The position of Branding in the Marketing Mix
One of the biggest dilemmas of a company, especially a new endeavor, is how to fit branding into the total promotional and marketing strategy. Ideally, the company needs sales in the beginning and most likely cannot afford to devote resources to branding. But if branding is not considered right from the start, there could be issues down the road since the company did not have a well thought out plan. So the question remains, what focus should be given to branding and specifically, “what position should branding hold in the marketing mix”?
Indeed, everyone wants to be or own the newest buzz word or gizmo. Everyone thinks that their ideas are the greatest thing and they can sell billions of “whatever”. And while some of them may be right, a brand can only become a brand if it has sales. Focusing on a brand alone is done at the detriment of revenue. Major corporations have the resources behind them to launch new brands without seriously impacting their structure. But for smaller companies and start-ups, finding a revenue stream is crucial.
A couple points that need to be remembered when addressing issues about branding is that getting a brand really known could take years. Branding is a long-term strategy. It is also not always quantifiable. When bigger companies come knocking with offers to purchase your product or company, you basically know that you have become a brand, but how do you work on marketing your product or service while at the same time trying to develop the brand?