brand building
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Brand Building
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What is Brand building?Involves all the activities that are necessary to nurture a brand into a healthy cash flow stream for the company after launch
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Advertising does a lot to help build brands Every ad contributes to make the brand what it is in the minds of the consumer David Ogilvy
A companys brand is the primary source of its competitive advantage and is a very valuable strategic asset David Aaker
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Brand EquityWhen a commodity becomes a brand, it is said to have equity. It starts with a name and can go up or down depending on the marketing activity that is done by the marketer. A name becomes a brand when consumers associate it with a set of tangible and intangible benefits that they obtain from the product or service.
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How to measure equity?The premium a brand can command in the marketThe difference between the intrinsic and perceived value of the product
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Building Brand EquityDistinguish product from others in the market Value propositionAlign what it says about the brand in advertising with what it actually delivers Creating the brand
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Power BrandsGenerates enormous profitsExpands future strategic opportunities
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What do power brands have that others dont?A distinctive productDelivering brand promisePersonality and presence
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PersonalityEmotional bond with the customerGenerates relationships measurably stronger than ordinary brands
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PresenceSeem to be present everywhere, enforcing distinctivenessNational/international scaleSuccessful brand extensionsMultiple concept and channels
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Brand managers of market-savvy companies needSuperior insight into customer needsAbility to devise product/services that powerfully meet those needsAgility to redefine its offering as those needs changeCreativity to produce exciting and compelling advertising
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Tangibles of brand equityShapeColourSizeModelsPriceFeaturesBenefitsGrades
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Intangibles of brand equityCompany nameBrand nameSlogan and its underlying associationsPerceived qualityBrand awarenessCustomer baseTrademarks and patentsChannel relationshipsCustomer loyaltyCustomer confidenceCompetitive advantage
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Value PropositionBroad positioningSpecific positioningValue positioning
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Creating the brandChoosing brand nameDeveloping rich associations and promisesManage customer brand contacts to meet and exceed customer expectations
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Porters strategic choicesProduct differentiatorLow cost leaderNicher
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Positioning guardsShould not be overpositionedShould not be underpositionedShould not be ambiguousShould not promise irrelevant benefitsPromise should be credible
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Choosing a brand nameWhat does it mean?What performance/ expectations/ associations does it evoke?What degree of preference does it create?
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Brand names should denoteProduct benefitsProduct qualityBe easy to pronounce/remember/recogniseBe distinctiveNot have poor meanings in other countries or languages
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Brand Associationsowned wordSlogansColoursSymbols and logos
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Brand AmbassadorsThese are used to create the Brand personality, just like a human being. Therefore in some way the values and personality of the ambassador rubs off into the brand. Therfore the brand and choice of the ambassador must fit.
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Brand StatusEsteemFamiliarity
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Brand VitalityDifferentiation in consumers mindDifferentiation relevant to consumers need
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Brand PitfallsBrand experience must match brand imageCalls for managing every brand contact