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Building a brand; brand development index

Published on 6/6/2013
For additional information  Click Here

What does the brand development index (BDI) have to do with building a brand? It depends on the stage of development you are in. No matter what size your business is it comes down to is targeting segments of your market. 


BDI what does it mean?


It is a measure of how well you are doing within specific segments of your market. This includes demographics within your niche. This is quantified from your total market share. 


I am a small local business why does this matter?


Although it is generally not used for single stationary businesses the general ideas still apply. It would be used to decide which is best for you, targeting segments of your market which are on the fringe of your niche or repeat customers. It is also about the awareness of everyone in your niche. 


For your purposes how will this work?


As a general rule this is about statistics. It is not hard to work up numbers however this is not necessary if you pay attention to how well you are doing. In this case you should be more worried about targeting. 


Know your niche


Whatever business you are in you are marketing to a niche. There are certain qualifications you want in your customers. One; they have to be someone who is willing to buy your product or service. There has to be a perceived need by the audience for what you do. You will find some are more qualified than others. With the BDI you are targeting your niche with the idea of increasing the value of your brand. 


Marketing strategy


When you start marketing those you want to reach first are those who will be ready customers. After you have started you then want to look at increasing your value. This to those who would have an interest if they knew you existed.  From there you move to those who might have an interest. 


For internet purposes how is it done?


On the internet niches are found by keywords. Niches are reached through your choice of keywords. One additional word can either move you to a sub niche close or move you further from those you are trying to reach. It is better to reach several sub niches within the same category than trying to rank for a high competition keyword. This is how you reach those who might have an interest if they knew you existed. 


Marketing includes


Advertising is part of the marketing segment of every business. Many people believe they are two separate entities. They have always been part of the same pie. With advertising there are three approaches. 


Most businesses use all 


Let’s use Subway® as an example. They used the Jared ad campaign very effectively. Later they used the foot long sub campaign as effectively. Everyone knows what their products are however you rarely hear them actually talk about them in their ads. When you do it is usually when they are introducing a new one. 


How should you approach advertising?


Since it is assumed you want to be successful you will want to follow what the most successful companies do. Depending on their level of success most are advertising like Subway. Depending on the product and how it is related this is used also. It is very rare to see a product advertised on its own without reference to the brand. 


BDI


The best use of the brand development index is to figure out where you are going to spend your time and money advertising.  Are you trying to increase your market share or more worried about repeat customers? Is it going to be best to spend some of your resources on each? This is something only your business can decide. 


©June 5, 2013 11:00 PM CDT Dennis Thorgesen for Lisech eMarketing, All rights reserved.




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