if your brand offer is to prevent the benefits of your premium brand, then revise your options.
It is essential that your purchase price has different perceptions of value, message and pricing. A year ago, Kodak released a film that had a small deviation from the premium mark. Customers went to a lower price of goods that was established by profit from the premium tag. On the other hand, when P & G purchased the Luv's Diapers brand, put it instead of a brand. Their Pampers brand was given more features and ads so as to create a higher perceived value.
Must develop differences in perception and value
If you offer a bargain brand, your goal is to offer two products with high value and message separation. You need to consider using research methods in Neuromarketing research. It is essential that the premium offer lasts true benefits while the lower price of the brand works and looks like the agreement. By acting as a sign of agreement, you can cut costs of marketing, support, operation and production, thus creating a margin to compete effectively on a price. You may want to use a hot button here to connect people to the Neuromarketing article.
When Anheuser-Busch rolled out Busch Beer, they founded a new company and identity. They invested in new distributions, new trucks and new vendors to ensure that the Premium brand and purchase costs were not confused but optimized.
Do not recreate your bike or create a new organization unless it's a Market for it
GM invested $ 15 billion in Saturn and it failed. Is your goal to market a purchase or brand or build a new business?
Think about your resources, sales volume and gross revenues. Your goal is to make a living. If your Premium brand can not serve other large markets, then a new organization, such as launching a discount airline or Busch Beer, may be a response. On the other hand, if your premium tag exceeds the market, then revise your options. As I mentioned before, GM spent 15 billion US dollars on the new Saturn League when current product lines at Buick and Chevy reached the same target audience.
The final plan discussed: New new product group
A recent book, called the Blue Ocean Strategy, revealed that it is sometimes better to use a new product than to compete in blood clot water or Red Ocean. Look at the crowded range of electronic consumer goods, cars and foodstuffs. When you launched a new product in these categories, how do you stand out?
However, companies will use new products that develop a new category where there is no competition. Therefore, Blue Ocean. Years ago launched Sony Walkman. Apple introduced iPod and iPhone. An example of the Blue Ocean Strategy was the Casella Winery from Australia that wanted to launch a new wine in a very crowded and snooty class.
Policy-based innovation will look at different customers with shared relationships. In crowded wine companies, no more wineries do not think about looking for a minimum budget beer drinkers. The Casella Winery saw things differently, believing that beer drinks would like wine if the purchase was taken simple and fun. Out came Yellow Yellow tailwine in simple red and white versions.
The blue sea is created when a company enjoys the value of innovation that creates value for both buyer and company simultaneously. The innovation (in product, service or delivery) must increase and create value for the market, while simultaneously reducing or preventing features or services less estimated by current or future markets.
The guide I learned in the Potato Cup Pack was easy, keep your eyes on the goal line, no matter what your race is always doing. John Wooden's success was to do the best he could possibly do every day. As you consider your premium brand, think about the best thing you can do every day. As typical SWOT (intensity, weakness, chance, threats) and PESTEL analysis (political, economic, social, technical, environmental and legal) you should consider:
Are you elo or scene?
Want your purchase – Breaking can be your high premium?
Do you have the funds to run two brands simultaneously in profit?
Are you able to define and convey distinctly different suggestions for each brand?
Will the customer perceive the difference?
Will your current Premium brand reach this market? Or is Bargain-Brand a new demographic?
Finally, do you use a new product to create a new category and target audience?
As Jacqueline Kennedy once said, "I can not help, I answer." Laxiness and fear should not be part of your tactic, but a well thought-out response that optimizes your resources, strengths and uniqueness to meet the needs and wishes of the client.
Source by Thomas Denegre