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The people and companies behind the above brand names are well known. They are established. They have earned the right to be positioned where they are in the public's eye. Are you or your product clearly associated with the solution you seek to provide? What about your product? What about your name? How are you positioned in the marketplace? As an entrepreneur, a small businessperson, you have to be ever so keenly aware of every minute detail and opportunity to brand yourself. You need to be the expert. Your product must solve the problem, and the world needs to know about it. Branding therefore, may be the most important marketing challenge you face as your business plan unfolds.
Eye On The Pie: Branding From an Investors P.O.V.
For many entrepreneurs who are just starting out or are flying solo for any amount of years, it's often inconceivable that anyone would want a piece of their business in the future when they are struggling to grow now. For those who find themselves in this implausible thought or for those who believe in the 'brass ring' of going public there are four things you should consider now that will enable that kind of big future.
Brand Awareness - Brand Identity
One afternoon our conversation turned, as all conversations eventually do, to the topic of The Lord of the Rings. Our discussion about differences between the book and the movie evolved into a discussion about the characters in the movie which made up the Fellowship of the Ring. The interesting thing to note was the difference in the levels of awareness of these characters by various people. We were struck by the similarities in how people remember these movie characters and how people remember certain brands.
The Trust Issue In Marketing
In today's ever-changing world of marketing, electronic media, email, and advertising innovations and intrusions, companies, and businesses are marketing to an ever increasingly suspicious consumer, who is conflicted between their desire not to be "sold" to and their desire to consume. They are looking for ways to establish believability, credibility, and trust.
According to a paper by the Peppers and Rogers Group (2004), 36% of major U.S. corporations view privacy as an important part of the company's brand image.
It is my belief based on consumer thinking that one way to develop a competitive edge in the marketing world is to place greater emphasis on tying privacy policy to brand. This strategy places a direct link between trust and purchase while developing the beginnings of long-term relationship.
I suggest highlighting your privacy policy in all your marketing in a way that makes privacy, trust, and your brand synonymous. Let the consumer know that here is a business that will respect your privacy. Let them know that your communication with them will be relevant to their consumer needs. And you can let them know that information they share with your business will be used to better meet their needs and will not, knowingly be used against them, sold, or given to third parties.
It might even be smart to develop a short marketing campaign that focuses on your commitment to your customer's privacy, instead of simply stating that you have a privacy policy or stating your policy in unreadable font at the bottom of your literature.
About 50 % of consumers today have little more knowledge than brand or product recognition and have little desire to acquire extra information about a brand or product, so it behooves the marketing community to link recognition of their brand to trust, safety, and advocacy. Instead of selling to consumers, target your marketing to help them believe that you are making them safer and more secure by purchasing your brand and then back it up!
copyright 2004
Darrin Coe holds a masters degree in professional psychology specializing in consumer thinking. He publishes The Darrin Coe Ezine. You can subscribe at http://www.consumer-thinking.com/dcezine.html.
Visit Consumer Thinking.com at http://www.consumer-thinking.com.
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