28 May 2010 11 Comments

Brands:What determines whether they will invest in your services

Author: yinkaolaito

Yinka Olaito is happy,excited and passionate Communications & Media specialist, Trainer and speaker. Yinka Olaito helps Profits and Non-profits with effective communication and positioning for premium service delivery and returns. Yinka Olaito also has special interest in Development Communication and has consulted for noted UN Agencies. Yinka Olaito is the CCO of Michael Sage Consulting(Communication/digital media), African Child Education Right Initiatives(NGO) and Content Director, Africa Development Talk( online Platform for discussion on Policy, Governance, development across Africa) and Africa Foundation for Young Media Professionals

Brand investmentbrand and salesMany times brand custodians are concerned about pushing their products to the target market. Many assume that just creating a service is the end of it and people will rush in to purchase their services. This assumption is often based on the fact that the new service is a one- in- town bullet proofed idea. Times are changing and we need to think otherwise .I strongly agree with Steve Heimoff’s assertion in this regard which says ‘’No longer is it enough to make and sell and then expect the world to beat a path to your door. Today seller has to reach out to their customers, understand their customers’ need (italics mine) and may have to do so in a way that is unfamiliar and even uncomfortable for them’’ Going the old way does not work any longer. The audience also have a concern.  Sellers, producers must note that many want some services badly but they do not have what it takes in term of financial capacity to get them. Customers are faced with choices. They have to make choices through opportunity cost- which is alternative wants forgone.

Despite these challenges, I must confess that brands can still get necessary attention from their segment if they truly understand the most viable reasons that determine why audience will invest in the brands. Today I just want to examine four basic reasons why audience still invest in brands despite the tight economic structure that pervades our economy now.

People buy to satisfy basic need: Never forget Abraham Maslow’s hierarchy of needs. When the basic needs of your segment is not know, your brand may not enjoy patronage from them. People have several needs with limited resources to go round. Your brands must aim first at satisfying their basic needs before you move ahead to give what is on their secondary list of needs. So first identify what they need and you can have them ‘grabbing’ your services

Solve a problem: in addition to the above, each market segment has problems that are peculiar to them. The more your brand can solve your segment’s problem in a unique way the better for the brand. Offer services that solve problems in a unique, emotional way that will propel your audience to talk about your brand. This also point to a sure way to get necessary attention from brand’s target.

Status: When the above issues are satisfied, brand audience will invest in a brand based on status’s need. I must admit there are few exceptions to this rule, but what is certain is that majority of brand’s segment will always follow this trend.

Quality and longevity of service/ created product: Why we always believe that emotional connection, perception influences target decision in a major way. A recent research packaged in an EBook form produced by Intrepid and MR. Youth supported the assertion that some clients also consider quality and longevity of the created services/ product before they buy.

 In this mentioned report, a young twenty one year old lady (Brittney) from Seattle has this to say ‘’When I purchase something, I want to know that it’s going to last for a while. I don’t know, maybe it’s just the nostalgia of getting things handed down to me from my parents and grandparents and the history they had but it makes me sad to think that our generation’s purchases won’t go through the same ordeal – everything’s ‘insta-use’ and once it’s used it’s gone.”

Let me conclude this piece by saying that getting value from your brand target is equal to your brand’s ability to know the reason why your target does business with you or not.

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