What’s more important to your adult retailing business? The products you’re selling or the brands themselves?
It’s a question that stirs up discussion in marketing land across multiple industries. And it’s easy to see why the brand vs product debate will also run among adult retailing and marketing professionals. So here we are !
The ‘product’ camp will highlight that goods have to be built well, be of sufficient quality and satisfy wants through specific features which will bring certain benefits to the end-user. Most people can see the logic in that. Afterall, you wouldn’t want a pair of knickers disintegrating after one wash, or battery issues with a dildo (ask Martin from Sinsins about that!).
Meanwhile, the brand camp will emphasise the emotional connection that exists between a brand and consumers. Good products can be provided by a brand, but if there’s a non-existent emotional bond between brand and buyer, then the utility of the product is meaningless – it won’t be purchased.
If you’ve read Al Ries’ brilliant (and concise, and very easy to read for non-marketers) book “The 22 Immutable Laws of Branding” you might have an idea as to which camp Ries certainly belongs to.
I’m not attempting in this blog post to decisively answer the question once and for all. Like a lot of things, I think the truth is to be found in the murkier waters between both extremes.
But there’s no denying that concentrating purely on products and product quality is not a good thing to do. That emotional connection, that personal psychological bond between consumer and brand is one that has to be forged, embraced and worked on. Yep, you guessed it, just like the relationships we create with one another.
But before we risk descending into group hugs and all that malarkey, let’s concentrate on the matter at hand – your business. Your brand is vital to your business success. Furthermore, a brand that’s in rude health will bring several benefits to your company.
So, here we go. Short and to the point.
Standing out from the crowd
When you have a clearly differentiated identity and values from others, you stand out from the competition. A strong brand has higher visibility in a category: think of this when you are seeking new customers. You can charge more than undifferentiated rivals, especially if you are perceived to be of higher quality (this can be achieved through, yes, superior product quality, COMBINED WITH the words and images utilised in your marcoms, website etc.). Greater share of wallet is also likely.
Defending market share
If you were thinking of entering a new market, would you think twice knowing there’s a brand giant ready to stomp on you? Furthermore, how difficult do you think it will be to steal their customers away who are loyal to that brand? A strong brand is one that will be hard to beat in a category knife fight.
This is a big ace in the hand of the ‘brand’ camp. A strong brand can be ‘elastic’; able to enter new categories or geographic territories based on the inherent transferable brand values and strengths – and not product excellence. Think of Virgin (credit cards to space travel), or in a similar rock n’ roll vein, the mega-selling rock band KISS (condoms to coffins!).
How easy would it be for a company that concentrates purely on product development and excellence in one particular sector, to easily diversify or enter new categories at the drop of a hat? Not very. There’s an uphill battle to be won convincing a potentially cynical prospect base.
Loyal customers have a ‘goodwill bank’ allowing a company to recover easier from a crisis or a negative service encounter. Customers with a strong emotional connection to a brand – reinforced from previously consistent positive experiences – may well give the company the benefit of the doubt and be less harsh in their response to that company than they would with other brands they are less favourably disposed towards.
And let’s not forget – if the situation has been successfully resolved, there’s a very good chance customers will become even more evangelical towards the brand. And they’ll tell others.
Balance Sheet bonus
Strong brands possess their own monetary value or equity. From the 1980’s onwards major companies have listed their brands on the company balance sheet and placed a monetary value on them. Indeed, one major UK household food and drink brand fought off a major hostile takeover in the late 1980’s when it listed the value of its brand on its balance sheet.
Comfort blanket during tough times
Finally, let’s not forget just how challenging the current business and economic environment is. While mainstream media like to tell you that things are rosy, the reality is something different. There’s been a ‘lost decade’ of wage growth; indeed forecasts from the Institute of Fiscal Studies predict that by the year 2022, UK average earnings will be similar to what they were back in 2007. Add to that proposed big welfare cuts on the way. That’s sobering – and pretty depressing – reading.
So when times are tough and spending (household or corporate) is heavily scrutinised, customers tend to stay loyal to strong and dependable brands. It’s not really a time for trying out new alternatives. And while customers want quality and value, that doesn’t simply equate to cheaper prices. Don’t be tempted to slash prices during tough times.
So, in a nutshell, give a damn about the lingerie, sex toy or fetishwear brands you own, or those from other companies you sell.
And if you own your own adult brand: nurture it, build it, love and cherish it like a real loved one (almost).
Do it well, and it will show its worth in many ways back – including, financially.
Until next time!
PS. Want to talk more about branding and how Lascivious Marketing can help your adult retailing business? Get in touch now!