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Why Branding is Important
 

Why Branding is Important

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This presentation looks at why branding is important, how people choose one brand over another, and the importance of segmentation in an era when one-size-fits-all branding is dead. The result must ...

This presentation looks at why branding is important, how people choose one brand over another, and the importance of segmentation in an era when one-size-fits-all branding is dead. The result must be tribal branding characterized by engagement

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    Why Branding is Important Why Branding is Important Presentation Transcript

    • 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]