Why Branding is Important

WHY BRANDING IS IMPORTANT And how to take it to the next level

WHY YOU SHOULD HATE BRANDING $

WHY WE SHOULD LOVE BRANDING Branding forces management to articulate , plan and manage what they want the brand to achieve for the organization over the next 3-5 years, relative to customer growth, revenue and profit contributions. (1 reason)

Brand Consumers Company Information & input Innovation & execution Value & relation-ship Profits

WHY WE SHOULD LOVE BRANDING (the other, more important, reason) “ Heuristics”

iPod vs. Zune Maybank vs. CIMB Toyota vs. Honda RAM vs. processor speed Firefox vs. Safari AirAsia vs. MAS Bangsar vs. Damansara Heights PAS vs. BN Digital vs. traditional Football vs. futsball Bold vs. italic Starbucks vs. Coffee Bean Sales vs. profitability Small wedding vs. exotic honeymoon Web 1.0 vs. Web 2.0

“ Buyers make most decisions by relying on their two-second first impressions based on stored memories, images and feelings.” Blink: The Power of Thinking Without Thinking By Malcolm Gladwell “ Because brand-influenced heuristics impact buyer decision-making, companies with strong brands often have better financial perform-ance. The heuristics used by potential buyers lead to greater access, shorter sales cycles, lower price sensitivity, better openness, and more forgiveness for mistakes for well-branded companies.” Business Market Management: Understanding, Creating, and Delivering Value By James Anderson and James Narus RULES

Baby EMOTION Some Japanese women put off having a baby until they can buy a Louis Vuitton handbag

SALE! B = T + V + E

SALE!
Price is the only way to differentiate from competition
During last phase of product cycle
New product is being introduced

Strategic branding

1960s Experience 1900s Benefits 1880s Features

2006 -> Context based 2000s Segments 1980s Identification

PASSION Demographics, etc. Collaborative filtering Attitudinal Social media Personal Behavioural S-E-G-M-E-N-T-A-T-I-O-N

Segmentation Branding Promotion Passion ?

Focus on retention
Encourage & incorporate input
Innovate
Develop new sources of value
Support customers & the tribe
Continuous improvement
Operational excellence (service, quality, support, etc.)
Consistent & committed engagement
Economic, experiential & emotional value
Measure-ment
Purchase & other triggers
How do you meet/enable passion
Differentia-tion
How do you communicate
How do you engage
Messages
And more…
Tribal types
Passion that unites
Tribal values
Leaders/ influencers
Require-ments for value
And more…
Sustain Deliver Define Sense TRIBAL BRANDING

HOW WE CAN ENABLE… Tagging, Web 2.0, User Generated Content, Surveys, Interactivity, Games, Stakeholder Panels, Review, Personalization, Word-of-Mouth, Events, Demonstrations, Purchase, Trial, Sampling, Subscription, Download, Bookmark, Visit, Brand Ambassador, Measurement, Customer Co-creation, Conversation, Links, Click Streams, RSS feeds, Adoption, Advertising, Pass-alongs, Videos, Podcasts/Vidcasts, Facebook Groups, Forums, User Conferences, Seminars/Webinars, Ranking, Referrals, Retention, Evangelism, PR, Blogs, Twitter, Dialog, Social Bookmarking, Test Drive, Coupon Redemption, Downloads, Investment… and more! … ENGAGEMENT WITH YOUR BRAND

1. How do you create a customer experience that drives emotion and ensures loyalty? 2. What is the best way to differentiate your experiences from your competitors, and to make this differentiation visible to your customers and prospects? 3. How do you ensure that front-liners consistently deliver a quality customer experience? ( staying on-brand ) SMART BRAND QUESTIONS

PROBLEM: One of US largest banks; operations in 25 countries; 20,000 employees
Performance worst among competing banks
Employee morale low; talent leaving
New low in stock price
1/3 of new customers leave in 1st year
New CEO: Vision = “focus on customer experience to be most admired financial institution in the markets we serve”

SOLUTION: BETTER CUSTOMER EXPERIENCE
Cross-selling increased from 2.4% to 5.5%
Deposits up 14%
Earnings up 36%
Retention rose 5%
Employee engagement went from 3.78 to 4.26
Train employees to follow up promises
Question skills to understand customer needs
Integrated solution/cross-selling skills
Single team manages 1 customer relationship
Employee recognition for customer focus
Enhance shareholder value
Be the Trusted Advisor
Execute “1Key”
“ Be Proud to Be at Key”
Live the Key Values
Payoffs Initiatives 5 strategic themes

Thank you Nick Wreden [email_address]

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Why Branding is Important

by University Technology Malaysia on May 11, 2009

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