Tea loving Japanese are changing their preference to coffee. Is a single brand responsible of changing this millennia-old habit? If so, which brand?
This brand is The West. After the West proved military superiority to
But is coffee drinking originally from the West and tea drinking originally from
We hear this a lot and many of us claim that consumers are the ones who are really in control of our brand. How much of this is true?
When creating a brand, how much is the cost, corporate strategy, bottom line objective and competition is taken into account vs. consumer opinion?
In all of the categories Private Labels have entered, they are either leaders, or growing faster than the category. Private labels extend their retail name to a brand, transferring the confidence placed by their consumers as a retail store. Besides this, they tweak a couple of other very important variables to achieve success: price and shelf space and location. They will occupy the hottest shelf space and place the category leader right besides them. Then they advertise (with in-store publicity) that their price is lower.
It has proven, without a doubt, to be a successful strategy for the retail stores. Consumers are buying more of these brands than many other brands.
How fair is this for a consumer?
These companies are competing for the same advertising budget; advertisers need to keep up with the shifting habits of media consumers and media agencies need to find the most effective ways to communicate commercial messages.
The advertising industry is a continuously moving chessboard. There are new technological developments which are changing the way people think about their opportunities and problems, thus changing the way to advertise and communicate. Just take a look at the recent RPGs or at any blog; the new social networks. Microsoft moved ahead into the world they have been monitoring for years.
This doesn't mean that it's the end for traditional media. Clear Channel is being bought out for $19.5 billion. The buyout is a "significant milestone in radio industry history," said BIA Financial Network radio.
Starting up a company is a monumental task. It can be overwhelming, it is tough but it is always rewarding… when things turn out well.
Please allow me to share a few highlights of my short experience on this.
You came up with an idea. A great idea. Now you want your own company. Congratulations. I wish you the best.
First, be prepared. Starting up a company will demand all of your attention, and might take a heavy toll on your personal life. Organize your personal life before taking this chore. Make sure your personal finance is in order and that you have enough money to live on until a few months after you think you will start earning with your new company. Talk to your family and figure out how you will balance between work and family the start up may consume nights and days non-stop. Settling this will allow you to fully focus your energies on actually starting up the company.
Now you may start. The first step you want to take is to write a business plan. On the internet you will find many business plan guides and software. If you think you need one, by all means, you are free to choose. Anyway, there are some basic chapters you will need to cover.
Begin by finding out what's going on in the industry you plan to enter. Visualize yourself as an expert on that field and that you are the main speaker at their yearly conference. What would you say?
This means you need to do research. Use your network. Use the internet. There are sites that help you expand your network. Use them. Find out which are the government’s controlling agencies over that industry; visit them. Subscribe to the latest news reports from that industry.
Analyze the key drivers of that industry, the history, the players, how many are there, who are they, how many brands, the costs, who are the main providers of those players and what moves them. Always find out why things happen.
Understand the macroeconomic and social weave of the country or countries your company is going to play in, find out which role does that industry play in those countries.
Then dig deeper; do a Market Analysis. Understand the prices, how have they fluctuated and what have been the effects, how have products evolved, find out trends, figure out where is this market going, which are the leading brands and what have they done to be leaders, which brands have disappeared and why.
If it is a service you plan on launching, use your competitor’s and subscribe to them if possible. If it is a consumer product, go to the retail and purchase as many different products of that kind, use them and look at them every day. Experience what your competition has to offer. Reverse engineer them to learn how they work and how you can do it better.
The information you gather will help you build a SWOT analysis, which I will discuss in a future post.
If you have started to design your product, find a head legal counselor. Apply for any and all patents you might think you need them. Consult with your attorney.
The whole idea is that you must be confident enough to dive into that industry. Remember that as soon as you enter, your competitors will do their best to eliminate you.
This is part 1. Don’t miss my next post.
Oh, and try not to share your idea around too much, or you will see someone else launching it before you do.
