The perception of a brand by a given audience matters with respect to that brand’s bottom line. Positive and negative opinions about brands and businesses can affect its overall performance via word of mouth, return business and engagement with new consumers. Marketing agencies with professional track records provide new and established insight alike into how best to promote products and services, shape opinion and otherwise improve reputations with the general public. Loop announced this month how simple changes in pricing and quality statements can tangibly affect the overall performance and impression of brands with target audiences.
Exclusivity of a particular product or brand creates ample subconscious buzz in the mind of consumers, according to Loop’s Director. “The notion of ‘private labels’, for instance, can increase overall profitability while simultaneously luring consumers. Brands can save by opting not to use fancy packaging or branding, lowering the overall price point while also stimulating the target audience into accepting a product that is both exclusive and minimal”, she said. This is a common tactic used in the food industry, where brands produce private labels as a way to maximise overall marketing efficiency.
Industry analysis suggests that even basic marketing techniques – utilized by Loop and many other professional marketing firms – can automatically create the conditions in which prices can be increased. “Merely by making an impression on consumers via media or in-person, the likelihood of an individual paying a higher price for a product increases substantially”, Loop’s CEO explained. Some brands opt for minimal marketing and lower prices, while others brands reach for the stars with respect to maximising brand awareness in the pursuit of a higher mark-up on products and services.
Quality guarantees are often another marketing element that generate substantial benefit. The mere mention of a guarantee can increase consumer confidence in a brand, increase trust and lead to more sales. Additionally, Loop’s research has shown that offering money-back guarantees, returns, exchanges or other comparable programs are often so seldom used by consumers – even when the criteria for them are met – that it can be a net profit booster in almost every situation.
Loop and other leading marketing firms will continue to provide top-notch marketing solutions to its clients, which include detailed marketing analysis on the effects of pricing and quality claims on overall profits.