Leron Varsha: Building successful brands through tight business integration
By Leron Varsha, CEO of the Fore Good Group
A brand is built through a consistent, relevant and credible message. As the economic outlook continues to be uncertain, now more than ever successful brands must focus on tightly integrating each stage within their brand’s business cycle.
Below are the seven essential steps to build a brand, steps which need to be carefully managed and seamlessly integrated.
1. Strategy and Analysis
Identify who the potential consumers are, and based on an analysis of their demographics and psychographics, how best to target them. Importantly, what does your product offer that existing products do not? An in depth analysis of the market is also essential. What is the size of the market and who are your major competitors?
2. Forecasting and Procurement
With a clear understanding of the market, developing an accurate forecast and budget to determine the stock requirements and ordering periods of your products is fundamental. Ensuring that your product is proficiently cleared and on time through customs, and then forwarded into your distribution channel is next on the cards.
3. Distribution
Logistics, storage and distribution are important factors in building the route to market; it entails the movement of stock from the warehouse to the retailers, independent and alternate channels.
4. Sales
Sales and merchandising involves far more than simply packing product in store – it entails managing shelf space and ensuring continuous availability of products for your consumer as well as ensuring that you are able to respond timeously to orders.
5. Key Accounting
It’s crucial that brand owners are able to engage regularly with your customers. Interactions need to take place on terms that are favourable to both parties, and the service level agreements are compliant to both parties.
6. Review
Information gathering is central to many of these activities, this entails processing sales data, and insights, in order to garner information that will help you improve performance, maintain service levels, target the correct shoppers and contribute to growing your brands.
7. Branding and Marketing
Branding and marketing ensures there is a demand for a product. During this stage, the strategic insights and information garnered during the other steps in the cycle (such as analysis and information gathering) can be harnessed in order to build a brand that consumers recognise and which resonates with them.
In conclusion it’s clear that each of these stages requires input from experts in order to operate smoothly and efficiently. But, while each requires specific knowledge, they cannot operate in isolation. Tightly integrating these stages will significantly increase your brands profile and chances of continued success.
Read the full article on fastmoving.co.za
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About us
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| Fastmoving provides online data support and marketing services to FMCG brands and businesses operating in the retail sector. Our inventory management service is a central repository where FMCG brands can store and share hi-res pack shots and essential product information with suppliers for each SKU, on-demand, including barcodes, product endorsements, nutritional values, ingredients and allergens. |
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