Welcome to the fifth week of the Programme!
We hope you are enjoying the curriculum, resources, and opportunities to interact with many other individuals who are confronting similar challenges as they create their own businesses. Now that you have a better idea of the problem you are solving, the market to which you are selling, the means of production, and the price, we will begin to consider the topic of marketing.
In order to buy your product or service, your customers must know what you are selling. Marketing is an important effort that helps you connect with your customers and show them how your solution is better than what your competitors provide. You will be thinking about how you package the product or service, the story behind your product, and how to best enter the market to best attract your customers. Finally, you will be pitching actual customers to test these ideas and help refine your future efforts.
During this process, your interaction with other individuals is very important. Please discuss your ideas for branding with your mentor, friends, and family. Additionally, we invite you to discuss your thoughts, ask questions, and brainstorm with other Programme participants. This effort will help you build a superior brand from which to sell your product or service. Finally, we hope that you learn a great deal from your interactions with potential customers and use these insights to further develop your business.
Read the Glossary this week to understand terminologies!
Project To-Dos
Fifth Survey
Competitor Packaging of Goods and Services
Consider how similar businesses and competitors in your area package their product or service. Take pictures of the most effective packaging. Note what you think may be elements that you can adopt for your own products.
Speak with friends and family about your ideas for packaging
Ask their opinion of different ways similar businesses or competitors package their products.
Brainstorming your packaging
Using what you've learned from the past four weeks, your survey of the local community and your conversations. Note what you think may be effective in packaging your solution to the existing problem. Next, note what you think may be ineffective or harmful to your business.
Read Brand Brand Stories Article
Brand Story Development
Brainstorm a list of brand stories for your product. Refine the list through conversation with friends and family and identify at least three of the best brand stories.
Pitch Mentor using at least three different brand stories
Refine brand stories using feedback from your mentor
Complete Horizontal and Vertical Positioning Survey
Complete Horizontal and Vertical Positioning Worksheet
Pitch at least three potential customers using revised brand stories
Review their responses using the Brand Pitch Feedback form
Speak with Mentor
Speak with your mentor about your experiences from the week. Discuss your brand and strategy, and how these impacted your initial pitches to potential customers.
Complete Brand Improvement Survey
Glossary of Terms
Packaging
Packaging is the material that holds a product. More specifically, it is the visual impression that a product gives a customer when they look at it.
Brand
A brand is an emotional connection with a company, a product, or a service. It is a perception of something, not the reality.
Brand equity
Brand equity refers to the additional price that a company can charge because of the strength of its brand. It is the extra value that a customer places on a product or service because of its association with a brand.
Brand story
A brand story is a narrative about a company and its customers that creates a meaningful connection between the two. It uses a simple plot and memorable characters to increase customers’ interest in the company and its products and services.
Pitch
Pitching means negotiating strongly to get someone else to do what you want. Usually, this term is used when you are trying to get customers to buy your product or service, to get investors to fund your business, or to convince someone to join your team.
Positioning
Positioning is a specific aspect of a company’s brand. It refers to the way a customer thinks about a brand in reference to its competitors.
Horizontal Positioning
Horizontal positioning is a way for a company to set itself apart from competitors by focusing on how it is meant only for certain kinds of people. This appeal to lifestyle and attitude is meant to entice customers who want to be perceived in the same way.
Vertical Positioning
Vertical positioning is a way for a company to set itself apart from competitors by focusing on how much better or cheaper it is.
Sales Strategy
A sales strategy is the way that you will sell your company’s solution to your target customers. Specifically, it is a comprehensive plan that lets your company’s sales team focus on key customer segments and communicate with them in meaningful, relevant ways.
Packaging
Packaging is the material that holds a product. More specifically, it is the visual impression that a product gives a customer when they look at it.
Brand
A brand is an emotional connection with a company, a product, or a service. It is a perception of something, not the reality.
Brand equity
Brand equity refers to the additional price that a company can charge because of the strength of its brand. It is the extra value that a customer places on a product or service because of its association with a brand.
Brand story
A brand story is a narrative about a company and its customers that creates a meaningful connection between the two. It uses a simple plot and memorable characters to increase customers’ interest in the company and its products and services.
Pitch
Pitching means negotiating strongly to get someone else to do what you want. Usually, this term is used when you are trying to get customers to buy your product or service, to get investors to fund your business, or to convince someone to join your team.
Positioning
Positioning is a specific aspect of a company’s brand. It refers to the way a customer thinks about a brand in reference to its competitors.
Horizontal Positioning
Horizontal positioning is a way for a company to set itself apart from competitors by focusing on how it is meant only for certain kinds of people. This appeal to lifestyle and attitude is meant to entice customers who want to be perceived in the same way.
Vertical Positioning
Vertical positioning is a way for a company to set itself apart from competitors by focusing on how much better or cheaper it is.
Sales Strategy
A sales strategy is the way that you will sell your company’s solution to your target customers. Specifically, it is a comprehensive plan that lets your company’s sales team focus on key customer segments and communicate with them in meaningful, relevant ways.
Brand & Brand Stories Article
Think about some of the most well-known companies on earth. These companies are often better known for their name or for their logo than for what they do. In some cases, they may even overtake their action and replace it with their brand. We don’t use an internet search engine anymore - we “Google” things for more information. In some parts of the world, thirsty customers order a “Coke” even if the liquid poured in their glass is made by a company other than Coca-Cola.
These companies may be valuable because of what they do, but they are even more valuable because of their brand. Brands are logos; they are the emotional associations we have with a company. They are the psychological value of a company, designed to outlast products by creating a powerful identity both inside and outside of the company.
Brands carry a very specific kind of value, different from economic value (the price) and functional value (how well it solves the customer’s problem.) Their strength can be loosely measured in something called Brand Equity. This is the extra attention something is given by customers that is not explained by other factors. In many ways, shoes manufactured by Nike and Puma are the same, but the brand explains some of the price difference. Many individuals are willing to pay more for the logo on the side of their shoe, even though it does not mean that the product is superior.
Brands carry both “hot” (emotional) and “cold” (rational) aspects. The hot aspects are those that we have when we think of a brand. They are built up through a relationship between the customer and a brand, and cannot be explained by tangible ideas. On the other hand, cold aspects focus on logical responses that customers have surrounding brand performance. For example, some customers may consider one soft drink manufacturer to create a better-tasting beverage and consider their relationship with the brand to be rationally based.
The goal of any brand is to integrate itself into your life. It's not just a product or service that you use; it's a part of your identity. Think about owning a certain brand of clothing, or car, or shoe. With a brand, owning that specific item is about more than the tangible product in your hands; instead, ownership becomes about a broader culture and identity that surrounds that specific company. The brand adds a story to the individual who purchases it.
To an outside audience, a consistent brand showcases the company’s place in a culture, indicating its unique value to potential customers. The brand builds the narrative amongst those who purchase its goods, drawing customers back for repeat purchases, inspiring them to market the product by word of mouth to their friends, and drawing similar individuals to the brand. These are brand stories, and they are powerful attractive forces that draw in old and new customers.
Furthermore, brands can also have a tremendous benefit within a company. Within the business, a strong brand clarifies efforts, illuminates a future path, and helps employees connect with their work and mission. The narrative behind a brand can inspire those individuals who help create and maintain it to work toward something bigger than themselves or their pay-cheque.
Developing a brand is not an accidental experience - it requires hard work and deep thinking about the company, its mission, and its customers. It should appeal to your customers, helping them see what is different about your business. It should be finely tailored to ideal customers, and it should reveal the strengths of your work. A good brand should last for many years in order to give customers a consistent image to connect with even as technology and products shift.
A good brand should also be cared for and nurtured as the business grows and society shifts. Without constant attention, a brand will decay and eventually sink a company for being out of touch with its clients. Strong attention will maintain a fresh feel around the brand, as though it has grown up with its clients and in order to embrace new generations, while also maintaining consistency even as technology shifts. The most successful brands have succeeded in such efforts for decades and should inspire you to think diligently about the message that your own brand shares about your company.
Brands communicate many different things to customers. They rely on impressions and emotions to build up an association. This makes the customer want a particular solution to their problem more than others, sometimes without much thought about the price. The stronger your brand, the greater the perception of value. That means you can charge customers more than normal based on the functional value of a product or service. Consider the example above. Toyotas certainly cost less than these other cars, yet in many cases, they are cheaper and easier to maintain while also moving the driver and passengers around safely. Why would you pay more for a Mercedes-Benz or a Ferrari? Because of the brand. That is why companies spend so much money building and maintaining brands.
Think about some of the most well-known companies on earth. These companies are often better known for their name or for their logo than for what they do. In some cases, they may even overtake their action and replace it with their brand. We don’t use an internet search engine anymore - we “Google” things for more information. In some parts of the world, thirsty customers order a “Coke” even if the liquid poured in their glass is made by a company other than Coca-Cola.
These companies may be valuable because of what they do, but they are even more valuable because of their brand. Brands are logos; they are the emotional associations we have with a company. They are the psychological value of a company, designed to outlast products by creating a powerful identity both inside and outside of the company.
Brands carry a very specific kind of value, different from economic value (the price) and functional value (how well it solves the customer’s problem.) Their strength can be loosely measured in something called Brand Equity. This is the extra attention something is given by customers that is not explained by other factors. In many ways, shoes manufactured by Nike and Puma are the same, but the brand explains some of the price difference. Many individuals are willing to pay more for the logo on the side of their shoe, even though it does not mean that the product is superior.
Brands carry both “hot” (emotional) and “cold” (rational) aspects. The hot aspects are those that we have when we think of a brand. They are built up through a relationship between the customer and a brand, and cannot be explained by tangible ideas. On the other hand, cold aspects focus on logical responses that customers have surrounding brand performance. For example, some customers may consider one soft drink manufacturer to create a better-tasting beverage and consider their relationship with the brand to be rationally based.
The goal of any brand is to integrate itself into your life. It's not just a product or service that you use; it's a part of your identity. Think about owning a certain brand of clothing, or car, or shoe. With a brand, owning that specific item is about more than the tangible product in your hands; instead, ownership becomes about a broader culture and identity that surrounds that specific company. The brand adds a story to the individual who purchases it.
To an outside audience, a consistent brand showcases the company’s place in a culture, indicating its unique value to potential customers. The brand builds the narrative amongst those who purchase its goods, drawing customers back for repeat purchases, inspiring them to market the product by word of mouth to their friends, and drawing similar individuals to the brand. These are brand stories, and they are powerful attractive forces that draw in old and new customers.
Furthermore, brands can also have a tremendous benefit within a company. Within the business, a strong brand clarifies efforts, illuminates a future path, and helps employees connect with their work and mission. The narrative behind a brand can inspire those individuals who help create and maintain it to work toward something bigger than themselves or their pay-cheque.
Developing a brand is not an accidental experience - it requires hard work and deep thinking about the company, its mission, and its customers. It should appeal to your customers, helping them see what is different about your business. It should be finely tailored to ideal customers, and it should reveal the strengths of your work. A good brand should last for many years in order to give customers a consistent image to connect with even as technology and products shift.
A good brand should also be cared for and nurtured as the business grows and society shifts. Without constant attention, a brand will decay and eventually sink a company for being out of touch with its clients. Strong attention will maintain a fresh feel around the brand, as though it has grown up with its clients and in order to embrace new generations, while also maintaining consistency even as technology shifts. The most successful brands have succeeded in such efforts for decades and should inspire you to think diligently about the message that your own brand shares about your company.
Brands communicate many different things to customers. They rely on impressions and emotions to build up an association. This makes the customer want a particular solution to their problem more than others, sometimes without much thought about the price. The stronger your brand, the greater the perception of value. That means you can charge customers more than normal based on the functional value of a product or service. Consider the example above. Toyotas certainly cost less than these other cars, yet in many cases, they are cheaper and easier to maintain while also moving the driver and passengers around safely. Why would you pay more for a Mercedes-Benz or a Ferrari? Because of the brand. That is why companies spend so much money building and maintaining brands.
Horizontal & Vertical Positioning Worksheet
Now that you understand the importance of your brand, you need to start thinking about how your company and its brand will separate you from the competition. There are a lot of possible solutions to your customer’s problem, so you have to carefully position yourself. There are two types of positioning: vertical and horizontal. Either or both could be important for you.
Vertical positioning is doing something better, or cheaper, or faster than anyone else. You are selling to customers based on efficiency. If competitors offer a shirt for 10 U.S. Dollars, then you will sell it for 9 U.S. Dollars. If a competitor offers a 2-for-1 sale, then you offer a 3-for-1. If they sell soap that weighs 75 grams, then you sell 85-gram soap for the same price.
Horizontal positioning is doing something different for a specific group of people. You are selling to customers based on their identity. You don’t sell shoes, you sell shoes for football fans. You don’t sell software, you sell software for young professionals who live in cities. You don’t sell soft drinks, you sell soft drinks for popular adolescents.
Consider the following questions as you clarify the brand you want to build, and how it will be positioned.
What sort of positioning will work better for my company? Why?
What is an example from another industry of a company that is positioned like I want my company to be?
What sort of stories will reinforce both my brand and its position in the market?
How can I start building my brand right away?
Now that you understand the importance of your brand, you need to start thinking about how your company and its brand will separate you from the competition. There are a lot of possible solutions to your customer’s problem, so you have to carefully position yourself. There are two types of positioning: vertical and horizontal. Either or both could be important for you.
Vertical positioning is doing something better, or cheaper, or faster than anyone else. You are selling to customers based on efficiency. If competitors offer a shirt for 10 U.S. Dollars, then you will sell it for 9 U.S. Dollars. If a competitor offers a 2-for-1 sale, then you offer a 3-for-1. If they sell soap that weighs 75 grams, then you sell 85-gram soap for the same price.
Horizontal positioning is doing something different for a specific group of people. You are selling to customers based on their identity. You don’t sell shoes, you sell shoes for football fans. You don’t sell software, you sell software for young professionals who live in cities. You don’t sell soft drinks, you sell soft drinks for popular adolescents.
Consider the following questions as you clarify the brand you want to build, and how it will be positioned.
What sort of positioning will work better for my company? Why?
What is an example from another industry of a company that is positioned like I want my company to be?
What sort of stories will reinforce both my brand and its position in the market?
How can I start building my brand right away?
Brand Pitch Feedback
Pitching someone on your brand is simple. You need to tell them a story about your brand that helps them do two things: understand what problem you solve for who, and how you are different than other companies doing the same thing.
You will probably not select the best brand story right away, and that is okay. Focus on coming up with several distinct stories, then tell them to people. Listen carefully to the feedback and try to pick out the elements of each story that people liked. You can use these to construct the most powerful story possible for your company at this stage.
As you talk to potential customers, use the questions below to get as much detailed feedback as possible about your brand stories. Keep these for reference later on.
Now that I have told you the story about my company, how would you describe it to someone else?
Do you think my company will be successful? Why or why not?
Do you agree that my company is solving a big problem? Why or why not?
What do you think is the most important element of my company? Why?
Who else should I talk to about my company? Why?
How can I start positioning my brand right away?
Pitching someone on your brand is simple. You need to tell them a story about your brand that helps them do two things: understand what problem you solve for who, and how you are different than other companies doing the same thing.
You will probably not select the best brand story right away, and that is okay. Focus on coming up with several distinct stories, then tell them to people. Listen carefully to the feedback and try to pick out the elements of each story that people liked. You can use these to construct the most powerful story possible for your company at this stage.
As you talk to potential customers, use the questions below to get as much detailed feedback as possible about your brand stories. Keep these for reference later on.
Now that I have told you the story about my company, how would you describe it to someone else?
Do you think my company will be successful? Why or why not?
Do you agree that my company is solving a big problem? Why or why not?
What do you think is the most important element of my company? Why?
Who else should I talk to about my company? Why?
How can I start positioning my brand right away?
Fifth Survey [Answers to the surveys are not necessarily correct, they represent my personal opinions].
Please rate yourself between 1 (weakest) and 5 (strongest) on Marketing Strategy
1- No Experience
2- Minimal Experience
3- Some Experience
4- Good Experience
5- Strong Experience
Answer: 1- No Experience
Please rate yourself between 1 (weakest) and 5 (strongest) on Communications
1- No Experience
2- Minimal Experience
3- Some Experience
4- Good Experience
5- Strong Experience
Answer: 3- Some Experience
Please rate yourself between 1 (weakest) and 5 (strongest) on Online Marketing
1- No Experience
2- Minimal Experience
3- Some Experience
4- Good Experience
5- Strong Experience
Answer: 2- Minimal Experience
Please rate yourself between 1 (weakest) and 5 (strongest) on Social Media Marketing experience
1- No Experience
2- Minimal Experience
3- Some Experience
4- Good Experience
5- Strong Experience
Answer: 2- Minimal Experience
Please rate yourself between 1 (weakest) and 5 (strongest) on Marketing Strategy
1- No Experience
2- Minimal Experience
3- Some Experience
4- Good Experience
5- Strong Experience
Answer: 1- No Experience
Please rate yourself between 1 (weakest) and 5 (strongest) on Communications
1- No Experience
2- Minimal Experience
3- Some Experience
4- Good Experience
5- Strong Experience
Answer: 3- Some Experience
Please rate yourself between 1 (weakest) and 5 (strongest) on Online Marketing
1- No Experience
2- Minimal Experience
3- Some Experience
4- Good Experience
5- Strong Experience
Answer: 2- Minimal Experience
Please rate yourself between 1 (weakest) and 5 (strongest) on Social Media Marketing experience
1- No Experience
2- Minimal Experience
3- Some Experience
4- Good Experience
5- Strong Experience
Answer: 2- Minimal Experience
Horizontal and Vertical Positioning Survey
Now that you have thought about your brand stories and how you will market your product or service, it is time to expand this into something useful to help you sell your solution to customers, partners, and investors. Remember that a brand is the impression that customers have of your company. It is a perception, not necessarily a reality. You build and maintain your brand to help people more quickly decide to purchase your product, or to choose your product over other competing products. When you think about a story, or a personality, or an image that is associated with a particular company, you are actually thinking about a brand. Positioning in an element of your brand. It has to do with how you fit into the much larger world of companies out there who are competing for your customers. Vertical positioning means that a company presents itself as better than other options, usually because of performance or cost. Horizontal positioning means that a company appeals to a specific type of customer. Please complete these exercises to see how positioning can affect your business.
You own a successful company that transports concrete and other construction materials to work sites. You are expanding to several new cities and are advertising about your lower rates and faster delivery times. Which sort of positioning are you doing?
a. Horizontal
b. Vertical
Answer: b. Vertical
You own a successful company that sells men’s clothing. You are expanding online, and advertising about your sportswear and athletic clothing. Which sort of positioning are you doing?
a. Horizontal
b. Vertical
Answer: a. Horizontal
You own a large farm that is expanding by purchasing the land around it. You need to go to the bank to secure the loan, but they are reluctant to offer you the full amount at a reasonable rate because they aren’t sure about the value of traditional farming in the next five years. You draft a business plan outlining the value of the land, your particular style of water-saving irrigation, the types of crops, and the rising demand for these crops in recent years.Which sort of positioning are you doing?
a. Horizontal
b. Vertical
Answer: b. Vertical
Now that you have thought about your brand stories and how you will market your product or service, it is time to expand this into something useful to help you sell your solution to customers, partners, and investors. Remember that a brand is the impression that customers have of your company. It is a perception, not necessarily a reality. You build and maintain your brand to help people more quickly decide to purchase your product, or to choose your product over other competing products. When you think about a story, or a personality, or an image that is associated with a particular company, you are actually thinking about a brand. Positioning in an element of your brand. It has to do with how you fit into the much larger world of companies out there who are competing for your customers. Vertical positioning means that a company presents itself as better than other options, usually because of performance or cost. Horizontal positioning means that a company appeals to a specific type of customer. Please complete these exercises to see how positioning can affect your business.
You own a successful company that transports concrete and other construction materials to work sites. You are expanding to several new cities and are advertising about your lower rates and faster delivery times. Which sort of positioning are you doing?
a. Horizontal
b. Vertical
Answer: b. Vertical
You own a successful company that sells men’s clothing. You are expanding online, and advertising about your sportswear and athletic clothing. Which sort of positioning are you doing?
a. Horizontal
b. Vertical
Answer: a. Horizontal
You own a large farm that is expanding by purchasing the land around it. You need to go to the bank to secure the loan, but they are reluctant to offer you the full amount at a reasonable rate because they aren’t sure about the value of traditional farming in the next five years. You draft a business plan outlining the value of the land, your particular style of water-saving irrigation, the types of crops, and the rising demand for these crops in recent years.Which sort of positioning are you doing?
a. Horizontal
b. Vertical
Answer: b. Vertical
Brand Improvement Survey
This week focused on the basics of selling your company. We learned about packaging products by looking at competitors, brands and their stories, and positioning the company among all the options out there for customers. This can seem confusing, so let’s go back to the basics. You are building a solution to a customer’s problem. The better you get at describing both their problem and your solution, the more successful your company will be when you sell a product or service. Think about all the different things you have heard this week from customers, friends, and your Mentor. Now complete this survey by answering the questions below.
Do you understand the value of having a strong brand?
Yes
Sort Of
No
Answer: Yes
Do you think you have a good idea for your brand?
Yes
No
Answer: Yes
Do you know how to adjust your brand as you build your business
Yes
No
Answer: Yes
Did you discover some new elements of your brand story that will help you?
Yes
No
Answer: Yes
This week focused on the basics of selling your company. We learned about packaging products by looking at competitors, brands and their stories, and positioning the company among all the options out there for customers. This can seem confusing, so let’s go back to the basics. You are building a solution to a customer’s problem. The better you get at describing both their problem and your solution, the more successful your company will be when you sell a product or service. Think about all the different things you have heard this week from customers, friends, and your Mentor. Now complete this survey by answering the questions below.
Do you understand the value of having a strong brand?
Yes
Sort Of
No
Answer: Yes
Do you think you have a good idea for your brand?
Yes
No
Answer: Yes
Do you know how to adjust your brand as you build your business
Yes
No
Answer: Yes
Did you discover some new elements of your brand story that will help you?
Yes
No
Answer: Yes
