Branding and Awareness

Branding: It involves the entire process of creating a unique name and image for a product (good or service) in the consumers' mind, through advertising campaigns with a consistent theme. Branding aims to establish a significant and differentiated presence in the market that attracts and retains loyal customers. Awareness: First stage in the process of learning about a new product, service, or idea in which the consumer has received information about the existence of the innovation but has not yet formed an opinion. Brand awareness is an important way of promoting commodity-related products. This is because for these products, there are very few factors that differentiate one product from its competitors. Therefore, the product that maintains the highest brand awareness compared to its competitors will usually get the most sales. A brand doesnt really come from your company, product, or serviceit exists in the minds of your consumers. This intangible dimension of the brand consists of personal perceptions, which can influence purchase decisions, add value to your product or service, and incite the buyer so that they are actually willing to pay more. The variables that influence these perceptions are numerous and sometimes illogicalbut the good news is that just by knowing them you have a huge advantage in addressing your customers most personal needs in order to successfully elevate your brand and your business.

In a service industry the brand takes shape in your customers minds during day-to-day interactions with your employees. This is where your employees brand perception becomes so important because if they are not all on the same page regarding what the company stands for and what the desired image is, then they certainly arent going to be able to portray the desired brand to your customers. Disconnect between the brands perceptions of a company vs. the customer spells trouble for any brand. From the front line to the corporate officeif you dont have everyone on board, you wont have effective branding, and vice versa It is easier for people to give their input when ideas are presented to them, otherwise it can be difficult to obtain answers beyond the obvious, the company is big, or the staff is friendly. To uncover true brand perceptions, Personification and Analogies are used to draw comparisons to human traits or other objects (competitors, animals, cars, etc.). The rule with this type of research is that the interpretation of responses must always come from the person making the association and not a second party because individual perceptions are impossible to guess. For instance, the fact that a brand is described as a Ford Fiesta doesnt say anything about the brandthe real insight is when the researcher discovers what the respondent associates with a Ford Fiesta (friendly, smart, and zippyor boring, unreliable, and cheap.)

Project Submitted By: Vikash Kr. Singh

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New product development

In business and engineering, new product development (NPD) is the term used to describe the complete process of bringing a new product or service to market. There are two parallel paths involved in the NPD process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis. Companies typically see new product development as the first stage in generating and commercializing new products within the overall strategic process of product life cycle management used to maintain or grow their market share.

1. Idea Generation is often called the "fuzzy front end" of the NPD process o Ideas for new products can be obtained from basic research using a SWOT analysis (Strengths, Weaknesses, Opportunities & Threats), Market and consumer trends, company's R&D department, competitors, focus groups, employees, salespeople, corporate spies, trade shows, or Ethnographic discovery methods (searching for user patterns and habits) may also be used to get an insight into new product lines or product features. o Idea Generation or Brainstorming of new product, service, or store concepts idea generation techniques can begin when you have done your OPPORTUNITY ANALYSIS to support your ideas in the Idea Screening Phase (shown in the next development step). 2. Idea Screening o The object is to eliminate unsound concepts prior to devoting resources to them. o The screeners should ask several questions: Will the customer in the target market benefit from the product? What is the size and growth forecasts of the market segment/target market? What is the current or expected competitive pressure for the product idea? What are the industry sales and market trends the product idea is based on? Is it technically feasible to manufacture the product? Will the product be profitable when manufactured and delivered to the customer at the target price? 3. Concept Development and Testing o Develop the marketing and engineering details Investigate intellectual property issues and search patent data bases Who is the target market and who is the decision maker in the purchasing process? What product features must the product incorporate? What benefits will the product provide? How will consumers react to the product? How will the product be produced most cost effectively?
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Prove feasibility through virtual computer aided rendering, and rapid prototyping What will it cost to produce it? o Testing the concept by asking a sample of prospective customers what they think of the idea. Business Analysis o Estimate likely selling price based upon competition and customer feedback o Estimate sales volume based upon size of market o Estimate profitability and break-even point Beta Testing and Market Testing o Produce a physical prototype or mock-up o Test the product (and its packaging) in typical usage situations o Conduct focus group customer interviews or introduce at trade show o Make adjustments where necessary o Produce an initial run of the product and sell it in a test market area to determine customer acceptance Technical Implementation o New program initiation o Finalize quality management system o Resource estimation o Requirement publication o Publish technical communications such as data sheets o Engineering operations planning o Department scheduling o Supplier collaboration o Logistics plan o Resource plan publication o Program review and monitoring o Contingencies - what-if planning Commercialization (often considered post-NPD) o Launch the product o Produce and place advertisements and other promotions o Fill the distribution pipeline with product o Critical path analysis is most useful at this stage New Product Pricing o Impact of new product on the entire product portfolio o Value Analysis (internal & external) o Competition and alternative competitive technologies o Differing value segments (price, value, and need) o Product Costs (fixed & variable) o Forecast of unit volumes, revenue, and profit

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Customer Service
I. We have noticed a slip in business that may relate to customer service issues. Can we pinpoint the problem?
1) Not answering to phone. Get call forwarding or an answering service. Hire staff if you need to. But make sure that someone is picking up the phone when someone calls your business. (Notice I say "someone". People who call want to talk to a live person, not a fake "recorded robot".) 2) Making promises and not keeping them. Reliability is one of the keys to any good relationship, and good customer service is no exception. If you say, Your new bedroom furniture will be delivered on Tuesday, make sure it is delivered on Tuesday. Otherwise, don't say it. The same rule applies to client appointments, deadlines, etc. Think before you give any promise - because nothing annoys customers more than a broken one. 3) Not listening to your customers. Is there anything more exasperating than telling someone what you want or what your problem is and then discovering that that person hasn't been paying attention and needs to have it explained again? From a customer's point of view, I doubt it. Can the sales pitches and the product babble? Let your customer talk and show him that you are listening by making the appropriate responses, such as suggesting how to solve the problem. 4) Not dealing with complaints. No one likes hearing complaints, and many of us have developed a reflex shrug, saying, "You can't please all the people all the time". Maybe not, but if you give the complaint your attention, you may be able to please this one person this one time - and position your business to reap the benefits of good customer service. 5) Not being helpful - even if there's no immediate profit in it. The other day I popped into a local watch shop because I had lost the small piece that clips the pieces of my watch band together. When I explained the problem, the proprietor said that he thought he might have one lying around. He found it, attached it to my watch band and charged me nothing! Where do you think I'll go when I need a new watch band or even a new watch? And how many people do you think I've told this story to?
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6) Because of un-trained staff (if you have any) to be always helpful, courteous, and knowledgeable. Do it yourself or hire someone to train them. Talk to them about good customer service and what it is (and isn't) regularly. Most importantly, give every member of your staff enough information and power to make those small customer-pleasing decisions, so he never has to say, "I don't know, but so-and-so will be back at..." 7) Taking the extra step. For instance, if someone walks into your store and asks you to help them find something, don't just say, "It's in Aisle 3". Lead the customer to the item. Better yet, wait and see if he has questions about it, or further needs. Whatever the extra step may be, if you want to provide good customer service, take it. They may not say so to you, but people notice when people make an extra effort and will tell other people. 8) Throw in something extra. Whether it's a coupon for a future discount, additional information on how to use the product, or a genuine smile, people love to get more than they thought they were getting. And dont think that a gesture has to be large to be effective. The local art framer that we use attaches a package of picture hangers to every picture he frames. A small thing, but so appreciated.

II. What do people really think of your customer service? What are its strengths and what are its weaknesses?
1. Its very necessary to know what and how the customers feel about your customer service because customer service is most essential part as it deals directly with the customers and also make the first impression of your company and its product in the mind of customer. When you truly listen to your customers, they let you know what they want and how you can provide good service. Never forget that the customer pays our salary and makes your job possible. 2. Be a good listener. Take the time to identify customer needs by asking questions and concentrating on what the customer is really saying. Listen to their words, tone of voice, body language, and most importantly, how they feel. Beware of making assumptions thinking you intuitively know what the customer wants. 3. Get regular feedback. Encourage and welcome suggestions about how you could improve. There are several ways in which you can find out what customers think and feel about your services. o Listen carefully to what they say. o Check back regularly to see how things are going. o Provide a method that invites constructive criticism, comments and suggestions.
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Attracting New Customers

I. How can we increase our share of the market?
1. Reduce your customers risk. Give them 100% satisfaction guaranteed, because do you really deserve to keep their money if your product or services hasn't delivered what you promised? 2. Give them free samples, free 10 day trials, free, no risk 'pay me when you are satisifed' periods. 3. Give a FREE Seminar, but remember to give it plenty of advertising via postcard invitations, radio maybe, and don't forget that cable TV advertising can be very reasonably priced for local events. 4. Invite your existing base to give you referrals or introductions. 5. CROSS PROMOTIONS / Cross Endorsements: Find another product or service you believe in, and offer to endorse them, in exchange for them endorsing your product. 6. Charity: On a regular basis give something away to a deserving charity, and do a press release about it. 7. Throw a party, brat/hamburger/hot dogs or something of a picnic, where you invite others to tour your operation and learn more about you, while getting free food/refreshments.

II.

What do potential customers really want?

1. Get regular feedback. Encourage and welcome suggestions about how you

could improve. There are several ways in which you can find out what customers think and feel about your services.
o o o Listen carefully to what they say Check back regularly to see how things are going. Provide a method that invites constructive criticism, comments and suggestions.

2. Identify and anticipate needs. Customers don't buy products or services.

They buy good feelings and solutions to problems. Most customer needs are emotional rather than logical. The more you know your customers, the better you become at anticipating their needs. Communicate regularly so that you are aware of problems or upcoming needs.
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3. Give more than expected. Since the future of all companies lies in keeping

customers happy, think of ways to elevate you above the competition. Consider the following: o What can you give customers that they cannot get elsewhere? o What can you do to follow-up and thank people even when they don't buy? o What can you give customers that are totally unexpected?

4. Make customers feel important and appreciated. Treat them as individuals.

Always use their name and find ways to compliment them, but be sincere. People value sincerity. It creates good feeling and trust. Think about ways to generate good feelings about doing business with you. Customers are very sensitive and know whether or not you really care about them. Thank them every time you get a chance.

III.

How effective are our current method of marketing our products?

1. Keep a regular check about your marketing methods through feedback from people. 2. Use all possible means of marketing and also try to put innovative ideas in your marketing strategies. 3. Make calls to people who are not in your customer list to know whether they are aware of your products and services. 4. Use the method of camping to get the feedback of your product. This will help you know better about the products marketing and will also help in advertising the product.

IV.

How can we improve advertising and communications approach?

1. By keeping an eye on the advertising methods and getting regular

feedback from the customers and other people we can know which of our advertising strategy is good for the product and then we can concentrate on that particular methodology apart from other methods.
2. Its always good to be innovative with our ideas of advertising and we should try to cover as much space as we can but with that we should always keep a space for further improvement in it. 3. We should hire a team, who looks after the advertising process and makes sure that our product is well known between people and if there is any sort coming in the process of advertising, appropriate steps are taken to over come. Project Submitted By: Vikash Kr. Singh Page 7

4. Well trained team of customer executives will lead us to good customer satisfaction so its very necessary to get a good team who are soft spoken and well behaved with the customers. 5. Be a good listener. Take the time to identify customer needs by asking

questions and concentrating on what the customer is really saying. Listen to their words, tone of voice, body language, and most importantly, how they feel. Beware of making assumptions - thinking you intuitively know what the customer wants.

V. Who is our most effective target? What are their identifying characteristics, and how can we best market to them?
1. Its very necessary to recognize our target because if we are not sure about our target than it will become very difficult to sell the product. So the first thing is to know the desired target and make further proceedings according to the target. 2. The second thing is to look out for the most effective target for the product and put in our best efforts to grab those targets. 3. Then we should try to know the buying behavior of the customers like what they look out in the product when they go for buying. 4. To accomplish for the above, we can throw a survey in the public to know what is there that they want in the product or sometimes, what are the changes that they want in the product. By this, we not only get to know the customers buying behavior but also create a good reputation of the product in them.

Project Submitted By: Vikash Kr. Singh

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