Expensive
prestige brands do so because their reputation has been cultivated over the
years to rich people who are largely unaffected by our economic malaise.
Witness Burberry’s success or the queues at Fortnum’s and Mason.
Some
brands, in a stagnant or declining market do well, because they win share from
their rivals by providing innovation, good design, competitive pricing and
excellent service.
And
some relatively inexpensive brands benefit from the lipstick factor, otherwise
referred to the feel good mood they engender.Women
buy and use lipstick because it makes them happy. And it is relatively cheap.
Most
successful brands are promoted. The better ones identify their desirable unique
characteristics. Patek Phillipe sells on the basis of longevity and investment
value.
The
adage about building a better mousetrap misses an important point. The world
will beat a path to your door only if you tell them about your invention.
This
recession has made people question whether they actually need a product. They
will make a purchase if a good logical reason is provided to enhance the
emotional tug of the brand.
Good
advertising can do that.
