Tuesday, July 31, 2012
Looking at successful brands to inspire your marketing is a good way to get a feel for what marketing strategies you can implement within your own business strategy. Successful brands have created a message and image that works for their consumers, and creates a strong brand presence within the market. When you’re stuck in a marketing rut, or trying new things that aren’t working, it’s always a good plan to look to those that are thriving from their marketing efforts.
So, what you can achieve from looking at successful brands?
Learn from what they do right Successful brands are successful for a reason – it means they’ve done something right. Google’s share price has consistently risen, and even in the face of a recession was only slightly dented. Google was not only the number one search engine due to its innovations in search technology but its real money making strategy was to auction off adverts that appear alongside the search results. Google’s Adwords became so successful over the years that its search engine rivals like Yahoo began to copy its technique and have only now began to match it. Google’s recent move into the mobile operating system business with the Android has meant that it’s still one of the most important and influential technology companies.
Google’s burst into success with its innovative, new way of thinking that got them right to the top. Not only are they innovative, but their ability to recognise a consumer shift towards mobile technology has meant that their strategy choices have kept their brand presence very noticeable in a highly concentrated and competitive market.
What we can learn from Google is that being innovative really does work, keep working on new ideas and strategies and one day you’ll hit big and be above the rest. It’s always good for marketers to be proactive and recognise where their consumers are heading.
Learn from their mistakes
After a dip in sales and brand awareness in 1985 coca cola decided to introduce the ‘new coke’ a preferred and tested (by 200,000 consumers!) new formula. However, as soon as the launch hit, it was met with an outcry as thousands of consumers demanded the ‘old coke’. It appeared they didn’t want any one tampering with their coca-cola. After much uproar during the summer of 1985, coca-cola announced its return to the ‘old coke’. Despite, the bad reaction, coca-cola learnt that it was about the brand and not just about the drink and activated an old love consumers had for coca-cola.
‘New coke’ will go down in history as one of the biggest marketing failures of all time. However, Coca-cola, in the end, benefitted from their mistake achieving higher amounts of sales and much increased brand awareness. It highlights the important fact that you need to get people talking about your brand. Whether you want to be controversial about it or not, the impact on brand awareness is huge and, as long as you go about it in the right way and ultimately end up pleasing your customers, you brand presence will increase and the knowledge you gain will strengthen your brand immensely.
Get new ideas
Looking to successful companies can give you new ideas for your marketing. As mass customisation, the economic downturn and the increased need for trust move into customer’s preferences companies need to come up with new ways to gain customers attention. Burberry created Burberry Bespoke, a digital customisation service that claims to offer around 12m variations on its classic trench coat. Heinz introduced several products in reduced sizes at cheaper prices to cater for those affected by the economic conditions. And The Co-operative Group proactively released a statement on the News of the World phone-hacking scandal withdrawing their advertising support. Customers want companies to recognise their needs, and expect them to react and have their own views on what’s going on in the world today.
It’s easy to attempt to copy successful companies in the bid to create a successful marketing strategy and strong brand, but it’s important to make sure you have the capabilities to do what’s good for you and your company. Successful companies don’t always get it right – just look at RIM after jumping on the consumer Smartphone bandwagon have taken a turn and moved back to focusing on its core business market. It’s great to look to other companies and learn from their marketing campaigns and strategies, but make sure you take what they do and adapt it to your own circumstances, creating new ideas that fit your overall business strategy.
Sarah writes on behalf of Fluid Branding a promotional products specialist. Fluid Branding have thousands of promotional product from promotional mugs to calculators. Fluid Branding have something for everyone.