Marketing How To: Branding Strategies for Emerging Markets
Branding is the process of creating a unique image for your product in the minds of people. This is usually achieved through advertisement campaigns. Branding is both an art and a science.
An emerging market is a new market. More and more American and European companies are tapping emerging markets in Asia, Africa and Latin America. Some of them like Unilever, Dell and IBM have succeeded in these markets.
It is very important to conduct market research before entering an emerging market. Market research will give you an idea about what the market expects from your business. It is also very important to create a strong differentiation. Your brand should stand out among the crowd.
Marketing how to experts suggest that you use advertising media which is relevant to your product or service. Social media websites like Facebook, Twitter and Google Plus are gaining in popularity. They should definitely be a part of your branding strategy. It is advisable to keep track of feedback about your brand.
Successful marketers use the press effectively. It is a good idea to introduce your brand in a press conference. Release advertisements in popular newspapers and magazines. Make extensive use of billboards. Marketing how to experts always keep an eye on their competitors. In emerging markets, it is very important to watch what your local competitors are up to.
Sponsor popular sports teams and popular events. This will surely enhance the visibility of your brand. Marketing how to experts recommend that you become a member of various chambers of commerce. It is a good idea to get involved in social causes. If you are entering a different country with a different culture, you may consider creating a new brand name to your product, but it is generally not advisable. It is advisable to hire a local manager and to develop a good distribution network.
Successful marketers adhere to local standards of quality and technology. Marketing how to experts suggest that you let the consumers decide the quality. This approach reduces the risk of failure. Global organizations like Unilever have used this strategy successfully in the emerging markets. While dealing with lower income segments, it is advisable to emulate your local competitor.
Succeeding in an emerging market is a challenge. However, your chances of success are high if you implement the above mentioned branding strategies.