Product market v/s brand marketing – What should you choose?
Product Market v/s Brand Marketing
Product Marketing and Brand Marketing are the most important faces of the same coin. In this, products are objects that can be sold for money, while brands are the embodied persona of the companies that sell them. Despite working towards the common goal, i.e., to build an image of an organization in the market, students of MBA Colleges in Jaipur will often see both the departments in a company knocking horns with each other with regards to what deserves the highlight or the bigger chunk of the budget.
What is Product Marketing?
Product marketing is all about deciding the position and messages of the product, launching the product and making sure that the salesperson/customer understands what the product offers. Moreover, it involves understanding the particular audience of the product on a deeper level and consequently developing a messaging that appeals to the audience. In other words, product marketing focuses on every step that MBA graduates take to deciding whether or not they will purchase a product. Without it, your product will not achieve the maximum potential with your target audience.
For instance, VW Bus by Volkswagenis the best product marketing strategy. It is also known as hippie vibe and the Sound of Silence playing in the background (conveying that the electric cars are silent).
There are some of the advantages of creating an effective product marketing strategy including the following:
1. Emphasizes the benefits of the product/service
Product marketing will be all about the product, its features, how it can create an impact in the life of the customer and what makes it different from its competitors.
2. Helps in providing a better understanding of your customers and competition
Since the advertisement is product specific, students of Best MBA Colleges in India will know over time whether the product is liked by the target audience or not. Also, it attracts new customers, especially when a company adds products with new benefits. Finally, it assists in making an effective strategy while targeting buyer personas.
What is Brand Marketing?
At times, Coca Cola initiated their Share a Coke campaign by replacing their signature cursive branding with the names of their customers. After seeing them, people started looking for coke at almost every outlet, only to get the tin can with their name. It has increased the overall sales of Coca Cola’s up to 3%.
Brand Marketing is about highlighting your brand while promoting the product/service. Its main task is to link the brand’s identity value and personality with the audience using communication. By employing an efficient brand marketing strategy, the company of top MBA college graduates can design brands that go far beyond showcasing product features and display brand values or intangibles. These campaigns elicit an emotional response from their customers, which will help with building loyalty and resulting in repeat business. When in comparison with product marketing, Brand Marketing is a more practical approach, as it helps in building an emotional connection between the brand and the product.
There are some of the advantages of creating an effective brand marketing strategy including the following:
1. Customer Recognition
Avoid undermining the power of familiarity. While shopping, if customer recognizes your brand by its packages/colors/images of a brand that they recognize, they are more likely to grab that product than the sea of others that are surrounding it. Brand Marketing is ideal for uniquely positioning yourself in a crowded space, especially with too many competitors involved.
2. Helps in building up sales effectively and customer loyalty over time
When a customer experiences an exceptional service after purchasing product//service, they might end up becoming a brand loyalist and pick their product/service time and again. And by seeing your promotional campaign over media or digital channels, they will reorganize their association with the brand and further feel happier and more confident about their purchase decision making.
3. Competitive Edge
The organization often faces tough competitions from the existing players along with the new start-ups wherein they are offering a similar product/service in the market, and target audience/market is also similar. However, with the help of brand marketing, students of MBA Colleges in Rajasthan can carve a distinguished identity in the market, which highlights the unique selling propositions and product’s differentiating factors.
4. Decide what works best for your business
When it comes to deciding what works best for your business between brand marketing or product marketing strategy. All of this depends on the company. But the older an organization is, with well-defined products or competition, they are more likely dependent on brand awareness. On the other hand, it is necessary for the start-ups to work on product awareness. However, most companies fall in between these two extremes. Some start-ups come with certain products/services with lots of competition already in the market, so they need to work on differentiating themselves from those that already exist. For them, brand marketing is as necessary as product marketing. Also, older companies might have to work on product marketing to define their new product.
By now, students of top MBA colleges in India must be aware of the fact that both Product Marketing and Brand Marketing should co-exist for a well-rounded marketing strategy. There should be a complete balance of both, wherein the personality of their company and the value they offer users is present no matter what type of campaign they run.
People who are still wondering how to take their company’s marketing strategy to the next level, they can pursue an executive PG program in Management. This is basically as a 12-month program and specialize in brand and product marketing strategies and management.