Monday Marketing Minute: How Much is Your Brand Worth?
DC Marketing Pro’s Monday Marketing Minute, is a weekly feature that provides interesting and insightful marketing information, written to be read in a “minute.” We start off each week publishing a nugget about a marketing trend, an interesting marketing quote or relevant marketing article.
Here is your August 12th Monday Marketing Minute:
Creatively branding and positioning your products and services is a very important part of your marketing strategy. If done well, your brand will be more valuable and that will affect not only how much you sell, but how much you can charge!
Consumers pay more for products from companies with a brand then they do for a generic, but identical, product. Consider Advil, Nike, Vera Wang, and Apple, just to name a few. These companies' products cost more than identical products from other companies.
This concept was recently highlighted by Stephen Colbert as he discussed the A.P.C. Kanye West Collection, which is Kanye West’s new line of jeans, hoodies and t-shirts. Kanye named and marketed his plain white t-shirts as the “Hip Hop T-Shirt,” which looks EXACTLY like any other white undershirt. He was able to sell each shirt for $120 and sold the entire stock of shirts. That’s right - $120 for a plain white t-shirt. But it’s not just any t-shirt! It’s the “Hip Hop T-shirt.” See the video clip here.
Branding and positioning are important, and we have written multiple articles on these topics. We highlighted a few below that you should find not only interesting, but informative:
Effectively building your brand requires a well-developed marketing strategy. We have published a free eBook that can help: The Marketing Strategy Model. This step by step guide will help any business define its target audience, identify the benefits sought and develop a positioning statement. In addition, if you have any questions or would like further assistance in creating or improving your marketing plan, contact us.