| Topic : Branding During Tough Times |
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Marketing & Branding
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Activity:
136 views;
last activity : 06 11 2011 10:29:00 +0000
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Customer Focus, Past performance, Cutting Advertisement Costs
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Empathy and Authenticity
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Communication Gap
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Promote the ROI point of view
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Focus on Future Products
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Mittal Shah, Sr. Manager, Infratech Real Estate Pvt. Ltd., Nagpur
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honest communication
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Niche Audience
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There has to be a strategic cutting and allocation of funds in order to leverage upon Brand Value during recession. You must look into the opportunity, instead of joining the the majority of your competitors, who plainly choose cut down heavily on the Branding aspects. This is the time to act. Try to consolidate your existing business and in turn save your key customers from slipping to your rival brands. This can be done by enhancing leg work through your sales force, at the same time making sure your key customers are pampered with excellent service. Also try to regain your already lost customers, who were once loyal to your brands, by adding value to your brands, as these are the people who are high on the familiarity index. Cut down on mass campaigns, and use a part of the funds to maximize value addition weather through one to one(customers in case of B2B) or general value addition ( in case of B2C). The expensive mass campaigns can be altered by more economical campaigns which results in good Brand Visibility. |
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I believe empathy and authenticity become increasingly important sources of brand differentiation in a recessionary environment. During uncertain times we tend to place our trust in those people, brands and institutions we believe truly understand us. When every paise counts we take fewer risks and are likely to choose brands that are highly relevant to our immediate needs. We seek products that represent a genuine value, not because of a price cut, but because they deliver on their promise. I think Empathy and authenticity are essential ingredients in any healthy brand, even during good times.
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I agree with Jitena on this one. We need a co-operative attitude in these hard times to sail through. If we can deliver on our promises and increase our visibility in these hard times, that way we are actaully laying a very good foundation for a strong brand in normal times.
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I think you have to bridge the communication gap, technology has overshadowed the importance of the human touch in business. No matter how great technical advances are, they cannot replace the power of human connections. Leverage this idea and drop in to meet face-to-face with your customers and qualified leads. Ask them about their current obstacles and concerns and how you can help them. Really listening and helping customers solve their issues goes a long way to maintaining momentum in the marketplace.
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During recession it is important to understand that the people are trying to cut down on costs and unfrilled, non-fancy, but things that give you more return on the rupee you pay. So drive home this point, you need to project your products such that it tells the customer that your product not only will help you with the utility part but also help you save by having more in return for the rupee he spends.
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Well, during recession everyone tends to cut cost and don't focus on investing on future developments. But I think the companies should continue to invest in future products. Because when you come out of recession, you won't be having poor products than that of your competitors. If you do have poorer products , it will take time to catch up with the market. |
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Be customer focused, Improve your service, analyse need of the customer and be honest.
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To leverage brand value during recession a company should send out honest communication which could be through advertising or any other method to the consumers and various stake holders .
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I could say you better focus on a niche audience & figure out which segment of your target market needs you the most. These buyers will be more receptive to your message. Find ways to offer additional value, whether through add-on or expanded services. This not only can help you win their business, but it instills a sense of trust and loyalty because you are exhibiting flexibility in a tough business environment.
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