Carly Gusset is the Communications Specialist at Eventige Media Group, a leading marketing & advertising agency based in NYC and partner of Content Boost.
Successful brands put life into their products. They understand design and tailor it for end user’s needs. Companies such as Apple and Coke, have an ability to capture the hearts of customers instilling respect and trust, whether it is a computer or soda.
Each stage in a brand’s life has an appropriate design and strategy for appealing to the consumer, in return defining a bottom line for a company. To understand how brands consistently deliver us with the latest products and raise revenue, one must understand their life cycle.
How to Design to Increase Audience Point of Sale
A brand is defined over two crucial moments to the user. One occurs when a shopper finds the product on the shelf, weighs comparisons and makes a purchase. The next moment is when the user spends personal time using the product. The decision is made whether the brand holds true to the integrity introduced at the buying moment. These moments form truth and integrity to maintain a place within the customers’ hearts keeping them loyal.
Hello Brand the World is Your Stage
A brand must have truth and transparency. Analyzing an audience’s purchase point help companies grown and determine how to maintain a bottom line. There are four stages in a brand life cycle: Introduction, Growth, Maturity, and Decline.
The cycle starts with the introduction of the brand. The failure rate for business to execute strategy is 90%, whether it be a start up company or a new model. When introducing a brand one should build channels of distribution and focus on a target audience. When communicating to an audience, create focus on the benefits of the product. This will deliver the pioneering information to the customer to make the right choice against other brands. Price will play a large part in how a brand will recover from the initial investment.
The brand will transition into a growth period. Company’s need to encourage strong brand loyalty against competitors entering the market. One must look at the product to see where they can modify the design and correct areas of improvement from the initial introduction stage. Communications should focus on the brand of the product. Since customers are aware of the benefits and competition is more present, one must distinguish price offerings against competitors.
The third phase is maturity. At this stage, sales are peaking and the fierce competition is building. Advertising should focus on sale promotion, pulling customers in to drive the brand forward. At this stage, brands can introduce a change in packaging or deliver new models and aesthetic changes. This is the ideal time for modification and repositioning of the product if needed.
The fourth stage is decline. A drop in revenue comes from the introduction of a new technology or social trend that satisfy the buyer’s crave for the newest, latest and greatest. The brand must reevaluate and determine the need to eliminate or reposition in order to extend a product’s life. A brand can maintain the product as long as profit earned go towards enhancing the effectiveness of the product.
Take a Bow
People are connecting at advance rates by social sharing and accessing knowledge at speeds faster than ever before. We must place our mindset in that of the customer to understand their needs and wants. We have to learn to embrace the design of brand life cycle to ease with the ebb and flow of the consumer purchase decision. By maintaining and breathing life into a brand, we can create moments connecting the hearts of the users with the brands they love.
Carly Gussert (Communications – Eventige) is cultivated in digital media and collaborative design, focusing her talent on creating meaningful content. She’d love to connect with you on Twitter and LinkedIn.