Sunday, June 21, 2009

Retail branding

Retail BrandingLet me share with you all some of the conceptual insights of retail branding I learned in my post graduation.Branding is something which will make you switch from one brand to another. There always exists a reason for a customer for shifting from Subhiksha to Spencers. It is the intangible value that the brand has created in your mind. We can differentiate between a manufacturer’s brand and a retailer’s brand. A manufacturer brand is a subset of a retailer’s brand. A retailer’s brand on the other hand is a brand that is being sold by a retailer and can be a brand of anything. A retailer can have ‘n’ number of different brands and also, he can have ‘n’ number of products under a same brand.If we notice, then there may exist the same number of assortment labels which any of the 2 stores keep, for e.g. levi strauss and lee cooper might have same labels but then also, the customer might prefer to go to a levis store as compared to a lee cooper store.There exist certain parameters for distinction in retail branding:-1. Customer Service – it is the way and terms a store serves its customers regarding their demands, queries and complaints.2. Width & Depth of assortment – the variety a store keeps i.e. the various designs and patterns which forms the width and the sizes and colors which forms the depth of the merchandise assortment.3. Merchandising at store level – the merchandising decisions i.e. the decisions regarding the procurement and the number of merchandise to be kept in the store.4. Loyalty Programmes – the various schemes and offers the store provides to the customers who are regular and loyal to them.5. Promotional Offers – the other promotional offers that store comes up with for the general public and potential customers.6. Store Environment – the ambience of the retail store, which includes the color scheme, the background music, the fragrance etc. inside the store7. Visual Merchandising – the physical appearance of the store, the way the merchandise is displayed matters a lot in brand loyalty.8. Store Promotions – it means the responsibility and social initiatives the store takes to promote itself, adds on to the branding of the store.Retailer’s brand equity is the measurable value of the brand preference over others. It is because of the marketing effects or the outcome of the retailer’s efforts.For e.g. the Shoppers Stop’s exchange scheme for old Salwar Kameez with a new one will be considered a good as compared to the other stores which do not have such schemes and brand equity.


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