How do you measure your business brand? How do you know when your brand is losing strength and beginning to weaken? It can be difficult gaining the right perspective about the state of your brand because of how intangible the factors to be considered can be, however it can be done. Jumia Travel, the leading online travel agency shares 5 signs that help to identify a weak business brand.

You Can’t Clearly Describe What Differentiates Your Brand from Competitors’

When you can’t explain in a sentence or less what makes your brand different from competitors’, that’s a clear sign of a weak business brand. You should be able to easily and clearly identify what differentiates you from your rivals, aside price, colour or some new feature.

You Haven’t Properly Defined Your Values, Mission and Vision Statement

Remember the saying, “if you don’t stand for something, you fall for anything”. You need to clearly define your values, mission and vision statement and stick with it. It should not be something that changes every now and then; it should be constant and properly upheld in your corporate and business actions and even inactions. People respect and trust constancy and dependability, and when your business brand is identified with this it will go far.

Your Logo Constantly Changes and Isn’t Telling a Story

Your logo is your symbol of recognition. You cannot afford to be complacent with it. Settle down, think deeply about it, select a logo that best represents your brand and the story behind your brand and stick with it, come rain or sunshine. You can make improvements to the logo in the future, make a few adjustments here and there, but it should still retain its basic concept and design. Remember, your logo is unique, it’s yours and yours alone, so spend however long you need to make it count.

People Talk About the Founder Not the Brand

Your brand is your business identity, when people regard you, the founder, or anyone associated with the brand more than they regard the actual business brand, that’s indicative of a weak business brand. The point of having a brand is for it to develop its own identity, outlive its founders and reach far into the future. Creating a brand is more or less creating a legacy for your business. If people only remember the people associated with the brand and how the business brand is nothing without them, it will be hard for your brand to remain relevant in the coming future.

You Constantly Have to Compete On Price

One of the attributes of a strong brand is it being able to convince customers, clients or consumers that the brand is worth their money. If your brand has to keep struggling with prices to get customers, clients or consumers attention, that’s indicative of a weak brand because what that means is that your services or products are mainly being patronized to save money. However, if your brand is generally associated with the lowest prices like the Shoprite brand or Mr Price brand, then competing on price is quite normal and non-indicative of a weak brand.

http://www.jarushub.com/how-to-know-your-business-brand-is-weak/

Great one Jarus.
I always admire your posts.

This guy above me where you wakeup from? must you rush it


#nmreports

A brand is the life of busness

ok

A good start up article for the week. Well done op

HRich:
This guy above me where you wakeup from? must you rush it


#nmreports

Do I know you?.

Nice! Lol!

Pricing strategies in marketing :

How then do you improve a business brand?
What are the solutions?

Well said. The hustle continues. #IamMyOwnBoss

nmreports:

Do I know you?.

Yes
back in those day of Jamb questions

Nice tips

Hmm I see

HRich:


Yes

back in those day of Jamb questions

SMH.

Hmm

sure, without a good plan, the business uses to collapse

True

PRICING STRATEGIES IN MARKETING

Penetration Pricing
A penetration pricing strategy is designed to capture market share by entering the market with a low price relative to the competition to attract buyers. The idea is that the business will be able to raise awareness and get people to try the product. Even though penetration pricing may initially create a loss for the company, the hope is that it will help to generate word-of-mouth and create awareness amid a crowded market category.

Economy Pricing
Economy pricing is a familiar pricing strategy for organizations that include Wal-Mart, whose brand is based on this strategy. Aldi, a food store, is another example of economy pricing strategy. Companies take a very basic, low-cost approach to marketing--nothing fancy, just the bare minimum to keep prices low and attract a specific segment of the market that is very price sensitive.

Price Skimming
Businesses that have a significant competitive advantage can enter the market with a price skimming strategy designed to gain maximum revenue advantage before other competitors begin offering similar products or product alternatives.

Psychological Pricing
Psychological pricing strategy is commonly used by marketers in the prices they establish for their products. For instance, $99 is psychologically "less" in the minds of consumers than $100. It's a minor distinction that can make a big difference.




http://smallbusiness.chron.com/different-types-pricing-strategy-4688.html

Nairalanders read what will make your life better... dazz all

Nice write up

Nice tip.

If Tboss uses 1week to spend 25million naira.How long will it take her to spend 500K? (Show your working)25M = 1 week500k = x weeksx = (0.5 * 1) / 25 = 0.02 weeks1 week = 7days, 0.02 weeks * 7 = 0.14 days1 day = 24hrs, 0.14 days * 24 = 3.36 hours or 3hrs.It will take her 21min 3secs

Monday morning business coffee..
keep it up

nmreports:

SMH.

Lagoon is free, you can use it

HRich:


Lagoon is free, you can use it

Oh my mistake for indulging you.
I assumed you were an adult.
Have a productive day.

People Talk About the Founder Not the Brand

Nairaland wins in this regard.

good thread

Well written

check my signature for your football jerseys and take advantage of the Easter promo.

HAH:
PRICING STRATEGIES IN MARKETING

Penetration Pricing
A penetration pricing strategy is designed to capture market share by entering the market with a low price relative to the competition to attract buyers. The idea is that the business will be able to raise awareness and get people to try the product. Even though penetration pricing may initially create a loss for the company, the hope is that it will help to generate word-of-mouth and create awareness amid a crowded market category.

Economy Pricing
Economy pricing is a familiar pricing strategy for organizations that include Wal-Mart, whose brand is based on this strategy. Aldi, a food store, is another example of economy pricing strategy. Companies take a very basic, low-cost approach to marketing--nothing fancy, just the bare minimum to keep prices low and attract a specific segment of the market that is very price sensitive.

Price Skimming
Businesses that have a significant competitive advantage can enter the market with a price skimming strategy designed to gain maximum revenue advantage before other competitors begin offering similar products or product alternatives.

Psychological Pricing
Psychological pricing strategy is commonly used by marketers in the prices they establish for their products. For instance, $99 is psychologically "less" in the minds of consumers than $100. It's a minor distinction that can make a big difference.




http://smallbusiness.chron.com/different-types-pricing-strategy-4688.html

Thanks