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Marketing : the repositioned brand
Strategy for economic recession
Don Sull, Professor of Management Practices in Strategic and International Management at the London School of Business, believes the current economic recession actually affords businesses an unexpected opportunity. Sull calls it “creating resources” that play off the recession. The three characteristics of resources to address the recession are
- Rare (specialized) – what can your product or service do that others cannot
- Valuable (adds value) – how does the product or service have added value for the customer
- Differentiated (inimitable) – how is the product or service unique
Interestingly, those characteristics promising to push a business to the leading edge also define what a strong brand and branding strategy must communicate to the consumer. Interbrand.com every year publishes a list of the best global brands. Coca-cola was at the top of the list in 2009. Coca-cola rolled out its new brand, Coke Zero, in 107 countries with its own brand promise “Open Happiness,” appealing to “consumers longing for comfort and optimism in tough times.” A repositioning taking advantage of the recession paid off for the corporation.
What the Customer Values – A Recession Response
A new study on value, conducted by Euro RSCG Worldwide, the world’s largest marketing communications agency network, has important implications for businesses during the recession. The Value Study (May, 2009) was based on consumer surveys in three countries : U.S., U.K. and France. The study reported that 78% of respondents believe the Internet is an important part of the consumer’s (shopping) experience regardless of whether purchases are made online. Also, consumers are sharing opinions and information about brands online. Importantly, the study suggests that customers are not necessarily looking for ways to save on costs.
"Despite what many marketers and retailers may think, it’s not all about price— consumers find value in feeling smart about purchase decisions and investing in brands they trust," said Andrew Benett, Co-CEO of Euro RSCG New York and Global Chief Strategy Officer of Euro RSCG Worldwide. "There is a tremendous opportunity for marketers to resonate with consumers by communicating brand value as a core commitment to quality, tradition and customer service. The key is to break through consumer anxiety and reassure customers that they are making intelligent purchase decisions for themselves, their families and the community at large." (PR/Wirenews, May 5, 2009)