Technology has become harder to market and brand with time, which is why big corporate tech companies came up with a solution. They decided to use human psychology in order to develop technology branding tactics that target something specific in the buyer’s psyche. These branding tactics are schemes that the management board department come up with to sell more units. They use certain variables that are embedded in the psychology of human beings, the study of the masses, behavioral psychology, and even visual indications. The right branding strategy involves many things that should be taken into account when laying out the marketing plan.
1.1 The need for the product
The demand for the product you are marketing is a simple matter of figuring out what is marketable about your product, whether it be the good looks, the price tag, the quality, the utility, and so on. Knowing these things is vital when coming up with the slogan or the logo or any other marketing plan. If one of those traits that the product offers is significantly higher than the rest, it may result in a drop in another attribute. An excellent example of this may be if the quality is high, then the price tag must be equally as high because of the cost of the manufacturing process. Companies suffer from that all the time, until in the early 80s when they started catering to audiences with the right attributes. For instance, Sony charges a lot of money for their products because of the quality of the material and the clean look they give to their products. But in contrast, they never advertise their products as being cheap or affordable. As such, the consumers have this preconceived notion that Sony products are very high priced but outstanding to use, and they last long. What comes with that is a specific type of audience that is loyal to the brand because they look for that quality of the build.
1.2 the consumer
The primary interest of the company should always be the consumer, if they are satisfied with the product, then they will be hooked on it, and that makes them valuable assets that can spread the word and recommend it to various prospects. The trick when handling a product is that the firm can optimize it to suit a specific market or aim for a broader range of people who might be interested. The awareness of the market you are selling to and what the market is looking for in-service and technology management is the key to success. That awareness does not come on its own, and it has to be eared through trials and tribulations, dedication to the product, experience, and staff selection. When it is an old product that has been in the market for a while, the audience will have an idea of what it is like, thus creating a sense of judgment about it. And if the new model adds features that they think are interesting, then the product will sell. The problem when introducing a new product is that people do not know who it is for, and branding for such technology is the prime leader for the thoughts people will have about it.
2. Financial wage
The cost of the research and the payment of the workers alone is a source of headache for the management department. And when the budget is short, the branding team must advertise the product efficiently and for the lowest price possible. That involves creativity and a bit of knowledge of the trending events of the period. Popular culture, for example, has been the center of operations for advertisement forever. Using Hollywood stars, famous athletes, sponsoring shows, …etc.
The one thing that has an actual effect on the prospect’s mind and feels is the ability to relate. In most cases, smart adverts target a recurring problem that people have every day, even the assumption of one as an idea implanted in the consumer’s head is a viable option. Still, the most significant part is that the problem exists. The advert, then, promises that the product in question will help them deal with it, just in case erasing the problem is a long shot. The way to go about the process of making the advert is what determines the budget and the quality, but the message that it gets across it what determines the willingness of the prospect to become a buyer.
3. The long term plan
The long term plan implies that certain products are sellers and that the financial plan laid out for them is not enough. For example, Google launched their newest flagship device, The Pixel on the 20th of October 2016, the original budget for the phone was lower than average given that it was a new innovative concept the audience would not react to it too enthusiastically. Although the company was well established through its line-up of nexus devices, they could not take that risk. The board decided to hold on the funding and let time do the talking, and they waited until the first time the phone was shown to the public and the reception of the masses once the spec sheet and design were in their hands. Once the phone hit the shelves, Google shipped 2 million units in 3 months and an excellent start for a new and original device. The branding team, then, demanded more financial support to further up the sales of the Pixel. The board agreed to do just so, and in 2017 google shipped a total of 3.9 million Pixel devices. The financial support that the company put on Pixel’s advertising was massive, but since it sold the losses massively were recovered and then some.
To make a long story short, the company lost more money than they were willing to at that instant. Still, they ended up recovering it and gaining profit over it, with the added bonus that The Pixel brand is now cemented in the smartphone industry and anticipated by millions of average costumers that recommend it to potential buyers.
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Originally published on Live Positively.