With the plethora of brands now competing for shelf and mind space across industries, it is common to see many of them being branded as ‘fake’. But this also provides a golden opportunity for the truly genuine brands to cement their place in the hearts of the people. Four critical components go into creating brand trust. These are- history, capability, alignment and transparency. Certain steps have been suggested post a study on how brands can build trust across these components. First of all, the product must actually deliver what it promises and claims on packing labels. A lot of brands confuse accessibility for availability. So, while brands make themselves available, it is in their own terms. Consumers on the other hand wish to communicate with the brands, which will only happen once they are in access. The business rules created must be made keeping in mind customer needs. In case of any failure, the market is more kind to brands that acknowledge the mistake, and take accountability. In fact, for the truly trustworthy brands, crises are moments where they can really reach out and convince to put things right.  A community of followers and influencers must be developed and further leverage. These followers will then be the organic sources for digital marketing on social media channels. Trusted brands also do not stop at innovations, and create values which will pave the way forward. Beyond competitive advantage, the top brands strive towards an emotional difference.

Source:https://www.brandingstrategyinsider.com/2017/07/8-pillars-for-building-trusted-brands.html#.WYnbnoiGNPY

Uploaded Date:27 October 2017

While organizations try every trick in the book to ensure customer satisfaction, the inherent flaw in this belief is that the public may not think in the same way as the founders of the firm may. Two simple concepts can help bridge this gap. The marketers need to know the highest-volume customers. Since they have been and will be contributing the maximum share, it is important to serve the market keeping their needs as paramount importance. The initial adapters of any innovation need not be the long-term users. Just as Skype was the business innovation so had first-mover advantage, but a lot of its transmission interruptions got eliminated by Apple’s Face Time. Skype survived because the product was robust enough. Once this is done, the company must strive to bridge the satisfaction gap which exists between complete gratification and adequate results.

Source:https://www.strategy-business.com/blog/Two-Simple-Concepts-for-Satisfying-Customers?gko=db0f4

Uploaded Date: 27 October 2017

In spite of the best efforts off the now numerous loyalty programmes, a new study by leading business consulting firm McKinsey clearly states that loyalty is not as well entrenched as thought. In the study comprising of more than one-hundred and twenty-five thousand consumers across thirty categories, it was realized that only a tenth of such categories’ sales were determined by loyalty. A metric has been devised known as the Customer Growth Indicator (CGI) to map this constant shift by consumers in their choice of brands. It was realized that the initial consideration was of paramount importance. This study enumerated three proactive strategies to improve on initial brand consideration. Firstly, marketing spend needs to be reallocated towards programmes driving this initial consideration. A deep analysis must be made on services or products that are relevant to potential customers. Finally, new products must be communicated to these potential customers using creative patterns that will highlight product features and expected experiences.

Source:https://www.forbes.com/sites/mckinsey/2017/09/11/your-digital-consumer-is-cheating-on-you-how-brands-can-win-in-the-battle-for-growth/#3a9172501b7e

Uploaded Date: 27 October 2017

While more than half the new products launched into the market fail, many more would succeed if they didn’t try to fight existing customer habits. Business research conducted by a team from the University of Southern California clearly shows that new products that fill in a gap or add to the choices of existing habits tend to do much better than those that are completely new. An example could be made between tofu and soya milk. The former started getting made in the US in 1878, a more than a century before the latter was first prepared. Yet, sales of tofu gained very slowly while soya milk grew quickly mainly due to the fact that it could be used as a milk substitute, a positioning that tofu never had. Customer habits are the final frontier, and marketers must position their brands as extensions of existing ones, even if they are from rivals’ stables. Their former foe would now be their ally.

Source:https://knowledge.insead.edu/marketing/marketers-should-leverage-not-fight-consumer-habits-7411

Uploaded Date:21 October 2017