Let's consider for a moment the strength of a brand. How often do we find, after completing our need recognition, we enter the information search process of the purchasing cycle with the complete and utter faith that we know exactly what we need and want, only to find that we are swayed by a memorable tagline, well recognised brand and a positively swayed illusion; a brand that just because we recognise and have a positive recall of the its reputation and success, makes us pay that extra 30-40%. I, among all of you reading this, am guilty of over spending my defined budget on a product that I believe will bring greater overall value to myself or, in the corporate world, the organisation that I work for.
Cramer and Koene hit the nail on the
head in there published journal 23plusone, stating that “Although we think that
decision-making about brands depends strongly on functional benefits, it all
comes down to one question: how will this make me feel?” In Summary, the reason
we purchase a product with a stronger brand isn’t because it will perform
better on functional value, it is because the brand of the product makes us
feel more satisfied with our purchase. This derives the question, where does
price difference start to outweigh the value of the brand? The simple answer is
that this relies on two factors, one intrinsic and the other extrinsic. The
intrinsic factor is the overall strength of the brand, how well the company has
grown the brand and been able to create value in its grouped target market. The
extrinsic factor is personal preference and individual criterion, which is
uncontrollable from a business perspective and cannot be changed through
holistic attempts at strengthening the brand.
How does all this relate to PowerLink
and the generator industry you say?
Recent strategic marketing initiatives
have changed the intrinsic, controllable brand image that PowerLink wishes to
portray about the company’s products. Instead of a prior holistic approach to
marketing, forming mixed messages and recognisable flaws in the branding armour;
marketing efforts are now defined by whether they are aimed at distributors, or
aimed at end-users. By segmenting our marketing and branding initiatives, we
are better prepared to shape more realistic value for both segments, growing
the overall value of the brand by breaking it down into parts and then increasing
the value of those parts. So in relation to Cramer and Koene’s 23plusone, each
individual activity is assessed to consider how each segment can obtain value
from it, and how the company can shape and manipulate the way in which messages
are delivered, to increase the positive feelings towards the brand.
For more information on PowerLink power
generation products visit our website at www.powerlinkworld.com
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