Brands and Marketing

Weighing cost, benefits of brand proposition and customer’s expectation

benefits

The concept of brand proposition is not new to brand handlers. However, its application of the concept remains an uphill task before some handlers of brand. It is said that one man’s trash is another man’s treasure.

Research has also shown that-no good or service is of equal value to every person, not even money itself, as interest rates reveal, it all depends on what year it is.

So, if brand owners are selling something, it would behoove them to set their customer’s expectations before they start weighing the costs and benefits.

It’s also important to note what a value proposition is not: a product feature.

So, what if your brand of chocolate melts slower than all the others – if your customer does not live in warm weather, it may not matter to them – therefore, it’s not valuable, after all. The intersection of the product and the customer needs is the sweet spot of the value proposition.

On the other hand, checks reveal that consumer expectations have been found to have an important impact on decision-making in a wide variety of consumption settings.

The concept of expectations of product attribute levels and purchase-related outcomes is largely neglected area in consumer behavior research.

Relevant works on the formation of expectations from consumer psychology, economics, and behavioral decision theory are important areas that no be overlooked.

Speaking on this issue, a brand management consultant, Bernard Okhakume told Daily times that; “in order to create a distinctive place in the market, a niche market has to be carefully chosen and a differential advantage must be created in their mind.

Brand positioning is a medium through which an organization can portray it’s customers what it wants to achieve for them and what it wants to mean to them. Brand positioning forms customer’s views and opinions.”

According to him, “Brand positioning can be defined as an activity of creating a brand offer in such a manner that it occupies a distinctive place and value in the target customer’s mind.

For instance-Kotak Mahindra positions itself in the customer’s mind as one entity- “Kotak ”- which can provide customized and one-stop solution for all their financial services needs. It has an unaided top of mind recall.

It intends to stay with the proposition of “Think Investments, Think Kotak”. The positioning you choose for your brand will be influenced by the competitive stance you want to adopt.

“It involves identifying and determining points of similarity and difference to ascertain the right brand identity and to create a proper brand image. Brand Positioning is the key of marketing strategy.

A strong brand positioning directs marketing strategy by explaining the brand details, the uniqueness of brand and it’s similarity with the competitive brands, as well as the reasons for buying and using that specific brand.

Positioning is the base for developing and increasing the required knowledge and perceptions of the customers.

It is the single feature that sets your service apart from your competitors. For instance- Kingfisher stands for youth and excitement. It represents brand in full flight.” He noted.

Also speaking, a brands and marketing analyst, Adewale Okoya said; “If we talk about brand, it must be related to consumer mind. Brand Positioning is definitely perception of brand in the mind of consumer.

Consumer in different country could perceive different brand positioning so building the same brand image in different continent is difficult job.

The role of brand manager is really challenged here. However, not all brands through this process because there are lots of type of brand – local brand, global brand, generic brand, etc.”

On how to well position a brand to meet with customer’s expectation, he disclosed that, “handlers of brand take some time to create a thorough picture of the current market and how your brand fits in that market to determine your brand’s current position.

If that’s not the position you want for your brand, take the necessary steps to change it based on the gaps defined.”

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Ihesiulo Grace

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