Succeed in Business By Knowing the Difference & Marketing Smart
Whether the professional is an executive in a mid sized corporation, a small business owner, or entrepreneur looking to grow a small business; it is important to understand one of the fundamental elements of marketing: the difference between brand marketing and product marketing.
Each is different but one cannot exist for a truly successful business without the other. Working together, they form an enviable strength that makes it hard for competitors to duplicate. Companies like McDonalds (I’m Lovin’ It), Dell (It’s a Dell) and Intel (Intel Inside) have done a stellar job using strong brand marketing to propel successful product marketing.
What is Brand Marketing?
Brand marketing is when advertising a brand name, corporate vision or company image rather than a specific product or industry. To put it another way, brand marketing sells the sizzle instead of the steak. It offers consumers a glimpse into the essence of a company through strong brand awareness such as logos, company mission, and potent corporate slogans or statements.
The basic elements of brand marketing include:
- Convey information
What is Product Marketing?
Product marketing covers the 4 P’s of the marketing mix: product, price, promotion, and place. In a nutshell, product marketing is promoting a product or service to the target market through a variety of venues, channels and means. In general terms, actions related to product marketing include:
- Defining strategies
- Product placement
- Consumer offering (packaging, pricing)
- Reaching the target market
- Ford telling consumers that “Quality is Job 1” – this is Brand Marketing
- Selling that consumer a Ford Mustang – this is Product Marketing
- Integrating the ‘swoosh’ logo in every aspect of their marketing strategy; ultimately resulting in the consumer being able to recognize the Nike logo just by the swoosh logo – this is the ultimate in brand marketing.
- Selling the consumer a pair of Nike basketball shoes with the swoosh logo – this is Product Marketing.
- When more than 65% of consumers think of cola, they think of the ‘real thing’, Coca-Cola. This is brand marketing at work.
- Pepsi-Cola holds a firm market position through constant and aggressive product placement, complemented by a cost strategy of slightly lower per unit price points. This is product marketing.
For a company that does not engage in both brand and product marketing, the job to reach the target market is that much harder. Without a brand or image, product marketing must work twice as hard to reach target sales levels.
The consumer equates brand with quality and prestige – the 12-29 age demographic being the strongest example. If it does not have a visible brand, they don’t want it. However, if a business executive or small business owner places the company brand in the mind of the consumer, it will be much easier to conduct product marketing and achieve corporate goals. Essentially, to be successful in any industry, it is critical to embrace brand and product marketing.