Why Brands Fail

Humans are programmed to purchase and experience brands, not products. When a shopper walks down a long lane of Home and Personal care products in a superstore near you, she is making a critical decision on what is best for her and her family. Here is where a marketeer may influence the behavior of the shopper (and that is perhaps why the work of a marketeer is so exciting). So what does the marketeer need to get right, in order to ensure that the shopper chooses his brand over the next in the category shelf.
Even before getting into details, ask yourself. Which phone do you use and why do you use it. Why do you prefer Nandos over KFC (if you do so that is)? What do you love about Nike?
PRODUCT
Humans experience brands, not products. True. But the core benefits of the brand must be superior to competition. The product must deliver. And most importantly, the product must cater to a need of the consumer. Ever wonder why we don’t see an Aston Martin on the busy roads of Dhaka?
PROMOTION
The number 360 is used so often by business professionals that it is becoming a redundant number. First, you do not need a 360 campaign for your brand. You do not need to touch your consumer at all her touchpoints. She does not want to be touched everywhere, and so often. But you do need to ensure the right promotional mix. What is the maximum return on investment on your marketing mix? One brand that stands out when it comes to promotion is Apple. And it’s all thanks to a Human Brand we know as Steve Jobs, who could make you believe that you need a gadget you never needed!
PRICE
Get the price right. If you are charging that extra, make yourself convinced first whether you as a consumer would pay that extra for your brand. If you are a premium brand, ask yourself first, what is so premium about you? Consumers and shoppers in every corner of the world are willing to spend more for more benefits. Just give them a reason to believe you.
PLACE
Do you have the right channel strategy for your brand? Is your brand available and visible in the outlet where your target consumer is most likely to search for it? Distributing is not only about increasing the number of outlet penetration for your brand, it is also about designing the best channel strategy for your brand. Because if it is not available, it will not sell.
PROPOSITION
Your brand will occupy an area in the limited mind space of your consumer. What does your brand stand for? What does it shout out? Why will the shopper choose your brand over ten others in the category? Get the proposition right, the rest will follow.
The success of a brand depends on the amalgamation of these 5Ps. A slight mistake in any of these will result in the failure of a brand.
Think of the brands you see in Bangladesh. Which brands do you feel have successfully mastered these 5Ps?