Marketing Strategies That Keep Top Brands Ahead
In this blog, we look at some of the most common and widely used marketing strategies adopted by top brands that have helped them stay ahead of the game for generations. These encompass both conventional and contemporary methods in the dynamic marketing environment of today. We’ll also explore the psychology behind product color, fonts, images, logos, and more.
The Availability Principle
People tend to buy products that are widely available. A brand needs to be both mentally and physically available to reach the maximum number of consumers.
• The ease with which a brand is recalled when a consumer considers purchasing a product in a specific category is known as mental availability.
• Physical availability refers to how easily the product can be purchased when the customer is ready to buy.
The availability principle proves that a brand must be present both in people’s minds and on store shelves (or online platforms) to maximize its reach and sales.
Occasional Buyers Are the Key
Who contributes more to a brand’s revenue ? loyal customers or occasional buyers?
Research shows that big brands earn more from occasional buyers. While loyal customers are important, the bulk of a brand’s revenue comes from those who buy infrequently but across a wider population.
Therefore, brands must broaden their appeal and make it easy for casual buyers to choose them.
The Double Jeopardy Law
This marketing law states that larger brands not only have more buyers but also more loyal customers, whereas smaller brands have fewer buyers who are also less loyal.
For example:
• Coca-Cola boasts a huge market share and a devoted following of consumers.
In comparison, Campa-Cola has a much lower market share and less devoted consumers.
People often assume small brands have a niche and thus a loyal customer base but in reality, the opposite tends to be true.
Product Discounting
Premium brands rarely offer discounts. Instead, they rely on exclusivity, trust, and perceived value.
Frequent discounting can erode the brand’s prestige and hurt its loyal customer base.
For instance:
• Starbucks might offer a coupon after five visits as a loyalty incentive, but it does not reduce the base price of its products.
A Permanent Logo and Design
A brand’s logo, tagline, and color scheme are part of its visual identity. Changing them too often can damage brand recognition and customer trust.
Example:
• In 2009, Tropicana redesigned its packaging and logo, which led to a $50 million loss due to customer confusion and backlash. They went back to the original design right away.
Brand visuals are not just aesthetics they are psychological anchors for customers. Hence, they should be changed only with careful consideration.
Final Thoughts
Marketing should be executed with care, planning, and long-term thinking. Even large, established brands can suffer from missteps as seen with Tropicana. By applying these tried-and-tested strategies and paying attention to customer psychology, businesses can elevate their products and stand out in the market.