GOOD BRANDS BEAT THE RECESSION

In uncertain economic times, customers are known and proven to gravitate towards certainty, and brands represent certainty. Allegra Strategies latest report shows that the branded restaurant market is expected to grow to £13.6 billion by 2015 – this is in the deepest recession we've known.

The explosive growth of value and discounted food retailers has put great pressure on established restaurants and casual dining outlet brand chains.

And it's not just about offering value for money; added value is becoming an essential brand expression. Retail brands are now much more multi-sensory for the consumer – creating rich and intriguing customer experiences to build relationship. Today we need to build brand equity with a customer base by creating real differential and a unique set of experiences – in terms of the product, range, choice, service, heritage etc.

Determining how to package and position this complex mix is key to defining our brand, and that's where it is essential to have a deep insightful understanding of targeted customer groups and what makes them tick. For example for some, the in-store experience and environment may be the most important. For others, the special way staff interact with customers may be the real differential. Indeed for some brands, something as simple as outlet location may be one of the most important factors.

What is clear is that brands are increasingly being positioned on more intangible attributes and consumer benefit promises, which more and more transcend simple definitions of product or service standard. Which is why we are using words such as 'personality', 'atmosphere' and 'experience' to define brand differential and equity.

What is also essential today is to have an ongoing dialogue or relationship with our customers to create an unbreakable bond with them. We need a clear and effective communication strategy for customers, both in store and beyond, to build brand awareness and enhance brand image.

In addition to this it is clear is that brands must evolve and adapt to changing times and customer needs. What was  a winning formula in pre 2008 boom times is undoubtedly different in 2012 where consumer focus on budget management and speed is much more crucial in food retail spending decisions.

So make sure your brand stays in pace with current consumer trends, and in so doing you can beat this brutal recession.


Tony Chambers