II.2. BRAND YOUR BUSINESS
Before brand building process, company owners have to analyse their business
with written business plan, included marketing plan in order to check if the company is suitable for brand building, or not.
During the marketing plan preparation, owners have to be clear about objectives
and how they’re going to achieve them. A good marketing plan sets realistic and
measurable objectives, allocates responsibilities, and includes budgets and action
plans. It is important to update it regularly to reflect the current position of the business. The following key elements make up the business plan:
1. Business analyses – SWOT analyses
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One of the most important parts of marketing strategy is the marketing mix, which
is a crucial tool to help to understand what the product or service can offer to the
target group and how to plan a successful product offering. The aim of marketing
mix due to the company’s strategy is to achieve the highest return with the lowest
investment. Before you start building your business and your branding, think over:
- To whom do you want to sell your product/services? (Who is going to be your target
group exactly, well precisely?)
- Do you know their needs, habits, problems, where you can reach them or what
type of personally they prefer?
2. Market overview – analysing market, customers, competitors, external factors
- Does your product/service answer any of their existing problems? Or do you have
a solution for an “inexistent” problem and have found a niche market?
3. Marketing objectives – SMART objectives (specific, measurable, achievable,
realisic, timed)
- What is your real goal? To sell something and earn money, or to create a value/
benefit for your customers – and with is establish your income?
4. Marketing strategy – marketing mix
- Decide: do you want to be a “usual” seller, or you want to be unique / different?
5. Specific activities – to achieve marketing objectives
The 4 elements of the marketing mix are: product, price, place, promotion (4P)
Some questions to help understand marketing mix:
Product: What does the client want from the service or product? How can the product be different from competitors’ products or services?
Price: How much did it cost to produce the product? Can the current price of the
product keep up with the price of the product’s competitors?
Place: Where do the clients look for the services or products? How different is your
distribution strategy from your competitors?
Promotion: What is the main marketing message and how can it be sent to the potential buyers? What is the promotion strategy of the competitors?
6. Finances – planning marketing budget
7. Monitoring activities – regularly
Through the use of 4P tool, the company can establish and achieve its targets such
as sales, profits, and customer retention and satisfaction.
In services 4P had been expanded to 7P with the following:
People: Who are those people who are contact the service and product, involved in
the sales process? What do they look like, what are their attitude, habits?
Process: Are there any process in your company? What are the processes of manufacturing, providing the product and service? What do your competitors do on the
market?
Physical Evidence: It is the physical evidence of a business’ presence and establishment. A concept of this is branding. What are the physical evidences on your
business on the market? And your competitors’?
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