How a product development plan can improve your brand

Key quotes:

• "Goal: identify the market and main competitorsKey deliverables: competitor’s list, target audience research, SWOT analysis You have to base product development, positioning, and marketing strategy on thorough market research."
• "While market research is oriented towards potential customers, competitive analysis analyzes similar products and providers in your industry."
• "At this stage, a product marketing manager also creates data sheets and training materials for the sales team."
• "In the B2B model, marketers are usually heavily involved in the raising awareness part and leading potential customers to the first contact, while the rest is taken care by the sales team."
• "Taking a food delivery app as an example, your sales team can start with lead generation, contacting the restaurant managers and owners directly, and using online advertising, targeted at local businesses."
• "Goal: Evaluate product successKey deliverables: KPIs (sales volume, market penetration rate, NPS, ROI), customer feedback When a product is at the market for some time, your task is to keep an eye on it in order to understand what works and what doesn’t."

Transcript: There are an estimated 300 million companies in the world today that's 300 million brands some brands as big as Apple and coca-cola others are smaller than one person business with so many brands in the world it's getting harder to create and find a unique name so how do you create a great brand name how can you play and win the name game you start with three steps first select what type of name you want there are seven different categories of names and pretty much every brand in the world falls within one of these seven categories eponymous names like Disney and Burberry work by embodying the vision and beliefs of their founders these names are okay if you're feeling lazy or just have a big ego adidas is more unique its derive from Adi Dassler the company's founder and Tesla wasn't created by Nikola Tesla he died in 1943 but the name is an homage to Tesla's electrical engineering achievements descriptive names like American Airlines and the home depot work by telling you exactly what the company does but these names can be a mouthful and are much harder to own and protect acronyms like GE... See more →

Key quotes:

• "Having agreed your marketing strategy, you’re now ready to build your marketing plan, and launch campaigns."
• "Look at your business and find your strengths and weaknesses, your value proposition, your competitive advantage, your target market."
• "Okay, marketing strategy agreed, time to work on your marketing plan."
• "#2 — If you don’t review your marketing plan and all your campaigns, how will you know whether they’re working? E.g."
• "customer choice, new competitors entering your industry, new products launched, channel conflicts, economic downturn, competitors outranking you in search engines SWOT analysis finished, now it’s time for another acronym — TOWs."
• "TOWs analysis allows you how to exploit your strengths to maximize your opportunities and minimize threats."

Key quotes:

• "Strategy is about making choices between a number of feasible options to have the best chance at “winning”, and innovation is just one of the means to achieving your strategic goals."
• "Innovation is about creating new value people are willing to use and pay for, whereas innovation strategy is the plan for harnessing for example marketing, operations, finance and R&D to support the competitive goal and achieving it."
• "Based on these two approaches to innovation, we can identify three innovator archetypes: The second step in the strategy choice cascade is defining the right playing field, as in, the market you’re operating in and the customer segment you’re offering value for."
• "Because the purpose of innovation is to create competitive advantage, you should focus on creating value that either saves your customers money and time or makes them willing to pay more for your offering, provides larger societal benefit, makes your product perform better or more convenient to use, or becomes more durable and affordable compared to the previous product and the ones in the market."

Key quotes:

• "But before you start to panic about the sustainability of your business and your brand, keep in mind that lasting brand building is within reach, you just have to know the right formula."
• "See how Lucidpress encourages brand building and consistency through web-based, lockable templates."
• "With easy-to-customize marketing templates, Lucidpress cuts down design request turnaround time and improves brand consistency."
• "The value in having a well-thought out statement that we (our whole marketing team) all agreed on was that at any given moment — whether I’m providing a company bio to a client or submitting a summary of what we do to exhibit at a conference — I can provide a succinct and accurate description that stays consistent everywhere our brand is represented."
• "That way, beautiful branded content can start with your graphic designers and still look just as beautifully on-brand by the time it reaches your customers."
• "If brand consistency is something your business could stand to improve, consider trying Lucidpress and the myriad of marketing templates available for you to customize."