How To Brand Company
Welcome back to the 4th and final post in the “How To Brand A Company” Series
Create a Demand for your Brand
Your product’s performance, your customer service, follow-through, and your communication add up to a brand experience. Great experiences turn your brand into a magnet for new and repeat business. Buyers will seek you out, tell their friends, and remain loyal. Your brand can make the buyer’s choice easy. That is the power of the brand.
So How To Brand a Company and create a demand for my company brand?
If your product is not selling well, there is a reason. You may have overestimated the demand, overpriced it or selling to the WRONG market.
If the demand is less than you thought it would be, before completely scrapping an idea you might want to artificially creating a demand.
The founder and CEO of The Millionaires Club, a matchmaking service to the rich and famous, created a demand by restricting the numbers of paid memberships she accepts each year. Creating a demand for the service by limiting through exclusivity is a powerful method.
Companies like Costco allow members only to purchase their products. Becoming a member gives you benefits like discounts. The company offers good prices as a privilege of spending you money with them.
There are companies offering free membership, but without becoming a member you cannot take advantage of sales prices.
Free membership companies track individual shopping preferences to determine times and days people use their services or buy their products. The collected information serves to better target their services and product range, but also to better target and meet their customer expectations and demands.
Exclusivity Can Lend The Appearance That A Purchase Is An Investment
Coin, stamp and collectible campaigns are generally successful because they work from the concept of exclusivity by limiting the items that are produced. Same concept applies for limited time of service that that is offered.
This “limited edition” concept make the customer realize that they are not just getting something people won’t be able to buy in the future (Exclusivity factor), but that a high purchase price often is associated with collectibles and therefore justifiable. The customer is buying an investment.
Same concept for the “limited time” Customers realize that this is their chance to take their decision before it’s too late, and they might even realize that they will be gaining more benefits by being among the few who made it in time.
By simply limiting an item or an offer does not necessarily increase its value or collectability, but it creates a demand for something where there otherwise might not have really been much of.
Not just because of the deal itself, but because of human nature consumers like to feel that they have gotten a better deal than someone else.
Just For You!
So, before scrapping your idea, try promoting it with the “limited time” concept.
If “limited” does not work, try offering some sort of discount if your customer subscribe to your newsletter, follows you on facebook, or send out a tweet about your business. This marketing approach allows someone to “earn” something others do not get by simple merit – the discount.
The most impressive example of creating an artificial demand for something can be seen in the diamond industry. Diamonds are not rare, they are horded in mass quantities by the diamond companies, and carefully doled out in limited quantities to keep the artificial demand and the high price.
When something appears to be scarce, there is almost always a higher demand for the item, the service or product. This is called the Scarcity Principle in marketing and plays on a powerful human instinct to gather for the future.
Incentives Can Increase Demand
Incentives offered to all new members, new customers, new sign ups who come in before midnight, or even in a particular geographic area creates a sense of exclusivity.
Anything that is denied someone else, becomes exclusive to someone. And, anything that becomes exclusive usually comes with a higher price.
So, there it is, How To Brand A Company, your company. The starting point for you, if you haven’t done so yet. Is to get your FREE blog.
“When One Teacehs, Two Learn”