Brand Development > Brand Analysis
Brand AnalysisAbsoluteBrand follows the Charter Institute of Marketing's proven marketing curriculum. We begin by determining:
- What is your brand's market? We understand positioning in terms of your customers' perceptions. We understand how a brand is perceived in the minds of a target group of customers and we understand the benefits that a particular market wants. Thereby helping you to define the ideal positioning which a brand might try to establish in the mind of your potential customers.
- How do you position you brand? There are many variables from which you can choose to position your brand. But you must first find out (a) what your market wants and (b) what your company can supply. Then choose the variables which, in turn, guide the subsequent decisions about the marketing mix.
- What is your marketing mix? The marketing mix is a framework to structure your approach to the market place.
- Is your marketing mix working? We perform sensitivity analysis to test the mix. For example, should prices go up, with fewer stores acting as distributors while advertising is reduced? Or should it be the other way around? The mix should consistently fit both the desired positioning and the selected target market requirements.
- Segmentation To truly understand a brand, it must be examined in layers or segmentation. A segment is a unique group of unique group of customers who share some common characteristic/s. A brand can be fragmented into smaller segments and analyzed right down to individual types of people within decision-making units. Certain characteristics make one segment different from another. Many markets today are fragmenting into smaller segments.
- Effective segmentation helps to reduce waste of resources, increase profits, win new customers and retain existing ones. Effective segmentation should be distinctive, measurable, substantial, accessible and relevant. Consumer markets can be segmented by geographic, demographic, geo-demographic, psycho-graphic and behavior variables.
In segmenting your market, AbsoluteBrand selects appropriate target segments after considering size, profitability, growth, competition and resources within the organization.