Successes behind business giants

What would be the key factor that determines the success of your enterprise? Is it promotion? Is it effective packaging? Or is it setting a high price for your product and thereby enjoying a huge amount of profit? You might be saying yes for all. But the most important task is positioning your brand properly and getting loyalty for it. Loyalty starts when your customers look for you only than any other. So your customers are loyal for you at any circumstance. They perceive you are the best comparing to all competitors. So at whatever the circumstances, you will have a group of people who always buy from you. But it is only suitable for some specific products. how do you do it? It is not an easy task. Let’s discuss about Mercedes Benz. Can you ever expect an upper class guy buying a Maruty? Mercedes Benz is used as a symbol of status. Simply that is positioning. The first thing is you must identify the key characteristic combined with your product and relate it with a psychological factor. For an example if it is a high cost product then you can relate it with status. Then your brand stands for that psychological factor. The people who like that psychological factor will obviously like your brand. But here the success starts when people prefer you than others who offer the same psychological benefit. There are thousands of companies that offer almost same products or services and benefits. But a very few of them are only remembered and given loyalty by people. So they have succeeded in what. This is what known as identifying the target customers. There are millions of people with different cultures and tastes. If you try to target all of them, will it be logical? You will end up with nothing. So firstly you should identify the target customers who are likely to buy your product. Secondly you should combine a psychological value. Finally make it more efficient by promotions and other value added services. In case if it gets loyalty, which will be your ultimate goal. But it is very hard to achieve. Brands such as coke, BMW and EBay had already done that and dominating the world.