How to establish a powerful brand? Explain.
In the present world of competitive market, it is highly important for an emerging business organization, like SmartSpark, to establish itself as a powerful brand, in order to achieve maximum profit at the end of the year. SmartSpark is an e-commerce company that was being founded in 2009 in USA. Headquartered in Washington, the company mainly deals with the production of books and goods of personal care. However, for increasing the brand value of the company, a traditional as well as an innovative approach is required. In order to promote a product effectively in the market, SmartSpark must adopt the Marketing Mix strategy. The price of a product plays a vital role. If SmartSpark is introducing a new product, it should provide discount, offers and vouchers, to attract a greater number of consumers, to try out the new product. Since there are various new international online retailers, SmartSpark will be likely to face strong competition. Hence, SmartSpark must introduce competitive prices and new discounts, vouchers and attractive offers for its potential consumers. The products sold by the company, must also have distinctly innovative qualities that shall set the products apart from its rival organizations.
SmartSpark must opt for greater diversification of its product, and hence it should start offering greater number of products, apart from books, electronic goods, and goods of personal care. This will help in the expansion of the market, and creation of new consumers. Further, since SmartSpark has already evolved itself to become a well recognized brand, it should introduce more products under its own brand name. This will help Smartspark achieve greater recognition and brand awareness among the masses. As far as the promotion strategy is concerned, the company must promote its products, via the social media channels, such as Facebook, Twitter, Instagram, etc. that helps a product reach out to the maximum number of consumers (Kotler et al., 2015).. Further, social media advertisement, can help an organization get in touch with new potential consumers, via word of mouth publicity. In addition to this, the organization can also reach out to a huge number of people, and deal with the complaints or feedbacks or inquiries of the existent consumers, via text messages and emails. Uploading interesting promotional videos on YouTube, publishing well-written articles on the innovative features of the product are also interesting ways of promotion. The commercials to be aired on television must be interesting with some catchy, creative taglines that can easily attract the attention of the young consumers. (Tuten and Solomon, 2014) .
Kotler, P., Burton, S., Deans, K., Brown, L., & Armstrong, G. (2015).Marketing. Pearson Higher Education AU.
Tuten, T. L., & Solomon, M. R. (2014). Social media marketing. Sage.