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Online Branding Proposal for Premier Portraits The Target for the new branding message The firm has various groups of people as potential audiences for their branding messages. For this premium service the company is targeting the high end professionals and corporate executives who are willing to purchase these portraits at a premium price as opposed to the normal pricing. This group of people has been arrived at because of the kind of service being launched. These people are the only ones who are in a position to afford the service. In selecting a target audience it is important that such a decision is made considering the kind of service and the likely market segment putting in mind their preferences and buying behavior (Kerin & ORegan, 2008).
Product offering
The best product offering for this market segment would be the family portraits with a choice between an office one and one for home use. The reasoning behind this is that the corporate executives are busy people who rarely have time for home issues. Having a portrait that shows a whole family at the office could be just what these people would love to have to remind them of home. Choosing a product offering for any market segment must consider the needs, preferences, lifestyles, habits, ability to buy and the value it gives the customer (Kotler & Armstrong, 2010). High end customers are difficult to understand because of varied preferences and customization may be required in many instances (Mullins & Walker, 2010).
Online value proposition
An online value proposition answers the questions: who are we, what do we offer, who we serve and what makes us unique? The online value proposition is more than a proposition as it shows what a firm can offer using content, products, services and or experiences to engage online customers (Kurtz, 2008). The company should use its unique technology as its online selling proposition. A variety of portraits should be availed on the website showing various product offerings with different versions of the same portrait available. The website should also give the executives an opportunity to make fast, secure payments for the portraits on the website
Brand equity focus
Brand equity represents an intangible asset for any company and depends on the associations made by the customers. Strong brand equity ensures a more stable stream of income, increases cash flow and is an asset that can be sold (Pride & Ferrel, 2010). Brand equity can be built basing on financials or on consumers. Our Town Photography Studio brand equity should focus on building consumer loyalty in the brand. When people especially the executives have a strong liking for the firms products, chances are that they can be sold at premium prices. This means that the company has to work on building its image in the market through the production of high quality photographs and portraits.
Communications methods to achieve brand equity
The service is targeting the high end markets comprised of executives and other professionals. The first communication method appropriate for this group is specialty magazines and newspapers (Mullins & Walker, 2010). Specific magazines for management for example could carry the story about the company and the premium products. Secondly television advertisements can also be very beneficial in getting people to know about the products. Third is social networks and these are especially good for the techno savvy generation as many people are bound to view sample portraits on the social networking sites (BPP, 2010).
References
BPP. (2010). Business essentials, supporting hnd/hnc foundation degress. Marketing and promotion. London: BPP Learning Media.
Kerin, R. A., & ORegan, R. (2008). Marketing mix decisions: new perspectives and practices. (R. A. Kerin, & R. ORegan, Eds.) New York: AMerican Marketing Association.
Kotler, P., & Armstrong, G. (2010). Principles of Marketing. New York: Pearson.
Kurtz, D. L. (2008). Contemporary Marketing Insights. New York: Cengage Learning.
Mullins, J. W., & Walker, O. C. (2010). Marketing Management: Astrategic Decisin Making Approach (7th ed.). London: McGraw Hill/Irwin Publishers Inc.
Pride, W. M., & Ferrel, O. C. (2010). Foundations of Marketing. New York: CengageBrain.