Introduction
The main reason why a company undertakes a brand strategy is to offer diverse and a unique market for its products. It mainly comes when the company needs to expand its current market operations to capture more customers. Product branding establishes inherent values which attract buyers in the market. Tom Ford should effectively research the market tastes and preferences before deciding on the kind of production to adopt. Since the strategy aims at revitalizing the company’s customer base and sales, close focus should be directed towards ensuring that the production meets the market needs.
How to develop an effective brand
Brand development is not an easy task, considering its great importance to the current and future firm’s operations. The brand name also provides company identity in the market and hence ought to be done cautiously. Firstly, it is important to understand that the brand name will offer Tom Ford an invaluable name in the market. A thorough research should be established to ensure the efficiency of the brand name in the market. The company should also understand that the brand act as a source of promise to the consumers. In addition branding offers a good foundation to the company’s marketing plan (Randall, 2000, p.2). The main reason why firms engage in the branding process is not to enhance market competitiveness, but is to convince the prospects how they can satisfy the customer’s needs and preferences in the market.
The main objectives of branding in the company include clear message delivery, since the name is repetitively used to market the firm’s products. The brand name confirms the company’s credibility which further leads to customer loyalty. The short and concrete brand name provides an emotional connection with the prospects, thus motivating them to buy more. Considering that the company is one of the leading fashion designers in America and also across the world, continued excellent branding strategy need to be encouraged in order to maintain similar position in future. Effective branding will also boost the company’s sales as new clients will be drawn every year as the old customers are retained. Secondly, it is important for the company to define its target audience since this will efficiently define the marketing strategy to be implemented. As a matter of fact the power of the company’s brand name significantly depends on its ability to focus.
A thorough knowledge of the market audience will enhance the company’s confidence and consequently improve the company-customer relationship. Target audience identification is mainly done through intense and in-depth research. In order to effectively conduct a thorough market analysis, Tom Ford should seek to identify their target audience and location (McGrath, 2001, p.105). The target audience can be described by age and occupation. The location is mostly defined by the geographical location from which most of the company’s consumers come from. For the Tom Ford case, most of its customers range below 45 years. The company’s products should therefore aim at satisfying the needs of all the women within that age bracket. The analysis should also enquire how the prospects think and feel about the current company’s brand. In this case the company should seek customer’s perception on Gucci, Perry Ellis and Tom Ford brand (Gobé, 2001, p.123). A proper and a well calculated move should then be designed with an aim of improving the current perception in the company’s brands. Additional features should also be included in the new brand in order to attract more customers in the market.
In order to efficiently place the brand well in the market, it is important to understand your key competitors. The competitors’ knowledge will certainly position the new brand in the market. The competitor’s information will also enable the firm to win customer loyalty and devotion. Thirdly, Tom Ford should seek to identify some of the barriers which may prevent the company from attaining its ultimate objectives. The market barriers of conditions mainly prevent the company’s product from achieving success. Among the major obstacles during brand development process includes competition (Till & Heckler, 2008, p.111). Competition involves market rivalry between different firms in the same industry. It mainly results due to the production of similar but differentiated goods. Tom Ford should therefore ensure quality production since the majority of its consumer’s values taste and quality in production. Since most of the company’s products are best used during occasions such as weddings, holidays and outings, it is important to timely release the brand in order to fetch well in the market.
The best timing which Tom Ford should schedule their brand release is during the summer holidays. In order to effectively capture the teenagers and the college students, the company should plan to release the brand when the students are breaking for their holidays. Proper timing will mostly determine the brand impact on the market during its initial stage. A massive positive impact should be enhanced in order to guarantee better performance on the product’s future (Elliott & Percy, 2007, p.141). The location or expansion space can also hinder the branding process. This is because a firm will require some space to construct the production industry. The location hindrance usually goes hand-in hand with the financial limitation. This is because the financial capacity of the company usually determines the extent to which a given firm can expand its operations. Fourthly, in order to ensure perfect reflection on the company’s image, product differentiation should be utilized not only in the packaging process, but also during the production process.
Differentiation ensures uniqueness in all the products that the company produces. Every product therefore has a peculiar characteristic which makes it different from the other products. Brand differentiation aims at giving the customers variety of products to choose from. It also aims at meeting the client’s needs in a more detailed manner, hence increasing their satisfaction (Ferrell & Hartline, 2007, p.205). Brand differentiation for the Tom Ford products is mainly determined by the color, size and the components of the product. The company may use different brands to target different audiences, since such an operation will greatly prevent competition amongst the company brands. In order to successfully market its products, Tom Ford should differentiate its products depending on the quality, reliability and robustness of the product. Such differentiation will automatically result to increased sales in the current and future operations of the company (Morse, 1998, p.104). The method will also remove competition between different brands within the company. Competition will ease since every consumer will seek maximum satisfaction from the provided variety of products.
The tastes and preferences of the women will also be certainly met in the differentiated products. As many customers shift their attention from one firm to another if they happen to find more satisfaction on the latter goods, variety production will attract more clients in the market. In addition it will assist the company to retain its current customer base. Differentiation process is also more flexible and adaptable. Different tastes as they emerge in the market will be easily reflected on the product’s formation. The company nevertheless should ensure that similar brand name is used for the differentiated products. This measure will prevent the company from having numerous brand names in the market which might end up confusing the clients and consumers.
Conclusion
Companies ought to thoroughly research before establishing a new brand on the market. This is because the new brand will not only be an asset to the company but will also determine the future of that product in the market. Since the client’s or customer’s need should always be highly appreciated, the new brand should seek to satisfy the market’s needs. Because Tom Ford deals with fashionable items, flexibility in their production is highly encouraged. The company should also ensure quality production since the majority of its consumer’s values taste and quality in production. In order to efficiently place the brand well in the market, it is important to understand your key competitors. The competitors’ knowledge will certainly position the new brand in the market. The competitor’s information will also enable the firm to win customer loyalty and devotion.
Reference
Elliott, R. & Percy, L., 2007. Strategic brand management. New York, Oxford University Press. Web.
Ferrell, O.C. & Hartline, M.D., 2007. Marketing Strategy. Boulevard, Cengage Learning. (Online). Web.
Gobé, M., 2001. Emotional branding: the new paradigm for connecting brands to people. New York, Allworth Communications, Inc. (Online). Web.
McGrath, M. E., 2001. Product strategy for high technology companies: accelerating your business to web speed. New York, McGraw-Hill Professional. (Online). Web.
Morse, S., 1998. Successful product management: a guide to strategy, planning and development. London, Kogan Page Publishers. (Online). Web.
Randall, G., 2000. Branding: a practical guide to planning your strategy. London, Kogan Page Publishers. (Online). Web.
Till, B.D. & Heckler, D., 2008. The Truth about Creating Brands People Love. New Jersey, FT Press. Web.