Don’t Hold Back Your Personal Branding Strategy
Posted on September 28, 2013
Design an effective personal branding strategy-Change your image:
Branding is closely related to marketing. If you ask me, your personal branding strategy should focus on marketing. I have noted that using the marketing mix is the perfect way to establish a brand. The preliminary approaches to the definition of the marketing mix (the marketing strategy) are the internal/external diagnostics of the company, its market segmentation, positioning of the brand and its products or services. Diagnosis leads to the definition of objectives in terms of segmentation of the market, which will allow the company to consider some sources of sales volume. The definition of a position within the segment will feed the image of the company. The marketing mix was introduced essentially by Jerome McCarthy (1960), and was widely popularized by Philip Kotler who established the 4 so-called Ps. These four policies define the product and its wider implications in business plan:
a) Product: The product policy (choice of product range: range of depth, width range, etc.). The word product is used in the generic sense and also includes services in the post-industrial society. It represents more marketing offers.
b) Price: The pricing policy (e.g. skimming, penetration, price acceptability, profitability, etc.)
c) Place: The politics of distribution (choice of network and channels of distribution, power of sale, etc.). The distribution also includes the Electronic Commerce.
d) Promotion: The politics of communication (choice of advertising, promotion, direct marketing, public relations, etc.).
Since the establishment of the classical marketing mix, different models have evolved focusing on specific forms of management. I believe that some of these trends were maintained in the retail industry, partly outside the jurisdiction of the marketing concept, in part as an integrated model. You should use one of these models for your personal branding strategy .
Branding while innovating could be the new personal branding strategy online because repositioning brands could certainly be a great undertaking for brand managers. But giving a brand a new meaning or targeting a new consumer group is almost like repositioning a brand which brings risk of possibly disenfranchising the brand’s existing base – a dramatic and potentially risky proposition. But in an increasingly competitive market, such an aggressive market/branding strategy is required to redefine consumer perceptions of the brand and achieve success
I have seen that in this era of market competitiveness when every other day a new brand comes into the market and due to the consumer’s Brand swinging attitude the condition might get worse for a brand in case it does work on its market strategy. By personal branding strategy tips I mean redefining the ethos and value attached to a brand and positioning it again in the minds of the consumer and thus doing product innovation. Apple, P and G, Johnson Baby are some examples of revitalization of brand and thus product innovation.
You can design a highly effective personal branding strategy if you focus on your consumers and use the marketing mix. You can know your flaws and strengths by this process. You can also understand the needs and expectations of consumers.
Significance of a personal branding strategy:
In the recessions like we had few years back, companies shifted resources away from ill performing brands to the more profitable brands. There is no point feeding a non –performing brand with operation cost so they are either disposed or re-launched with value addition.Though such critical steps are often unpleasant but that is just a response to recessionary move. Brands performing well also should be examined properly so as to avert any misfortune and adequate innovative marketing strategy be used to keep them in the high performing group. Thus, I have realized that it is very important to have an effective personal branding strategy online.
I can tell you that there is a hidden tension between Innovation and Branding. In the best of times also this relationship could be tricky. Theoretically they work together with the brand being the face of the business but practically they are way apart. A personal branding strategy is the reason of Innovation coming into the market and Innovation establishes a brand too but while there is innovation the image of brand changes as well which could take a downturn if not planned well. It is difficult for the brand managers to decide which brand needs what amount of innovation and which brand needs to get its product line extended which is also called “Brand Stretch”. A weak economic environment and inflationary pressure have forced today’s CEO and Brand managers to come up with innovative ways to keep up the profits. Extending brands is the new market strategy as the consumerism has risen abruptly and new product launches have shot up. Brand Extension is not Line Extension, but it is rather a courageous step of breaking new ground and extending beyond its own core category.
In today’s context the most important one is the strategic/reflexive innovation but within an organization a perfect balance of Entrepreneurial, Technological and Reflexive Innovation can co-exist very amicably and the result would be a flourishing brand like “Apple”. I have seen that Creativity and Innovation run parallel for many brands so a good personal branding strategy is always one which keeps the brand continuously growing in the realms of Innovation and creativity either in the products/services or in the advertisements. Many branded innovations are due to market opportunities for example Cassette to CD, Walkman to Discman to Flash Music players.
The goals of innovation and personal social media branding strategy are contradictory. It is through trust that Brands are established and brand is about giving the consumers what they want. Brands that change their message very frequently do not leave a good impression on the consumers, for example changing the logo of the brands very frequently. While Innovation is about giving customers what they want, even if it demands some changes in the brand. According to a study there is no consensus on what constitutes the global marketing strategy. Authors like Samie and Roth (1992) finds thatthere is no such relation between them where as Cavousgil and Zou(1994) finds a positive relationship between product adaptation and export venture performance. These researches made me realize the significance of a personal branding strategy.