Post on 08-Mar-2016
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All You Need To Know About Brand
An overview of brand equity with recommendations and traps to avoid
What Is A Strong Brand?
What Makes A Brand Strong?
Brand Equityn.
all of the distinguishing qualities of a commercial brand that results in personal commitment to and demand for the brand; the intangible value-added aspect of
particular goods otherwise not considered unique; also, the value built up in a brand, either positive or negative
Elements of Brand Equity
Loyalty Awareness
Quality
Associations
Other Assets
Brand Equity Strong Brand = High Brand Equity
Brand Equity = Brand Loyalty + Brand Awareness
+ Perceived Quality + Brand Associations + Other
Brand Assets
Brand Loyalty Positive attitude towards brand which is
exhibited through behavior and repurchasing
Commitment to brand – customers turn into ambassadors through word of mouth
Lower sensitivity to price
How to increase loyalty? Rewards Programs
Encourage loyalty Repeat purchases
Build trust and connect Blogs, build community, behind-the-scenes http://www.stonyfield.com/blog/
Brand AwarenessBrand Awareness = Brand recall + brand
recognition Brand recognition
Based off of name or logo, do you recognize these brands?
Brand recall When prompted with a product/service category,
what companies will you name?- ex. Name all the companies you know in the office
supply category
How to increase awareness? Traditional Advertising
Radio ads, TV ads, PPC ads, Direct Mail, Print ads, Outdoor Banners
Social Media YouTube, Twitter, Facebook, Instagram
Promotional Products Custom shirts, custom mugs, custom pens
Perceived Quality The key word here is perceived
If Product A is better than Product B in all technical categories but customers perceive Product B as being superior – that’s all that matters
Measured through customer satisfaction surveys, industry reports
Perceived quality should be in line with price It’s all about value
Low quality but very low price is still good value
How to change perception? Market industry reports that highlight your company
Make sure customers know about your quality in comparison to competition
Invest in Research and Development If product is not up to par, you need to invest in your
process and improve
Lower price If your product is of average quality but priced too high,
the perceived value will be low. If the product is average but the price is lower than the rest of the market, customers will see value.
Brand Associations Attributes that customer associates with
brand
Positive associations obstructs competitor’s entry to the market because products are replicable but associations are not
NOT JUST PRODUCT OR SERVICE
PriceQualityPersonalityLogo
Advertisements
EndorsementsWord of MouthEmployees
Other Brand Assets Assets that act as barrier to entry for
competition
Patents, Trademarks, and Channels
Property, physical stores, outlets
Website, Social media account, Online presence
Things to remember A strong brand creates an emotional
connection with consumer A company should be more than just a
product or a service A product or service can be replicated by any
competitor. An emotional connection cannot be replicated.
Branding needs to be a focus and consistent across all channels of the company Inconsistent branding leads to confusion for
customers and employees Graphics should present the same vibe as
customer service rep does
Any questions? Feel free to email michaelgr@shoplet.com
with any branding or marketing questions
This marketing series has been presented by Shoplet Promos