My five takeaways:
- Product Placement
- Relationship Marketing
- Customer Lifetime Value
Branding is the process of creating a unique image, gut feeling, and reputation of your product or company.
Branding is important to help with getting your target market to chose your company/product over your competition. A good brand will deliver the message clearly, confirms your credibility, connects your target prospects emotionally, motivates the buyer, and concretes user loyalty. In order to succeed in branding you need to understand the needs and wants of your customers.
Co-branding is a marketing partnership between two or more brands.
Co-branding is a great way of introducing one company’s products and services to the loyalists of another. Co-branding can be a cost effective way to market your product/service to a wider target audience. You should co-brand with companies who share the same complementary values, and companies with products who are the best-in-class.
Product placement is the placement of products/brands in TV shows and movies.
Product placement in movies and TV shows is becoming more common especially as people often skip through commercials or are distracted by their phones during commercial breaks. With product placement companies have a much higher chance for viewers to see their products. Often times we as the viewer may not recognize the placement of products but subliminally we pick up on them. There are many examples of this such as Back to The Future with the DeLorean car, Nike shoes and many others.
Relationship marketing is a marketing strategy designed to focus on customer loyalty, interaction and long-term engagement.
Relationship marketing can be one of the more tricky aspects of marketing but is is very important. With social media it’s easier for companies to reach their customers and can help to build relationships. On social media you want to try to interact with the people who follow you (your customers) and this helps to build connections.
Customer Lifetime Value
Customer Lifetime Value is the net profit that a customer is to your company.
Customer Lifetime Value (CLV) is all based upon customer relationships. In order to have a lot of customers who continue to return to your product over competitors you need to have great customer service. Loyalty programs are a great way to keep customers coming back. CLV calculations can be used to help forecast sales and to better market your product.