What is Brand Promotion?
What is Brand promotion?
Meaning: Brand means a mark (symbol or sign) or design or some combination of these used to identify the products of one seller and to differentiate them from competitive products. A registered brand is known as trade mark.
Brand promotion is that element of marketing mix which is designed to inform, remind, persuade and influence the customers so that they purchase the brands of the advertiser company. Brand promotion is applied and persuasive communication used for informing and reminding the customers of the company's brands. It is primarily the responsibility of the manufacturer though wholesalers and retailers may also undertake it.
Objectives of Brand promotion
The main objectives of brand promotion are:
(i) To Promote Information: The firm provides the relevant information about its various brands offered in the market. Information relates to features, prices, special schemes, etc. of the brands.
(ii) To Differentiate the Product: Another main objective of brand promotion is 'brand differentiation' which means convincing the customers about the unmatchable features or merits of the particular brand. For example, Pepsi differentiates its brand by using the slogan "The choice of a new generation". Such differentiation helps to create 'Brand Loyalty' which means consumers are faithful to and continue to prefer a particular brand, e.g., Lux soap.
(iii) To Increase Demand: Brand promotion efforts aim at stimulating demand for a product. They persuade customers to buy more and more of the product so as to increase its sales and market share.
(iv) To Build Brand Equity: Brand equity means the power and value that a brand adds to a product. The utility of the brand is emphasized. Status oriented advertisements highlight the value of the brand and pride in its ownership. For example, utility of owning a Mercedes Benz car or LG air conditioner. The brand value of a product justifies its higher price in the market.
(v) To Stabilize Sales: Seasonal, cyclical and other fluctuations in demand affect sales. Brand promotion efforts seek to stabilize sales by minimizing the impact of such fluctuations. For example, Nescafe promoted its new brand of 'iced coffee' to increase sales during summer.
(vi) To Offset Competitors' Marketing Efforts: In a highly competitive market, even a well-established brand has to be promoted to retain market share. For example, Coca Cola and Pepsi keep on repeating their advertisements for their own brands of soft drinks so as to offset each other's efforts.
(vii) To Build Image: Brand promotion is also aimed at creating a positive image of the company offering its brands in the market. A company can build its prestige and goodwill by offering quality brands at reasonable prices and through satisfactory after-sale service.
Building a brand name has become very important in this day and age of social media. Having a full time social media consultant answering questions on the business Facebook, Yelp or Twitter account is very important. Today, consumers have more power than ever because of social media. Your customers can complain quickly and loudly on social media, and it is very important to be able to reply to all customers in a positive manner.
It is just so important to reply to customer complaints online, so all possible customers can see that your company really does care and pays attention. Attention to customers is always important.