Marketing

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one minute wonder Visit the food shops in your area and look at their displays. What colours do they use? What’s the layout like? What sort of people shop there? Try to decide what their brand values are, and which is their target group of customers.

Think which one of these best describes your business. And is it what your target customers want?

Reliable and stable. The banks and insurance companies must come across as safe and secure.

Exciting and energetic. BMW and Red Bull have created energetic brands with emotional appeal.

Innovative and leading edge. Brands like Audi, Apple and Sony promote their leading-edge technology.

Creative and stylish. Think about Gucci and Ferrari.

Sophisticated and high-status. Brands such as Rolls Royce, Dunhill and Rolex say that you’ve arrived.

Value for money. Companies like Kia, Skoda, Hyundai and Asus Computers push value for money.

People today want to feel engaged with a company and be proud to buy its products. Your proposition and your brand values show this and form your promise to customers. Just make sure that you never break this bond of trust.

You must be able to state clearly what you do and what you stand for in fewer than 35 words.

2.7 Research your competitors (#ulink_f2992b66-5a05-5022-9f38-d6253f72af6c)

Every business has competitors. And actually it’s good for everyone, as the combined spend on promotion and advertising increases the size and growth of the market. Only the very largest companies can hope to cover the whole market and all the niches within it. You must understand who your competitors are and how you stack up against them.