Market research is crucial for choosing a brand marketing strategy that targets the right audience. The marketing mix, including pricing, packaging, and distribution, should be carefully planned. Brand image and positioning are also important in promoting a product to different market segments. A strong brand image increases consumer awareness and should be communicated effectively to the target audience.
The most important step in choosing the best brand marketing strategy for your product is conducting thorough market research on your target customers. After all, the reason you have a product on the market is to get it into the hands of consumers. You simply won’t be able to do this effectively unless you use marketing strategies directed directly at your target customers. Understanding their needs and wants should guide your branding strategy throughout your marketing mix.
The marketing mix strategy includes every detail of how a product is marketed to its target audience. Everything from the price of the product to the way it is packaged, distributed and sold must be carefully planned to achieve the best possible sales performance. Distribution channels, or how the product gets to the target consumer, also need to be carefully considered. Will the product sell better in person to buyers or on a website? The answers to questions like this tie into the final determination of the best brand marketing strategy.
Brand is the consumer image of the product which includes the name and overall identity. To find the essence of a brand, marketers often suggest that marketers think about how to position the product in the market. Product positioning refers to the sales angle offered by different brands of similar products. For example, vanilla ice cream can be sold in a large plastic tub and made with low-cost ingredients, or it can include real vanilla beans and be packaged in a small, elegantly printed cardboard container.
The brand marketing strategy would be different for the two ice cream brands because they would target different market segments. The smaller, more elegant brand is likely to be bought by individuals or couples, while the larger one is aimed at families on a budget. The packaging and prices of the two ice cream brands reflect the different branding strategies. Promotion or advertising would also be very different. Value-priced buckets of ice cream would be positioned as money savers, while the premium variety in the elegant containers is likely to be promoted as high quality.
A strong brand image increases consumer awareness. It’s important to remember that advertising your product needs to communicate your strategic message to the people who are most likely to buy it. Flashy and artistic commercials can entertain, amuse, and even win awards, but if your target audience doesn’t remember your brand after seeing your ads, your advertising budget isn’t actually being used in your brand marketing strategy.
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