Brand Growth Strategist, Mario Romans, is encouraging local businesses to commit to strategic branding principles in order to differentiate themselves in a competitive marketplace.
He noted that with various alternatives on the market, consumers can easily move from one product to the next, so it is important that firms set themselves apart from the competition.
“When you brand your product, you are offering something of significant value to consumers. More and more businesses are turning to branding to provide consumers with a point of distinction and differentiation, which is important in a competitive marketplace,” he said.
Mr. Romans was addressing the Jamaica Business Development Corporation’s (JBDC) weekly online series ‘JBDC Virtual Biz Zone’ on Tuesday (September 29), under the theme ‘Play-to-win Strategic Approach Marketing’.
He encouraged the business owners to make calculated decisions when creating their brand vision.
“Create a clear-cut strategy for your business. You need to develop the brand’s aspirational vision by determining what your brand’s purpose is. A brand is not the logo… . It is the meaning that is behind the symbols that reflect what the brand is and stands for,” he pointed out.
Mr Romans said that the power of the brand resides in the minds of consumers, noting that it is what consumers think, feel, perceive and believe that ultimately influences buying behaviours.
“So decide what kind of associations and meaning you want to endow your brand with to drive preference among target consumers. The strongest brands have an emotional component to win the hearts and minds of the consumer, so infuse your brand with some level of personality,” he advised.
Mr. Romans contended that building an emotional bond with consumers will facilitate brand loyalty.
“By connecting with customers, you will build a relationship that endows loyalty among them. You want customers who are regularly coming back to your brand. Once you have a secure customer base you have an opportunity to drive growth for your business,” he added.
The JBDC Biz Zone is a weekly series of webinars organised by the JBDC to assist micro, small and medium-sized enterprises (MSMES) to further their growth.
The JBDC is the Government’s business development agency that assists in the sustainable creation and development of MSMEs in Jamaica.