How Branding Sells
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.
The Good Old Days
Do you remember when your Mother used to take 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 are:
Unique uses of Branding
One unique use of branding is to be able to use 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 cross product offerings such as two items that complement each other, either from the same company or from competing companies, e.g. peanut butter and jelly (Skippy and Smucker’s) help increase the sales for both items. The use of self-liquidating premiums, that is, a premium that the buyer can obtain for a small fee that covers the cost of the premium.
Franklin Cooper © 2017