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Branding
- 2. What is abrand? Brand is a name, term, sign, symbol, design or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors ……… • It is a promise/ a reputation • It is a promise to deliver differentiated benefits • To position itself in your consideration set and be the chosen product from that set Functional role of brands • To identify the source or maker of the product • To assign responsibility for its performance to a particular manufacturer • Greater loyalty • More inelastic customer response to price increase • Increased marketing communication effectiveness
- 3. Why is brandingnecessary?
- 4. Made up ofboth performance and emotional equities Each initiative works to translate the brand’s desired equity Everything the consumers sees and experiences should build equity WHAT IT DOES WHAT IT IS Brand equity What a brand wants to stand for in the hearts and minds of it’s consumers. Creates more devoted consumers and shoppers Sets the brand apart from competition Engages consumers on an emotional level Brand Value ($ Mil) Equity Apple 182,951 Lifestyle – Liberty, innovation, passion, removing complexity IBM 155,985 Trustworthy, smart and professional personality Google 107,857 Helping people access information – whatever be the form and channel McDonalds 95,188 Fast, quality service touching on love, sharing and family values Microsoft 76,651 Helps groups connect in the latest, secure, cheap and accessible manner Coca-Cola 74,286 Within arm’s reach of joy and desire Marlboro 73,612 Masculine, strong, for the outdoor man AT & T 68,870 Go beyond possibilities Verizon 49,151 Reach out anywhere reliably China Mobile 47,041 Aspirational, anyone can be a star
- 5. Brand resonance pyramid Stagesof brand development Brand building blocks Branding objective Relatability and loyalty to brand Relationship Resonance Emotional responses and reactions Response Judgments Feelings Meaning PoD and PoP Performance Imagery Identity Salience Deep, broad brand awareness
- 6. Branding Strategy Branding Brand Architecture New elements Old elements Combination Brand Line Category 1 Category 2 Master Brand Line Extension Parent Brand Brand Extension AlternativeBranding • Individual family brand names – Eg. P&G has Ariel. Company’s reputation is sage • Company brand name – Eg. Tata. Lower development costs, greater value possible • Sub-Brand name – Eg. Kellog’s Corn Flakes, individualized product
- 7. Communicating brand equity BrandElements Brand Marketing Brand Association Devices (brand names, logos etc) which identify the brand. 6 criteria to pick: • Memorable • Meaningful • Likeable • Transferable • Adaptable • Protectable • • • A range of touchpoints are now available – personal observation and use, word of mouth, direct sales, online, TV, social media, radio, print media Integrated Marketing is spending on a mix of touchpoints to reach your consumer • • Link the brand to other information, like the company, a geography, etc Brand internally – creating involvement and passion amongst employees Brand communities – Loyal customers of the brand who do activities associated with the brand
- 8. Brand Management Strategic brandmanagement has 4 steps: • Identifying and establishing brand positioning • Planning and implementing brand marketing Building • Measuring and interpreting brand performance • Growing and sustaining brand value Managing Measuring
- 9. Brand Positioning • Launchedas a balm for relieving joint pains • Repositioned the brand as the “backache specialist that addresses a common problem that housewives frequently face “Aah se aha tak” “ek minute moov ki malish” Positioned as Dentists choice of toothbrush “The brand more dentists use themselves worldwide" Positioned as a toothbrush that offer several attributes such as multi leveled bristles, tongue cleaner etc at a low price “Smart Clean sirf das rupey mein"
- 10. Measuring and interpretingbrand performance Brand equity is the additional value that is endowed on the product by its brand name as compared with the value that would accrue if the same product did not have the brand name Brand equity consists of knowledge, preference and financial considerations • Knowledge metrics: Awareness about the brand; functional and emotional association of a brand • Preference metrics: Brand’s competitive position, benchmark with other brands, consumer loyalty A strong brand will have the brand equity to build consumer loyalty • Financial metrics: Market share, price premium, revenue generation capability, lifetime value of brand, rate at which a brand grows
- 11. Growing and sustaininga brand • Brand Reinforcement By marketing actions that consistently convey – – – • core benefits and the needs satisfied how the brand makes product superior Unique brand associations Brand Revitalization – – – Required due to changes in consumer tastes, emergence of new competitors or technology, change in business environment Positive positioning losing strength or negative positioning Change the positioning or market the same with more vigour
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- 14. Appendix: Reasons tobelieve • Superior product detail • Expert endorsements
- 15. Appendix: Reasons tobelieve • Demonstrations • Heritage Back