Can You Streamline and Simplify to Increase Your Brand Profitability?
Tea or Coffee? When restricted to two options, choosing your preference is simple. However, standing at a supermarket shelf faced with several brands and multiple varieties the choice can be overwhelming.
Supermarket shelf choice overwhelm!
When it comes to building a strong profitable brand sometimes less is more. If your brand aims to deliver then it must make the decision making process as easy as possible for the consumer.
Is it Time for Your Brand to Streamline and Simplify?
Sometimes you might feel you are offering the market everything you can: offering multiple products to multiple market segments, and communicating through all the marketing touch points at your disposal. However, if you are not seeing the returns to match this level of offering perhaps it is time to simplify your marketing strategy.
Ford: Any colour as long as it’s black!
4 Ways to Streamline Your Brand Strategy and Strengthen Your Brand Equity
Offering everything to everyone rarely works. Different markets have different needs. Reassessing and refocusing your brand marketing strategy can help your company identify who your consumers really are, what that market wants, and how best to target them. A highly targeted brand experience offers greater value to the consumer which in turn can lead to greater brand affinity and a more lasting profitable relationship between the brand and consumer.
2. Be Selective
Just because you can use multiple channels to communicate with your market doesn’t mean you should. Using multiple channels can lead to noise and increased consumer confusion rather than creating a strong brand message. Being selective with your touch points makes it easier to monitor the consumer’s reaction and responses to your brand, thereby making it easier to structure your brand message to best influence your target market.
Being selective should also extend to the marketing message itself. Keep the message clear and concise. You should be able to communicate your brand message in a few short sentences.
3. Streamline Product Offering
Streamlining your brand offering can actually lead to increased sales. Eliminating certain brand offerings can also eliminate consumer confusion. A simpler more focused brand strategy can be more appealing to consumers and makes their decision to purchase an easier one. If 30% of your products generate 70% of your sales then reducing your product offering can actually boost sales.
4. Simplify Who You Are & What You Do
A focused brand strategy starts from the inside. If you cannot articulate who you are and what you sell as a company in a few short minutes then you need to look at streamlining your internal strategy. Analyze why you ‘do what you do’, outline core values, set goals, and perhaps redefine your product offering. Reassessing your original corporate strategy can help focus your brand strategy moving forward. When you started in business what were you selling? Who was your target market? What was your original brand identity?
Why it Can Work – The Jam Effect
Columbia University conducted a consumer study offering an array of brands of jam and chocolate for consumers to choose from. Consumers who were given a choice of 6 brands were 30% more likely to make a purchase than those given a choice of 24-30 brands.
Toothpaste choice paralysis!
Decision Simplicity in the purchase process is the number 1 reason why consumers are likely to buy your brand, do so repeatedly, and recommend it to others.
One of the fundamental roles of a brand is to positively influence purchase behavior. Having a focused streamlined brand offering with a clear brand message that simplifies the decision making process at the point of purchase can be a winning strategy.
Consumers faced with multiple brand variations can be overwhelmed. Offering consumers a refined selection can give your brand a point of differentiation within your market.
A brand that tries to offer everything to everyone will satisfy some but wow few. Being selective and focused with your product offering, your marketing channels, and your brand message can lead to expanding profits. It’s that simple.
• Is your level of commercial returns relative to the size of your brand offering?
• Do you need to refocus your brand positioning?
• Is your brand strategy in need of simplification?
• Do you need to eliminate consumer brand confusion?
What’s your view on implementing a simpler decision making process for your customer through a streamlined brand offering?
TLTR: Why streamlining your brand strategy can strengthen your brand profitability. Decision simplicity in the purchase process is the number 1 reason why consumer s are likely to buy your brand, do so repeatedly, and recommend it to others. Sometimes the brand with the smallest market offering presents the greatest brand value to the consumer.
Leave a ReplyWant to join the discussion?
Feel free to contribute!