With rising competition level’s and many different product offerings in each and every sector, branding a new product has become a challenge in recent decades. Also as a result of rise in use of social media & other platforms for branding purposes, marketers now find themselves creating different branding strategies for each one (Howdesign 2015).
(http://www.howdesign.com/product-branding/, follow the link for more details)
Jolly (2014) mentions that branding involves investment and it becomes essential for organizations to make the best out of their investments by boosting sales of their product, ultimately it boils down how branding of product leads to sales that the organization desires.
Effective Branding Strategies for New Product
Branding is a conversation between product and customer
Branding is a two way interaction between the customer and the product and not merely a single form of communication from the organizations side. From a strategic point of view this is beneficial with regards to taking a holistic view of how exactly the brand is perceived by customers. Developing an in depth understanding of the same at an early stage can be helpful with regards to creating a successful brand in future (Millman2012, p. 265). An example of the same is the launch of VIA mix by starbucks, here the company distributed free samples to customers and were able to connect with them through a slogan “Not instant coffee, but coffee in an instant”.
(http://www.pivotint.com/blog/208-3-examples-of-successful-product-launches, Follow the link for more details)
Baack & Clow (2015, p. 252) mentions that celebrity endorsements can be used as an effective tool for creating brand image of new product. When people see their favorite celebrities endorsing a product; they too want to use it too. In a way the challenge associated with familiarizing a new product to consumers is eliminated with ease, also it goes a long way in creating a positive brand image in future. Future motion a relatively new company used celebrities like Tom Hanks, Gwyneth Paltrow and others to launch their new product offering onewheel (an electric board sport product for individual transportation and entertainment). Even though it was unique product offering in its range, still it made a big impact on consumer’s mindset as a result of popular celebrities endorsing the product (Olenski 2016).
(Gwyneth Paltrow Enjoying onewheel with Future Motion CEO Kyle Doerksen)
Gathering Continuous Customer Feedback
Whenever an organization launches a new product it becomes essential for them at an initial stage to gather feedback from customers time and again. This is because of the fact that it is essential for organizations to know how their product and the associated brand with it is being perceived by customers. Knowing this information at an early stage can help organizations to know customer mindset and develop product as per their needs and requirements (Miller & Miller 2007, p.94).
Getting the Launching Platform Right
Trott (2008, p. 357) mentions the fact that new products should always be launched at events whereby there is presence of target customers, prospective customers and media gathering. Typically music shows, trade shows etc are some of the events at which new products can be launched, this not only ensures maximum visibility but also is an effective way of interacting with customers on an initial level. A classic example of the same can be Xerox’s “Get Optimistic” campaign, whereby they used seminars as a way to launch Chief Optimist, its large format magazine with industry specific versions. The company in the year 2013 as a result of this marketing approach to launch their product won the prestigious Information Technology Services Marketing Association B2B Marketing Excellence Award (ITSMA).
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Clow, K, Baack, D 2011, Cases in Marketing Management, Sage Publishing, London, UK.
Howdesign University 2015, Product Branding, retrieved 14 April 2016, <http://www.howdesign.com/product-branding/>
Jolly, S (2014), ‘How to Brand a new product or service to win the right business’, Cognition Marketing intelligence, October 2nd 2014, retrieved 14 April 2016, <http://www.cognitionagency.co.uk/brand-new-product-service-win-right-business/>
Millman, D (2012), Brand Bible: The complete guide to building, designing and sustaining brands, Rockport Publishers, Beverly, Massachusetts.
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Olenski, S (2016), ‘New Product Launch Lessons for any Brand’, Forbes Magazine, April 15th 2016, retrieved 17 April 2016, <http://www.forbes.com/sites/steveolenski/2016/04/15/new-product-launch-lessons-for-any-brand/#1d0211509c82>
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Trott, P 2008, Innovation Management and New Product Development, Pearson Education, India.