Internet marketing and classical marketing can be divided into two categories. The first leads directly to a specific, measurable result, for example, to an increase in sales. The second – classical marketing – is, responsible for the formation of a brand in the market. This factor is much more challenging to measure in numbers, but it plays an essential role in strengthening the company’s position in its segment. Branding as a set of measures directly aimed at creating the company’s image reveals many opportunities in the modern digital world.
For effective development in the market, companies need to approach marketing comprehensively. In addition to investing in online advertising, it is also important not to forget about the traditional components of a successful brand: the name, logo, visual element, customer service level, classic advertising on radio and television, and brand relations with the public. This approach to doing business will allow companies to win customers from the Internet and remain relevant for offline consumers to be able to convert them into their customers.
My essay will describe the development of branding for a company engaged in the production of high-tech electronic watches. The target audience is men and women over 21 years old, with medium and high income. This watch is a wristwatch and is equipped with a large number of functions. Essential features are the presence of a blood glucose meter, the ability to connect wireless headphones to the watch, and the ability to connect to Bluetooth at a distance much greater than that of competitors. In addition, this watch is compatible with all brands of phones. The watch case is available in two versions: high-tech metal and glass that can withstand a fall from the 10th floor and remain intact. This option is visually concise and straightforward, so this model is more budget-friendly. The second version of the watch is made of the same materials but has a gold coating, and the only button is equipped with a gemstone that customers can choose.
The company’s mission is to create a helpful and quality product that will allow you to control not only time but also the state of health and give status to a person’s appearance. The company will be called the Future, and the logo will be a round black dial with gold hands, and the name of the company will be written on this dial in italics. The company’s slogan will be: Look ahead, look to the Future.
The company’s branding will focus on status. The company’s retail outlets will be located in the high-status shopping centers of different countries and will be equipped with expensive and stylish. The design will be black and gold, as concise as possible, with several showcases that will be brightly illuminated to position the watch’s appearance as effectively as possible. All packaging materials will be in the same style, and for each buyer, the watch will be packed in expensive boxes, and cleaning products will be attached.
Advertising about the watch will be placed in expensive glossy magazines. This is one of the most effective ways of offline advertising. Naturally, it is necessary to place advertising banners on shopping centers and in cities to see this product and affect their thoughts. Valos et al. (2016) state that social media plays an important role in the organization of marketing communication. As for online advertising, in this case, integration with leading bloggers from different countries is necessary. The product will be sent to them for review, or they will be invited to the central boutiques selling this product, where a video shooting with their participation will be held. These materials will then be distributed as reviews on leading platforms such as YouTube and Instagram.
In marketing, the concept of a unique trade offer is one of the most effective strategies for communicating product information to potential customers. A unique trade offer for this product is that the watch is equipped with a built-in blood glucose meter. This feature expands the scope of buyers, since according to the CDC (2020), for 2020, 34.2 million people have diabetes in the United States. That is, for people who have this disease and need to control the amount of sugar in the blood, this watch will be not only an accessory but also a helpful gadget.
The decision to purchase this gadget will be influenced by several factors and reasons. In marketing, there is a concept of cause-related marketing, which describes marketing actions that encourage people to buy products based on their motives that are not related to personal profit (Kim & Johnson, 2013). Buying a watch from the company The Future, the consumer does not get a profit, but a reliable tool that will allow you to track the state of health, see the current time, record specific readings, and many other functions.
Regardless of what marketing strategies the company will use, it should be based on solid branding. Thus, it will be possible to attract new customers, create an emotional connection with them and win loyalty. Companies should always look ahead in the modern world: plan all communications and sales channels, use all technological capabilities. A company that has correctly balanced the balance between online and offline marketing does not give its client a single chance to leave itself unnoticed. Marketing can be built strategically and tactically: quickly test different hypotheses and change them if they do not work. The main thing is that it is possible to broadcast a single brand image on all channels — both in communication with customers and storefronts’ design. It is essential to be sincere, interact with the target audience and not be afraid to change the strategy if it does not work: the main thing is to make sure that the brand remains itself.
In conclusion, branding is an essential marketing tool. People become attached to brands, and thus a positive or negative reputation is created for the brand. Reputation affects the further purchase decision since buyers are interested in buying a high-quality, necessary, stylish product for their money, which will bring them some benefit. For some, the product must be modern; for others, functionality is essential; for others, quality and price are crucial. The Future watch is a brand that, thanks to a well-developed branding, an individual approach, and the quality of its product, can take a leading position among competitors. Undoubtedly, the company will conduct surveys to improve the production of the following models, which will also positively impact the company’s reputation. This product already differs from what competitors can offer since it is unique in terms of price, quality, and functionality.
References
CDC (n.d.). National Diabetes Statistics Report, 2020.
Kim, J. & Johnson, K. (2013). The impact of moral emotions on cause-related marketing campaigns: A cross-cultural examination. Journal of Business Ethics, 112(1), 79-90. doi: 10.1007/s10551-012-1233-6
Valos, M., Habibi, F., Casidy, R., Driesener, C. & Maplestone, V. (2016). Exploring the integration of social media within integrated marketing communication frameworks: Perspectives of services marketers. Marketing Intelligence & Planning, 34(1), 19-40. doi:10.1108/MIP-09-2014-0169