Branding Strategies - When a Bargain-Brand Attacks a Premium-Brand

Busch Jobs - Branding Strategies - When a Bargain-Brand Attacks a Premium-Brand

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When I was ten years old at a summer camp I was foremost in the potato sack race. To check on my competitors I looked over my shoulder and suddenly tripped and fell. I came in last place. Even the slowest person, Marsh Mellow Matt beat me. It was humiliating. But in the end I gained a good learning experience.

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When a bargain-brand stock attacks your premium-brand space, is it still wholesome to look over your shoulder? Will you trip over too?

In a robust cheaper it's relatively easy to mouth profitable growth of a premium-brand product. Conversely, in today's economy, the competitive troops are testing the best of us. We are entering a new paradigm of firm and the days of conspicuous consumption are swiftly receding. Since 2007 over 8 million jobs have been lost. We have lasting unemployment at 10%, or in reality its 17% when you add the citizen who gave up seeing for a job. As fear, insecurity, and the need to be thrifty enter the consciousness of consumers, clubs are responding by introducing lower price bargain-brand products. What's a premium-brand to do?

There are three strategies a premium-brand can consider; (1) Introduce your own bargain-brand, (2) Innovate a new value stock kind (3) Or, mouth status quo. Let's consider the ramifications of deploying your own Bargain-Brand.

As Jacqueline Kennedy once said, "I don't react, I respond."

There's a saying, "Never fight a pig because you'll get muddy and the pig will enjoy it." The same goes for a premium-brand seeing to protect its store share against a bargain-brand. Every day we see new deal airlines, deal consumer products, deal cars, deal food, and deal electronics. Be rigorous of the panic reaction when you deploy short term tactics in price discounting and couponing. It may only deplete profits. You can hold the line, but can you afford customers who blemish to lower price brands. As Jacqueline Kennedy once said, "I don't react, I respond."

Seek your uniqueness

There are no right answers, but a journey of discovery will help settle your strengths, weaknesses, and uniqueness. In a recent book by Dr. Caroline Leaf, called, The Gift In You, this PhD. Researcher discovered there are seven layers of thinking processes in our minds. The seven layers of thinking processes are: Intrapersonal, Interpersonal, Math/Logic, Visual/Spatial, Music, Kinesthetic, and Linguistic. Starting from the most dominant thinking process, when a new concept enters our mind it will loop into the seven layers in a separate sequential order. For example, someone who thinks first in music will be able to read in the middle of the lines to give meaning to it. While a logic/math dominant thinker performs pattern recognition in huge numbers and reasons in a precise order. We all see the world differently and think differently. We are all unique and so are our clubs and the way we communal process our thinking. As such it's fruitless to be like someone else such as Steve Jobs. None of us can think like him and nor do we want to. We must learn to be ourselves by knowing our uniqueness and using it to your advantage.

Are you an elephant or a cheetah?

As Shakespeare once said, "To thine own self be true." In other words, do you have the competencies to compete as a Bargain-Brand?

When launching a new stock you'll have to adjust and adapt quickly. Is your firm a cheetah that can move swiftly and adapt to consumer and store changes? Or, are you a slow challenging elephant that makes decisions at a sluggish pace? A slow challenging elephant should think twice when competitive against fast challenging bargain-brand cheetahs.

Gm was slow to introduce Saturn to compete against the Japanese, but Intel was quick to reply to constant Amd attacks. At first, Intel's bargain-brand chips (Celeron) performed poorly, but they responded swiftly to the store and beat Amd at their own game.

Will you divide and conquer yourself?

Julius Caesar's strategy to overcome the enemy was to divide and conquer. When launching a Bargain-Brand, you might be dividing your resources and placing your entire assosication into a weak position. Without enough resources, people, and focus, both your prime and deal brand products could become diluted and fail. If the Bargain-Brand fails then you'll have the added cost and time of cleaning up plus the cost and time to rebuild the Premium-Brand.

It cost Gm Billion to begin and mouth the Saturn division. Delta Airlines launched Ted Airlines and lost billions too. These two elephants didn't understand their uniqueness nor able to response swiftly to store changes. Rather they copied the competition thinking that would satisfy the market.

On the other hand, fifty years ago, Anheuser-Busch was facing a low-price strike from regional players which opened up a whole new store category. Anheuser-Busch responded by occasion up someone else firm that was thoroughly separate from the parent company; perhaps you've heard of Busch Beer.

Are you seeing at your customers or just your competition?

The renowned basketball coach John Wooden won more college basketball championships than anything else. Part of his success was to never allow one player to be compared to another. Rather, each player was judged by his own skills, performances, and productivity. clubs trying to copy Bargain-Brands don't have the same competencies, people, communal thinking processes, and experiences like their competition. Look at Steve Jobs and his string of victorious products; iPod, iPhone, iTunes, etc. Therefore, don't copy your competition, rather seek what is good for the customer and use your uniqueness to create your product.

Know thy customer

This is a key time to study your customer to settle their true needs and the perceived value of your offering. Advances in Neuromarketing have discovered that customary marketing research can fall short in truly insight how a customer receives your message. Each year billions of dollars are spent on customary store research and still 80% of new stock launches fail. Neuromarketing will give you insight on the emotional needs of your audience and how they will realize your messaging and marketing.

The power of Neuromarketing starts with the engagement of our seven senses; (1) Taste, (2) Smell, (3) Hearing (4) Touch, (5) Sight, (6) Humor, and (7) Intuition. To make it all work one must understand the power of relationship that directly impacts our emotional brain and how past experiences are recalled when we encounter a brand experience. Walk into a Whole Foods Store and you're bombarded with a cornucopia of beautiful food, fresh baked bread, brewed coffee, and desserts turned into art. You're flooded with emotions of mom, home, security, abundance, and happiness. The feel is oftentimes joyful and you're willing to pay prime prices for their products.

The power of relationship will engage our senses to recall inevitable experiences that we will tie to the brand. Called somatic markers, they relate a total compilation of emotions, negative associations, and inevitable associations. When a woman is given a light blue box with a white ribbon, the Tiffany brand and blue color evoke strong feminine emotions. When we think of a well branded product, such as Coach, Chanel, Harley Davidson and Tiffany, many of us feel an emotional and somewhat sensual inevitable response. A good brand tied to Neuro-marketing should offer:

o A great feel that exceeds customer's expectations
o A solution of the value of the stock
o A decision by the prospect to consider purchasing it

How we join together products with past experiences can settle our purchasing considerations. Mr Lindstrom in Buyology highlighted a few examples such as;
o Light blue for a woman can be linked with engagement, marriage, babies, and fertility. Pink is linked with luxury, sensuality, and being feminine.
o Color will growth brand recognition by 80% and represents up to 50% in the decision production process to select a brand product.
o People will buy more out of love (53%) versus sex (26%).
o Be authentic, transparent, and real. We buy from citizen we can quote to.

Don't let your Bargain-Brand cannibalize the profits of your Premium-Brand.
If you settle on launching a Bargain-brand be sure you are capturing the right revenue. If one part of your target audience is not profitable with your premium-brand and your bargain-brand can capture that profit, then go for it. On the other hand, if your Bargain-brand is going to cannibalize your premium-brand profits then consider your options.

It's critical that your bargain-brand have a separate perceived value, messaging, and pricing. Years ago Kodak came out with a bargain-brand film that had little inequity from the prime brand. Customers went for the lower price stock cannibalizing profits from the premium-brand. On the other hand, when P&G purchased Luv's Diapers brand, it repositioned it as a bargain-brand. Their Pampers brand was given greater features and advertising thus creating a higher perceived value.

Must create a inequity in Perception and Value
If you offer a bargain-brand, then your goal is to offer two products with much divorce in value and messaging. You'll want to consider using Neuromarketing research techniques. It is critical that the prime stock mouth its true value benefits while the lower-price brand act and look like a bargain-brand one. By acting like a bargain-brand, you'll be able to cut costs on marketing, support, operations, and output and thereby creating the gross margin to compete effectively on price. You may want to use a hot button here to join together citizen to your article on Neuromarketing.

When Anheuser-Busch rolled out Busch Beer they created a whole new firm and identity. They invested in new distribution, new trucks, and new sales citizen to ensure that the Premium-brand and Bargain-brand were not confused but optimized.

Don't recreate the wheel or build a new assosication unless there's a store for it
Gm invested Billion in Saturn and it failed. Is your goal to store a Bargain-Brand or build a new company?

Consider your resources, sales volume, and gross margins. Your goal is to make a profit. If your Premium-brand cannot serve someone else large market, then a new organization, such as Starting up a allowance airline division or Busch Beer may be an answer. On the other hand, if your premium-brand can cover the store then re-consider your options. As I mentioned earlier, Gm spent Billion on the new Saturn division, when their existing stock lines at Buick and Chevy reached the same target audience.

The Final Strategy to Consider: Innovate a new stock category
A recent book called Blue Ocean Strategy stated that it is sometimes great to innovate a new stock than to compete in blood thirsty waters or Red Ocean. Look at the crowded fields of electronic consumer products, automobiles and food. When you begin a new stock in these categories how do you stand out?

Conversely, clubs will innovate new products developing a new kind where there is no competition; hence Blue Ocean. Years ago Sony launched the Walkman. Apple introduced the iPod and iPhone. An example in Blue Ocean Strategy was the Casella Winery from Australian who wanted to begin a new wine in a very crowded and snooty category.

A strategy based on innovation will look at separate customers with shared commonalties. In the crowded wine business, more wineries did not think of seeing for low funds beer drinkers. The Casella winery saw things differently and believed beer drinkers would want wine if the purchase decision was made uncomplicated and fun. Out came Yellow Tail wine in uncomplicated red and white versions.

A blue ocean is created when a firm achieves value innovation that creates value simultaneously for both the buyer and the company. The innovation (in product, service, or delivery) must raise and generate value for the market, while simultaneously reducing or eliminating features or services that are less valued by the current or future market.

The episode I learned in the potato sack race was easy, keep your eye on the goal line not what your competition is all the time doing. John Wooden's success was doing the best he could perhaps do every day. As you consider your prime brand, think about the best you can do every day with it. As any typical Swot (Strengths, Weaknesses, Opportunities, Threats) and Pestel pathology (Political, Economic, Social, Technology, Environmental, Legal) you should consider:

Are you an elephant or a cheetah organization?
Will your deal -Brand cannibalize your prime -Brand profits?
Do you have the resources to run two brands simultaneously at a profit?
Are you able to clearly define and quote the separate unique selling proposition for each brand?
Will the customer realize the differences?
Will your current Premium-Brand cover this market? Or is the Bargain-Brand a new demographic?
Lastly, do you innovate a new stock to generate a new kind and target audience?

As Jacqueline Kennedy once said, "I don't react, I respond." Panic and fear should not be part of your tactics, but a well concept out response that optimizes your resources, strengths, and uniqueness in meeting the needs and wants of your customer.

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