As we make our way to 40 an old problem claims number 28 on our list…
Overcoming Common Brand Problem Number 28: Defining your target consumer too broadly (for instance, women ages 18-65)
Analysis: A brand promises relevant differentiated benefits to a target consumer. By definition, a brand cannot be all things to all people. Increasingly, companies are focusing on brand usage over penetration—winning a larger portion of a smaller group’s business by offering more products and services that deliver against the brand promise. This helps to build loyalty and is in lieu of trying to attract additional consumers to the brand.
Key Point: It is a well-known fact that it costs seven times more to gain a new consumer that it does to get a current consumer to make an incremental purchase. Corporate parent brands can achieve increased targeting through well-targeted sub-brands.