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Welcome to the belivernomics blog

 

I will try my best to update this webpage with  thought provoking and interesting content, as often as I can.  Please feel free to leave comments as  there is much that can be learnt from the sharing of ideas.

By pa360, Nov 4 2018 12:35PM

In this second of a three part series on branding, we look at the seven most common types of brand.


Brands are defined by what they do, but more importantly they are defined by how customers perceive, receive and respond to them. Brands are not homogenous constructs. On the contrary, they are multi-faceted and multi-dimensional, with unique characteristics and behaviour patterns that define and drive them.


Brands fall under a number of typologies, with each functioning as its own unique economy. There are brands that are time-defined and those that derive from extreme loyalty as well as others that communicate lifestyle choice, personal vanity and social concerns. For entrepreneurs, the better they understand the classifications and characteristics that define each brand economy, the more effectively they can cultivate customers, compete successfully and increase their market presence. Nothing drives success more than the power of a brand. So here are the seven most common types of brand.


1. the bubble brand

As the name suggests, a bubble brand is one with high impact, concentrated energy and a short life. The motion picture industry is a good example of where this sort of brand is most prevalent. It is well understood that the average life-cycle of a movie, from wide release to final showing, is about 10 weeks. During this 'bubble period' the biggest single point impact will be the film's opening weekend. Thereafter, the grosses will diminish, week-on-week, until newer offerings eventually displace it at the box office. A bubble brand is therefore intended to generate as much impact and as great a value, in as short a time, as possible.


2. the loyalty brand

A loyalty brand is one where consumer allegiance derives from reasons other than the quality or performance of a product or service. Some of the best examples of loyalty brands are in the sporting world, where allegiance to a team or franchise isn't transferable or negotiable. As case in point, in 2018, the Atlanta Hawks of the National Basketball Association, finished 15th and last in Eastern Conference. Despite this, during the season, the team still managed to pull an average attendance of 14,400 at their home games. The point to note here is that a loyalty brand is resolute, even in the face of the most negative consumer experience.


3. the endorsement brand

As the name suggests, endorsement is as much a branding technique as a brand in its own right. The purpose of an endorsement is to get the consumer to do something that they probably would not have done, but for the efforts of those who endorse it. A good example of this is when celebrities promote products or services in an effort to imbue them with their own credibility and glamour. However, the most effective and powerful form of endorsement does not come from well-known personalities, but rather from the word of mouth of ordinary consumers who use a product or service, have positive experience and recommend it to others.


4. the lifestyle brand

These brands are most closely identified with the needs, wants and particular preferences of an individual's everyday life. A lifestyle brand is something that speaks to you personally or something that you can customise to reflect your choice and tastes. Examples of this type of brand are tech products such as mobile phones, upon which people rely so heavily to perform every day functions. However, lifestyle brands are also reflected in the places that people regularly go and the things that they routinely do that underpin the rhythm of their daily lives. A good example of this are the restaurants, hairdressing salons and barber shops that people visit.


5. the status brand

A status or vanity brand speaks to the socio-economic statement that a consumer wants to make about themselves, whether or not that statement is accurate. Expensive cars, high-value jewellery, designer clothes and even some tech products are all examples of brands, which are assumed to convey a certain status on those who possess or utilise them.


6. the transferable brand

A transferable brand is one with such a high trust value, that it can be used across a diverse product and service range. One of the best known examples of this is Richard Branson's Virgin brand. Over the years, the Virgin name has been lent to everything from mobile phones and financial services, to multi-media and mass transit. Not dissimilar from an endorsement, a transferable brand, once attached to a product or service, confers value and standing and therefore communicates 'permission' to trust that product or service.


7. the conscience brand

A conscience brand is a form of status branding, where the consumer seeks to make a personal and social statement about the products and services that they procure. However, distinct from a status brand, which can often be a statement of ostentation or vanity, a conscience brand is communitarian and concerned with social welfare. Some examples of this kind of brand include products and services marketed as fair-trade, responsibly sourced or recycled.


In conclusion, a brand is an economy, reflecting the personal, social and commercial preferences of consumers. Whilst some brands intersect, making it possible for businesses to market products and services across boundaries, others are completely unique and require a more sophisticated approach. In the brand economy, the key to success isn't just the quality of your product, it is the ability to understand the psychology of your customer.




By pa360, Oct 4 2015 09:56AM

Data is a language in itself. Those who can read, translate and interpret data have a competitive edge in terms of mapping trends, forecasting trajectories and planning for the future. A firm grasp of data will enable you to see the new product opportunity long before others even knew it was there. For start-ups, the ability to commercialise data is as good as cash in the bank.


The great news is that the market-place is being deluged with data. Much of it is available by default, some can be purchased and others can be requested under legislation. So what are these information sources and how might a start-up be able to exploit them? Well here are five ways to supercharge your start-up with data.


1. consumer and market trend survey results – some market research companies gather cyclical business intelligence, which they publish free to download from their websites. These analytical products can offer powerful insights to better understand consumer behaviour and market trends. The key to making the most of these products is to use them as pieces of a puzzle. For example, market research data may only give you part of the picture, but supplemented by demographic and other data, might provide a more complete overview. For start-ups, access to pre-packaged free to download research, is invaluable.


2. open data deposits – a number of Governments have an ‘open by default’ policy for public data. As part of this, literally millions of pieces of data are placed in the public domain, from contract values and consultancy costs to service spend. This kind of information can provide a veritable gold-mine for a start-up looking to find a way into new markets, exploit new opportunities and develop new products.


3. population censuses, estimates and projections – one of the most powerful sources of data for any business are demographics. Good demographic data will disaggregate populations by a range of sub domains including age; gender; ethnicity and many others. The point is this, if you know how your target population is changing over time you will be better able to forecast product demand. Equally, demographic data will enable you to better tailor your product to new and emerging markets.


4. economic digests – it is likely that your national statistics provider already publishes a treasure trove of information relating to local economics including business demography; VAT registrations; business starts & failures and labour market activity. By themselves these digests of are excellent raw material for smart products such as apps as well as invaluable intelligence for strategic planning.


4. freedom of Information – one of the most effective and powerful ways to access data is through the use of freedom of information (FOI) legislation. Many countries have a Freedom of Information Act, which allows members of the public to access a wide range of information retained by Governments and their agencies. The key to getting the best from your FOI request is to be specific about the kind of information that you want – don’t leave it to the supplier to guess. A good FOI request can save you thousands of pounds in market research costs.


5. subscriptions – for a relatively small fee, a number of companies offer subscriptions to pre-packaged market research that will enable you to access useful information on customer profiling, geo-spatial analysis and market research intelligence. These kinds of data could supplement your existing research or form the basis of new product development. If you need to speculate to accumulate, investment in a subscription is a very good way to achieve a high return at a nominal cost.


Data is a phenomenally powerful, but if you don't know what you are looking for you will not know when you find it.


By pa360, Sep 6 2015 02:50PM

Every entrepreneur wants a loyal customer base. The dream is to have patrons who choose to come back again & again and who, over time, develop a personal identification with the product or service that they use. However, if it were as simple as that, everyone would be doing it – but it is not. Building and sustaining customer loyalty is painstaking work. It requires a high-level of commitment and the rewards can quickly disappear if you take your eye off the ball.


That said, there are specific things that entrepreneurs can do to build and crucially sustain, customer loyalty. Set out below are eight key tips that can be applied by any business or enterprise.


1. develop relationships not engagements - the reason why people return again and again to the same product or service is because, over time, they develop a close relationship with that product or service. Unlike casual engagements or interactions, relationships are established through credibility, confidence and trust. To build the relationship value of your product, you must first recognise the relationship value in your product.


2. use what you learn to improve what you do – the fluid and fast-moving pace of today’s commercial market-place dictates that if you are not moving forward you are moving backwards. Entrepreneurs are always seeking for the competitive edge that will attract new customers and ultimately increase their market share. To stay relevant, you need to constantly surf the curve of innovation. Don’t just do it to be bigger, do it to be better.


3. never compromise on quality – if you produce high quality products, customers will not only buy them, they will tell others who will buy them as well. The credibility that comes with word of mouth advertising is not only priceless to you, it is also absolutely free. Don’t be tempted to cut costs or corners; maintain a relentless focus on making a great product.


4. make it personal and make it convenient - personalisation and convenience are the new ‘Klondike’ of product innovation. Customers want products that speak to them and can be tailored to their specific needs and lifestyle preference. The greater the convenience the more likely you are to create ‘life goods’ rather than consumer goods.


5. fix it when it goes wrong - if you have parted with your cash to purchase a product or service it is reasonable to expect that product to meet your expectations. But what happens if it doesn’t? For customers, the next best thing is for the producer or supplier to rectify the problem quickly and effectively. As a supplier, you need to pay just as much attention to rectifying a product ‘fail’ as you do to securing a product ‘sale’.


6. see your customers as a community – your customers all have something in common: the fact that they use your product. You need to build on that commonality by cultivating your customer community. I am struck by how phenomenally successful Apple have been at turning their customer base into a thriving community of the like-minded. Think about what drives community: culture, shared values etc and start to mould these characteristics around your product.


7. give your product an effective social media platform – a social media presence is the price of admission if you want to be taken seriously in the commercial market-place. But you need to have more than a presence, you need an effective presence. The social media market-place is absolutely saturated with vendors of every description and the noise can be deafening. To be heard above the din, you need to be saying something that no-one has heard before.


8. don’t re-invent the wheel – observe the practices and behaviours of those who seem to have cracked it and look to replicate the best market standards in your area of operation. Better than that, look to improve on the best market standards. Don’t re-invent the wheel, but be prepared to raise the bar.


It bears remembering that the pivot for customer loyalty is the product. If you have a great product, half the battle is won. A great product means that customers will come; but if you cultivate great relationships, customers will stay.


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