AQUACULTURE ECONOMICS, MANAGEMENT, AND MARKETING
Is Developing a Brand Worth
the Time and Money for your Aquaculture Business? By: Carole R. Engle, Ph.D., Engle-Stone Aquatics LLC*
Consumers today are faced with a host of differentiated products of all types. In markets where there are many similar products, each supplier seeks ways for their product to stand out and attract consumers to out-compete other similar products. The food sector is no exception to this trend. Branding a product can be beneficial, but it also can be quite expensive in terms of time and money. Attempts to develop a brand have not always resulted in the anticipated boost in sales.
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hat is a brand and what can it do for an aquaculture company? The simplest definition of a brand is that it is a way to identify a specific product sold in a way that differentiates it from other similar products. A brand can be developed by and for a specific company, an organization, or a governmental agency. Jersey Fresh was an early state-level brand developed for New Jersey farmers. Some state branding programs, such as that of Florida Oranges, focused on specific products grown in the state. In aquaculture, some successful brands have been developed by aquaculture associations. A leading example is that of U.S. Farm-Raised Catfish, a brand developed by The Catfish Institute that provides a vehicle for generic advertising of catfish products. In a very different segment of aquaculture, the Arkansas Bait and Ornamental Fish Growers Association developed the Arkansas Baitfish: Cer-
APRIL - MAY 2020
