| Topic : Branding During Tough Times |
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Activity:
139 views;
last activity : 06 11 2011 10:21:21 +0000
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Forego of Market Activity
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Target Customer
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economic & effective ways to promote the brand ,
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Right projection of idea for Promotion of Brand
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Quality
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Act according to the market, never forego market activity, if moeny need to be spend on newer ads do that or for visibility but do not overdo the activity. |
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The mandra for brand management during recessionare: generate trial, increase usage, look for newer opportunities and increase market coverage all these things should be done without increasing the existing resources
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In spite of targeting the new customers target only the potential customers in tough times. Because it is management rule which says that 80% of you revenue comes from 20% of your customers. |
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I support Mr. Parth's views. At the time of economic downturn, not all the customer will be interested in the business. We should recognize the right customer who will be much profitable to us.
Getting new consumer is more difficult, as due to recession spending are on decrease. It is good to create exit barriers, with service differentiation. In this case we have to just streamline the operations, we do not need to spend extra budgets. Yes 80:20 is always there.
But this theory is applicable to those organizations which are in Growth or Maturity stage. At introduction you need to spend money on acquiring new consumers, there is no other way.
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In recession time companies will go to economical tools of branding.....like BTL activites.BTL activities are economic and effective tool to promote the brand. |
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I fully agree with the idea as promotion is most important in case of branding and maintain the market presence. In present context of receission promotion should not be only effective but at the same time it should be economical.
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In view of the economic depression, products that have value are sought after most. So here the brand promotion comes into play, projecting the product or the brand as most value adding one and giving you the most effective return on your investment. And hence the promotion should reflect these sentiments while projecting the brand.
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Explain the customer about the price of the product, a decline in price may affect the quality of the product. |
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What are the typical tools for brand Management in recession? |
Take into consideration the market share of the product if it has larger market then the amount spend need not be high. |