What are Successful Principles of Product Management
Companies that are responsible for the production and distribution of products have a lot on their plates. Every product has a particular lifecycle. In order for that lifecycle to last as long as possible, some considerations need to be made. A successful product manager is always vigilant in their efforts to do what’s best for […]
Customer Life Cycle
If in an organization, many customers diverge their way to other organizations and customer acquisition program shows less aggressiveness then the organization faces terrible cash flow problems. This is the time when tracking the number of customers in each stage of customer life cycle becomes essential. This helps the organization to determine the purchasing power […]
Strategy Formulation vs Strategy Implementation
Following are the main differences between Strategy Formulation and Strategy Implementation- Strategy Formulation Strategy Implementation Strategy Formulation includes planning and decision-making involved in developing organization’s strategic goals and plans. Strategy Implementation involves all those means related to executing the strategic plans. In short, Strategy Formulation is placing the Forces before the action. In short, Strategy […]
Steps in Building a Brand Name Product or Service
At times, organizations are often inspired by a variety of ideas to create products and services which can be offered locally or globally. Generally, such products or services require the establishment of a brand or company name. Often these brands include both logo and lettering and can do a long way in advertising such products […]
Advertising Myths – Ifs and Buts of the Advertising Industry
Advertising is considered as the best tool to make people aware of the product a company wants to sell. This is the best way to communicate with the audience and to inform them about the product but with a proper media selection and of course timing. But there are some myths which have been creating […]
Are brands built or do they just happen over a period of time?. Well, this is a difficult question to deal with for, both are true.
One of the essential characteristics of successful brands being the fact that they withstand the test of time, we should agree that in many cases the brands actually become successful due to the customers and the achieve a cult status over a period of time.
Look around some of the most famous brands that have not only created a cult and global fan following, but have become closely associated with the lifestyle and social culture of individuals and society.
Brands like Marlboro, Harley Davidson, Apple, Mont Blanc etc have become a part of the psyche and culture of communities across the world. Most often you will find that the individual pegs his success by owning a Harley Davidson or a Merc. Only when he has purchased and possessed one of these brands does he consider that he has made it in life or has arrived.
Ask the owners of these brands whether they had thought of building the successful brand at the beginning of their success story and in all probabilities, they would never have expected to do so. In the natural course off business, these Organizations have rolled out products to further their business.
In order to build loyalty and deliver increased value to the customers, they would have invested in enhancing the value proposition continually and focused on promoting the brand.
Over a period of time, the promotional activities and the product would have matched with the aspirations and expectations of the customers leading to intense loyalty on the part of the consumers with the particular brand. Thus the brand acquires the power and status. We must at this point of time recognize that the empowerment of the brand has happened from the customer’s end.
Realizing the phenomenon of increased brand power, the Organizations would have engaged in building the brand and advertising to increase its reach and acceptance. Slowly with more and more customers enlisting their loyalty to the brand, it becomes a cult.
When a brand commands huge popularity and becomes a cult, you will note that the organization has been involved in sustaining and growing the brand. They invest into the brand interms of its utility, features, quality and promise as well as build some of the implied values or soft values that appeal to the customers and makes the brand endearing.
Harley Davidson promises a certain kind of adventure, freedom and spirit, thus appealing to that adventurous streak in men who begin to identify with it and thus form communities and groups to celebrate the brand.
Take the case of Mac, you will find techies being die hard apple fans across the world. The product is distinctly different from the rest of the computers in the form of its operating systems and capabilities.
Customers are hooked to Macs not only for the ease of use, but for the technical capabilities, superior performance and unmatched quality. The brand comes with a guarantee and no Mac user ever thinks of comparing Mac with others or even contemplates doubting the capabilities of a Mac. You can see in this case, that the brand is backed by the superior product quality and performance as well as contains an unsaid promise from the brand owners.
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