How We Define “Brands”
Brand A name, term, sign, symbol or any other
feature that identifies one seller’s good or service as distinct from those of other sellers
Any product-based moniker that represents the relationship between marketer and consumer
The Nature of Brands
Intangible
Financial value is implicit vs. explicit
Values/meanings consumers associate with brands are subjective
The Purpose for Branding
To differentiate the product in ways that distinguish it from its competitors for the purpose of making money
“…an economic tool that provides value for its owner and value for its buyer…”
Goals for Branding
Return on [spending] investment
Long-term equity
Perceived market value
Durability
Factors Consumers Use To Assess Brand Value Experience
Brand Messages
Brand Associations
Brand Contacts
Perceptions & Attitudes
And then there’s the consumer… When the points of brand differentiation are
also important to the consumer, the opportunity for brand equity improves
Brand equity is “the extra value associated with a particular brand name”
Factors Driving Brand Equity
Brand Awareness- knowledge, familiarity
Brand Loyalty-consistency of behavior
Perceived worth, value
Controlled Factors Driving Brand Equity Brand Associations
- Events- Spokespersons- Tag lines
Proprietary Brand Assets Trademarks Characters Patents
Things to Understand About Brands & Brand Equity- Legal ownership does NOT gives a
marketer ‘carte blanc’ privileges to do what it wills with a brand
- Consumers will not commit to a brand ad infinitum despite better alternatives
Things to Understand About Brands & Brand Equity- Successful brands are more about the
people who make them work than about the entity itself
- Consumers are collaborators in brand creation
How IMC Helps To Build Equity- Strategic brand communications should
be used strengthen brand position long term rather than as a sole support to short-term efforts.
IMC Planning’s Objective
The objective behind IMC planning is to develop strategies that resonate with the consumer- Speak to their preferences- Likes/Dislikes- Behaviors
Consequences of Iconic Branding Efforts Favorable associations with consumers
They generate “buzz”
The have core consumers with deep emotional attachments
The Core of Iconic Brands
“Identity myths” that resonate with consumers Based on cultural relevance & story telling
Mythical brand lore is perpetuated by word of mouth
Consumer’s choice for a brand is anchored in their need to share in the story myth associated with that brand
Mind-Share Branding: AmEx
American Express – Karl Malden
http://www.youtube.com/watch?v=1Q_mzLMs9Jc
http://www.youtube.com/watch?v=V59sfNtBE9U
Emotional Branding: Publix
http://www.youtube.com/watch?v=jHkqGgPpQOE
http://www.youtube.com/watch?v=xOpX0EG_KPc
Cultural Branding : Coca-Cola- Coca-Colahttp://www.youtube.com/watch?v=6mOEU87SBTU
http://www.youtube.com/watch?v=xffOCZYX6F8