Businesses can spend a fortune on creating and constructing a brand. This, they feel, is a reflection of who they really are and what they do. The smart types also consider their brand in conjunction with their price placement. Let’s take Tesco as a prime instance. What could be simpler? Their logo is certainly not flamboyant. And add to this their strap collection “every small assists and what you get is a clear information that Tesco don’t waste money on costly logo designs and they are BrandsPrices, placement them selves on the lower end in the prices range. Sainsbury’s, Waitrose, Selfridges they are not.
Another example could be Poundstretcher. It’s in the name, it’s inside the logo. It’s inside the band line. Marketing and branding and value positioning entwined – “every dime counts”. No glitz, no glamour, unlike say, Gucci or Farrow and Golf ball, most of whose brand names smack of brilliance and so high prices. Often picture may be everything.
So when you plan your small business strategy begin by planning where, cost-smart, you plan to position your small business. Take into consideration these:
You are able to discounted a very high cost but it’s hard to discounted an already low one.
You could add value to increase a cost – no frills airlines are good at this.
Are you able to sell volume in the event you offer a low cost? You should have the ability to.
Do you want to market quantity? Think about manufacturing, storage space and distribution. expenses. More product requires extra space and more frequent delivery.
Do you have a quality product? Therefore can put on a ‘premium’ worth.
Do you possess high expenses and overheads?
You can have an ‘introductory’ price provide – then improve prices after you have your customer ‘hooked’.
You can have occasional sales – if you possess the margin.
Is the product perishable – higher price when ‘fresh’, lower when not? Bakeries, floral stores and supermarkets have this concern
Is your product seasonal and can control higher costs when ‘in season’? Fireworks, Garden Furniture, Periodic Clothing, Easter time Eggs, Xmas Presents are examples of this.
Once you have establishes your prices strategy you can now form a brand name and develop a graphic around its positioning.
If you have a cheap product then you need to have a basic however nevertheless efficient brand. In case you have a thing that has excellent worth in that case your image must reflect this – while we have experienced in the good examples above.
Seek information. Browse around at the type of picture and brand name the competition create. Have a look also at other firms that are similar in the way they place themselves price-smart available in the market location.
Anything from your smart. Don’t be misled into believing that by spending the ‘big bucks’ over a brand for the business that you may be assured instant brand name awareness overnight. Great brands have a great whilst ltowop develop. Often a cheaper picture can be equally as efficient. It’s at first all about your motives and you should start off on the right path from the beginning. You certainly usually do not want to confuse the consumer by all of a sudden transforming techniques from as being a ‘cheap brand’ for an ‘exclusive one’, or vice-versa.