As a CMO Dhoby Ghaut, its very critical for you to understand developing brand strategy is extremely critical. The most important asset your company has is its brand. Quite simply, it drives the direction of your business. So you should definitely have a well thought out brand strategy in place.
Increasing competition in business develops similar products with good quality from different manufacturers. But only an effective, innovative and Digital Strategy & planning can make your business and products more popular.
For your profession as CMO Dhoby Ghaut it becomes your responsibility to stay connected with like-minded supporting industry experts who can guide and help you deal with your day to day work issues.
Is Machine Learning Helping Marketers or Making Them Obsolete?
If you are entrepreneurial in nature owning a business is very exciting adventure. It can also be the most difficult thing for you to get into if you are not prepared.
Consumers perceive and accept many brands within a certain trade group in different ways. By personifying a brand (How would you describe brand X if it were a person?) we can find out, that for instance consumers perceive brand A as a young, impulsive, lively, attractive, energetic woman full of ideas. In the same way could brand B be an elderly, conservative and relaxed man. The brand can also have a completely inexpressive and bad image. That is how brand C may not have any real personal characteristics, slim, tall, unnoticeable and calm.
The image basically expresses a way a consumer thinks about the brand and the feelings the brand arouses when the consumer thinks about it. On the basis of these characteristics, which the consumer associates with the brand, the company can build a competitive advantage for its brand.
What sort of image should our brand have?
Before answering this question it is important to take into account several factors and market circumstances: company goals, consumer wishes and expectations, trade groups and several other groups. A company builds its brand image through trade communication with its consumers. That is how a company informs the consumer of what the brand represents, what its values are, what the company is offering or guaranteeing the consumer, what its advantages are, its qualities etc. The consumers interpret all obtained information and form a subjective perception of the brand or its image.
Why research the brand image?
Understanding a brand image is of key importance to long-term management of a brand. It is also important how the consumers formed the brand and what kind of relationship was formed with the brand - what the brand means to them and how they have accepted it. Understanding the relationship between consumers and brands can help a company control its successful brand positioning and the efficiency of advertising.
How do we research the image?
The brand image is formed in the long-term and represents a non-conscious and "untouchable" area, which needs to be researched using projective researching methods that help the consumer to overcome certain obstacles and limitations as well helping him to be inspired in the world of brand names. The consumer does therefore not only focus on the brand, but mainly on his experience with it and on its usual users. He focuses on the opportunities, which are most suitable for the specific brand and what sort of image the brand presents etc.
We are able to research and describe the brand from various perspectives. We obtain many different associations, ideas, benefits and people whom the consumer in some way connects to brands, which need to be suitably and correctly interpreted. It is important to define the key characteristics and values, which are connected to a specific brand by the consumer. Relevant findings show results of long-term management of a brand and represent key dimensions on which the competitive advantage of a brand is based.
e-Marketing Strategy: 7 Dimensions to Consider For Digital Growth
With the support of our professional business network, you get the opportunity to exchange experience and knowledge at a top professional level, and to strengthen and develop your own skills within your management and specialist areas.
Through business relationships and experience sharing in confidential settings for CMO Dhoby Ghaut, we strive to create personal and business value for all our network peers.
In simple words, a marketing strategy is the HOW and WHY of a marketing plan. Marketing strategies need to be based on good plans, without which you will lose direction and focus. Here are a few tips for creating market strategies.
Start with Vision and Mission
Vision asks the question: "What do you want to become?" As the leaders and thinkers in the organization, foresight is very important as it defines any action that should be taken from that point on. Mission asks the questions, "Why do you exist?" as well as "What steps are you willing to take to achieve your goal?" This takes into consideration the present situation, as it reflects strengths and weaknesses that help you make a solid evaluation of where you are at the moment.
Be aware of trends in the market, as well as other outside factors that might affect it. Taking a global perspective into consideration allows you to think creatively and beyond the sphere of what you are comfortable with. Being a keen observer prepares you for any changes in the market.
Make an assessment of competitors and threats, keeping your friends close, but your enemies closer. Nothing is more thrilling than knowing how to adapt to competitors who are willing to fight tooth and nail for your precious market share. Know what you are up against so you'll never be a step behind.
Lastly, after gathering all the data, plan your marketing strategy and learn how to think outside the box. Successful strategies have been borne out of creative minds that were willing to make a difference when everybody else was doing the same thing. Although some cut-and-dried strategies have worked, it takes an ingenious one to put you at the top. Don't be afraid to be different.
Networking has always been considered a powerful tool for improving business prospects, advancing a career, and developing ideas. Other than some brief, structured events, networking has been mostly informal and inexpensive in comparison to cost they otherwise spend on different channels. But membership is growing in many formal, long-term networking groups, and so is the price tag.
Our groups are not groups for generating sales leads, nor are they places where individuals can drop-in to gain quick advice on an immediate challenge. Members also sign a confidentiality agreement and benefits from the guided mentoring to help each other.
These groups include an experienced facilitator and use a structured discussion method to ensure appropriate participation.