Simple question. Most of the readers here definitely knows what a brand is. I believe it is something due to which value is added to the product in the customer’s perception. It is for this so called “Brand” that he is willing to pay a premium from his own pocket !!! An awesome powerful tool really ! A marketeer’s boon!!
But is everything really great about having a brand and is worth the cost ? Did I hear yes? I again disagree ( one of these days I hope I will agree with you ! I really want to !)
Logic says, having a Brand is like having a goldmine. Yes it is to some extent specially when dealing with the upper segments of the pyramid. Your company spends millions of dollars to build brands say A and B. It is hugely successful as well ! you are a hit !
No. Because it is important to let people know that you have a great product. But instead of spending millions on promoting a brand, try to spend a part of that on delivering it as promised. Your market will be created then because when I will buy a good product , I will tell others that you have a good product which in turn will build a great brand. Quality and marketing always work as brothers in arms.Brands like Volkswagen or Levis became brands only because they delivered quality product as company.
Bottom line : Build quality ! It pays !!
Food for thought : How many millions are you willing to spend for promoting your brand? And do you invest similarly in innovation and quality?
You might like reading:
Strategic Change in the e-commerce Industry
With e-commerce booming at the rate of 16% this year as compared to the growth in physical retail store domain of 1.5%, it is undoubtedly the fastest growing sector where all top retailers want to invest. Unlike in a traditional market where ‘bricks and mortar’ are usually required, any vendor that can connect to the network can sell a product […]
XIM hosts Xpressions’21: The biggest B-School festival of Eastern India
Xavier Institute of Management, Bhubaneswar successfully concluded “Xpressions’21”, the flagship annual management and cultural festival, on 20th February 2022. This year, the festival was conducted in the online mode and stretched over two days from 19th February to 20th February. The resplendent festival drew a large number of participants from several reputed institutions across India. The festival witnessed a myriad […]
