The economic downturn has initiated many shifts in the way in which companies market and sell their products; online advertising is now a integral part of any marketing mix, companies can no longer afford to ignore the so called ‘ Voucher Code Revolution’ and price comparison websites have become a major contributing factor to a customer’s purchasing process.
One of the main casualties of these changes has been traditional media: radio advertising sales have reached an all time low and print media are struggling to fill slots that, historically, companies would enter a bidding war for.
But what about the concept of ‘The Brand’; has that suffered? In the current climate of voucher codes and discount shopping is it still worth company formation owners investing their already limited time and resources into developing their company’s brand?
Well, according to consumer behaviour strategist Kate Jones, it has never been more important. She comments:
“While there has been a definite shift in consumer behaviour towards discount shopping and customers have obviously become more price conscious as a result of the economic climate, brands still have a place in contemporary marketing and advertising. As while consumers have become more price conscious they have also become more quality aware. ”
“Developing a strong brand identity for your company allows you to differentiate your company from other recently formed companies; it also ensures that your company does not only have to compete on price. Taking the time to invest in developing the value of your brand helps you maximise the commercial potential of all your products.”