The creation of a brand for your product can dramatically increase your market share over your competition, increase your revenue stream, and add a high degree of value to your bottom line. However, it’s not as easy as it sounds.
Do you remember when you were young and your Mother took you on grocery shopping excursions? She looked for and chose those products with which she was familiar and purchased those she felt offered the taste and nutrition she was looking for. Products such as Kraft macaroni and cheese, Maxwell House Coffee, Heinz Ketchup, Kellogg’s Corn Flakes, and Jell-o gelatin were staples on her shopping list. Today this is still partly true but to a lesser extent because times have changed and competition is much stronger and more sophisticated.
Some contributing factors that have impacted brands today are:
One unique use of branding is the use of the brand on a product offered by a brand name store, for example, Paloma Picasso and Else Peretti jewelry designs and collections, many of which are sold through Tiffany & Company. In this case, each brand achieves a high degree of visibility and the product and the store work off each other.
Two popular promotional programs are:
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