When an entrepreneur is considering a new business is the time to target a market and to learn everything possible about target market members. This part of branding strategy requires knowing demographic characteristics of target market members. Demographic characteristics can usually be determined through research, including brain-storming and researching literature on the Internet and at libraries. 2. the name of the business,
The major problem that SME owners make in naming their businesses is naming them after themselves instead of selecting a name that represents what the business does or sells. We often see names such as “chitra waffers” or “Restoran Ayu”, which are fine, but really, does that do anything for your business? A business name is the most important part of the business’s brand. It should appeal to the target market and leave no doubt about the business’s purpose. 3. the slogan of the business
All SMEs need a slogan that capsulate your business’s unique selling proposition and most distinctive characteristics. SME’s slogan is ‘Global Perspectives, Local Insights’. For SME, a slogan that represents our USP – that of a local publication with a ‘worldview’. A good slogan will improve your business and your brand profitability. 4. the price of products and services,
The pricing component of branding strategy includes four major decisions. SME owners need to consider: 1. how well product or service meets an unmet need,
2. its quality,
3. its distinguishing characteristics and
4. what the target market is able and willing to pay for it. Getting the target market, business name and pricing components of branding strategy right should be done before launching the business or product. They are fundamental to the success of a SME’s branding strategy. 5. the distribution outlets delivering products to customers,...