By Nilson T.H.
This e-book explores the more and more vital subject of brand name construction in the one-to-one suggestion. It explains find out how to in achieving what all dealers dream a few services or products custom-made for every person buyer that's either a great worth for the buyer and a ecocnomic enterprise for the manufacturer. It makes use of sensible instruments and case experiences to teach how an organization can optimize its model advertising and marketing assets.
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Additional resources for Customize The Brand
Fortunately, perfect individual attention is not necessary because we are not that different. We are different but not uniquely so. By categorizing the target audience into segments based on selected criteria, it all becomes much more easy to understand and manage, and much more ﬁnancially viable. This is the only reason for using segmentation. The main challenge of segmentation is to ﬁnd criteria that are relevant to the market sector in question. This can be life stages (for markets such as home furnishing), income level (ﬁnancial services products), gender and age (sanitary protection and sports products), type of dwelling (home insurance), lifestyle (holidays and fashion), etc.
Over time, almost all markets fragment, at least as long as there is not a decline in total demand that can force some companies and brands out of a market. The increase in choice, mainly through more variants within the same category, does not only inﬂuence the time available to consider each alternative. In many instances it also decreases customer loyalty. The more alternatives that are available, the greater the chance that you will choose something else. If only two products are available in a sector, the temptation to change is limited.
American Express in Europe applied for many years a philosophy of rejecting many applicants to build the snob value – apparently with great success at the time. To grow outside of the premium market and become a generally acknowledged leader is, however, not possible on this basis. First, it creates ill will – who wants to be rejected? The Halifax, one of the biggest banks in the UK, gained a considerable amount of ill will when its selection strategy became common knowledge, and it had to make a public apology – and reverse the strategy.