Here’s a summary of some research i conducted earlier this month for a presentation. Marketers should enjoy this, i know that my admen and women do.
Interior Branding and self-identity are going to be the most important factors for a brand to keep a value but most importantly consumers’ loyalty.
1. To protect and increase one’s brand market (share) it is important to invest in it.
2. Stay true to the initial message, do not devaluate your brand by slicing prices just because the economy is bad. Increasing sales and discount would just appear as a sign of weakness and instability to you consumers.
• Procter & Gamble CEO A.G. Lafley, quoted in the world street journal, states, “We have a philosophy and a strategy. When times are tough, you build share”
• It’s also important to note that the recession might be a good time to increase marketing but each brand should work according to its own problem and situation.
3. Stability will help building trust with your consumers
• Today’s consumers are more savvy and demand value for money as well as quality and service. Though they’re tight on funds, they’re willing to spend in products they believe in.
• Consumers will stick to products they’re familiar with, leading to new opportunities for long-standing brands
4. Be aware of your category. The effect of the economy will vary for products in function of their categories.
• Services that required long termed contract would be less affected since recessions a mostly short-lived.
• Consumers will give up, more like trade down, expensive taste for cheaper store brands. But they’ll eventually have a little treat when the opportunity is presented.
There’s opportunity for growth, even though it’s tough out there. The way it is, see it as building length that would be harder to catch for you competition when the rainy days are gone.