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Building A Premium Palette For Your Brand
 

Building A Premium Palette For Your Brand

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    Building A Premium Palette For Your Brand Building A Premium Palette For Your Brand Presentation Transcript

    • What price Premium? w o r t h a n d v a l u e g r o w t h
    • What makes a brand valuable? Successful brands build associations that deliver these commercial benefits I N C R E A S I N G T H E L I K E L I H O O D that a consumer will buy I N C R E A S I N G H O W M U C H consumers will pay€
    • Millward Brown’s new equity framework Three key measures of brand equity that align to business outcomes Premium Pre-disposition to pay more for a brand = PRICE INDEX Potential Pre-disposition to keep buying the brand in the future = VALUE SHARE GROWTH Pre-disposition to choose one brand over others = VOLUME SHARE Power
    • Premium versus ‘Luxury’ • Premium can  be defined in many  ways. It is important to make a  distinction between Premium and  Luxury • ‘Premium’ can be the ability to  command a price premium in an  otherwise mass market product  category. Luxury is about scarcity and  exclusivity.  • A few brands tap into status and ‘luxury’  but the majority of brands are seeking to  command a premium (be ‘worth paying  more for’)
    • 9.4 2.3 5.6 0.6 16.5 8.0 0.1 -8.0 Worth Paying More For Super Premium Low Price but Good Value Poor Value Current Brand Strength Potential to Grow ‘Premium’ makes for strong brands Brands that are ‘premium’ are more likely to be grow Premium Brands Examples    (from BRANDZ database ) Source : BRANDZ 2010‐2011;  60,000+ brands in over 200 categories Worth paying morr, Super Premium, Good Value, Poor Value are metrics from Millward Brown’s ValueD framework
    • Close to 6 in 10 strong brands are perceived to deliver a Premium 6 48% 60% 34% 36% 36% Distribution of Strong Brands on Premium * STRONG BRANDS : Olympic, Classic, Specialist, Little Tigers; Above Average Voltage 5% 4% 5% 4% 6% 11% 37% 32% 38% 34% 39% 52% 29% 42% 31% 34% 21% 13% 29% 22% 25% 29% 34% 24% GLOBAL South America North America Europe Asia Africa Poor Value Good Value Worth Paying More Super Premium 58%
    • Authentic –Knows its "true north" and is committed to this ideal Quality – Is consistent and shows obsessive attention to detail Confident – Projects a feeling of intrinsic worth The DNA of a Premium brand 7 Source: What Makes Premium brands Premium? David Murphy, Lambesis GENUINE DESIRABLE EXCLUSIVE* Mysterious – Draws us in deeper and reveals more to us over time Rare – A discerning choice, intriguing because it is uncommon Sensual – Arouses our senses and feels indulgent. It is an experience. We want to touch it; we enjoy looking at it * More True of Luxury brands
    • How can a brand deliver ‘Premiumness’? Brands deliver ‘Premiumness’ (worth paying more for) via a number of means – but often the starting point is product innovation and design Use product innovation and design to build perceptions of premiumness Premiumness Innovation Association Communication Use retail, events, celebrities and media to create positive premium perceptions Use cues symbolic of a premium brand in communications
    • Delivering ‘Premiumness’ via Communication How can we leverage communication to deliver cues of premiumness? Use product innovation and design to build perceptions of premiumness Premiumness Innovation Association Communication Use retails, events, celebrities and media to create positive premium perceptions Use cues symbolic of a premium brand in communications
    • Building Premium cues : Messaging 10 EMOTIONAL CONNECT is vital but showcasing functional difference is also important for durables and technology products Samsung ‘incredible journey’ 
    • Building Premium cues : Product 11 Focus on FEATURES and INNOVATION rather than people USING the product WHAT IT HAS , HOW IT WORKS fererro rocher ‘chef’  * INGREDIENTS and FORMULATION for packaged goods EMOTIONAL CONNECT is vital
    • Building Premium cues : Executional Cues 12 Focus on FEATURES and INNOVATION rather than people USING the product Bournville ‘bird’  EMOTIONAL CONNECT is vital HUMOUR (while certainly entertaining) can actually detract from cues of premiumness 
    • Building Premium cues : Executional Cues 13 Focus on FEATURES and INNOVATION rather than people USING the product EMOTIONAL CONNECT is vital Simply having a CELEBRITY in the ad doesn’t necessarily add to a premium image a celebrity does need to be chosen very carefully to build the right associations  HUMOUR (while certainly entertaining) can actually detract from cues of premiumness dr. dre and beats audio dr. dre and 24 other endorsements
    • Building Premium cues : Brand Cues 14 Focus on FEATURES and INNOVATION rather than people USING the product EMOTIONAL CONNECT is vital Simply having a CELEBRITY in the ad doesn’t necessarily add to a premium image  HUMOUR (while certainly entertaining) can actually detract from cues of premiumness Once you have developed Premium cues….STICK WITH THEM 
    • Ways to build Premium cues 15 Focus on FEATURES and INNOVATION rather than people USING the product  EMOTIONAL CONNECT is vital Simply having a CELEBRITY in the ad doesn’t necessarily add to a premium image  HUMOUR (while certainly entertaining) can actually detract from cues of premiumness  Once you have developed Premium cues….STICK WITH THEM 
    • What price Premium? w o r t h a n d v a l u e g r o w t h For further information please contact: SHIV MOULEE Chief Solutions Officer Africa, Middle East & Asia Pacific Millward Brown Cell +6591299487 Email: Shiv.Moulee@millwardbrown.com