Nation Branding and Place Marketing - VII. Marketing Implementation, Evaluation, and Control
Nation Branding and Place Marketing - VII. Marketing Implementation, Evaluation, and Control
The Psychology and Demographics of the Consumer
Back in 2008 Subway ran a contest to give one lucky restaurant $50,000 for their birthday. The winning restaurant had their name plastered everywhere, on signs, billboards, and even on Subway sandwich wrappers. That advertising campaign increased market share by 10%. So when you're thinking about how to make your business stand out from the pack consider marketing psychology!
The Psychology of Place Marketing
In order to benefit from place marketing, a company must first realize what makes up its community. This can be as simple as recognizing that a city has an industrial area or downtown commercial district that is largely unoccupied during the day and evening hours. Many times, the lack of use during these hours is related to the specific needs of the local business and resident community. Therefore, it is important that a company understands these areas and their differences from its surrounding areas.
Some place marketing strategies include:
Place marketing requires an analysis of the economic characteristics of a particular region or city. A successful study should look at many factors, including:
Companies can benefit financially by correctly identifying and targeting communities that are not already saturated with competitors. In addition, companies can target communities that have yet to experience large amounts of growth due to factors such as new major construction projects or population growth patterns. These areas typically have a very low level of competition, making them more attractive to potential new customers than those already saturated with competitors.
A company can also enhance their reputation by establishing ties to other companies. For example, a company may choose to partner with a local university or business school in order to create relationships with students who could help promote the business. A local manufacturer could also decide to partner with local hospitals in order to provide complementary advertising and promotional opportunities for potential customers while they are sick or recovering from recent surgery. In addition, companies can create partnerships with businesses in similar industries, which allow them and their employees the ability to share knowledge and resources related to common concerns such as quality control and market trends.
A company does not need to advertise to gain customers. A memorable experience that goes beyond marketing, such as being recognized for an outstanding product or service, can have a significant effect on consumer perception and future purchasing decisions.
Many people are very hesitant to express their dissatisfaction to a business because they fear that it may cause their relationship with the business to end. Therefore, communication is vital in developing a strong relationship between brand and consumer. Communication is likely to be ineffective if both parties fail to understand the other's cultural background or are unable to communicate effectively in each other's native language. In addition, many people have become accustomed to accepting mediocrity simply because they do not want to upset anyone by expressing concerns over quality or services. A good way to minimize this problem is to improve the quality and service of the brand.
Through the use of various marketing strategies and tactics, brands have been able to establish an identity and distinguish themselves from competitors. A company must first understand its cultural heritage in order to develop a marketing strategy that effectively distinguishes itself from its competitors. As such, it is important that a company utilize marketing strategies and tactics that are appropriate for its target audience. In addition, companies must be very sensitive to issues of culture as they may mistakenly offend their target demographics in some cases by failing to use culturally appropriate language when communicating with consumers.
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Conclusion
In conclusion, it can be argued that place marketing is a powerful strategic tool used by companies to increase their sales by expanding the geographical location of their customer base. By focusing on areas where a company is underrepresented or not represented at all, a business can benefit financially by drawing consumers to its brand and increasing market share within these communities. As such, it is important for companies to accurately define their target demographic based on factors such as age range, social status, income level, gender and overall socioeconomic status. Furthermore, it is important that a business look at the economic characteristics of specific regions in order to assess the effectiveness of place marketing in these communities.