1. Brands are Personifications of Organizations, Products, Services and Experiences
In this way, they are the primary sources of relationships with customers, promises to customers and customer loyalty.
2. Top Management Support is Crucial
The toughest obstacles that brand champions have encountered in creating brand building organizations, three of the top nine involve the lack of top management support.
The [tag]Interbrand[/tag] model of brand strength is a useful framework to consider the performance of your own brand. Consider these seven points and you should get a better sense of the strength of your own brand, as well as some ideas on how to move forward.
Market: 10% of brand strength. Brands in markets where consumer preferences are more enduring would score higher.
Stability: 15% of brand strength. Long-established brands in any market would normally score higher, because of the depth of loyalty they command.
Leadership: 25% of brand strength. A market leader is more valuable: being a dominant force and having strong market share matters.
Profit trend: 10% of brand strength. The long-term profit trend of the brand is an important measure of its ability to remain contemporary and relevant to consumers.
Support: 10% of brand strength. Brands that receive consistent investment and focused support usually have a much stronger franchise, but the quality of this support is as important as the quantity.
Geographic spread: 25% of brand strength. Brands that have proven international acceptance and appeal are inherently stronger than regional brands or national brands, as they are less susceptible to competitive attack.
Protection: 5% of brand strength. Securing full protection for the brand under international trademark and copyright law is the final component of brand strength in the Interbrand model.
Even if it’s 4 year old In a article published on darwinmag.com, it’s still actual through the subjects discussed by four branding specialists.
Ten years ago, the average person thought of branding as that creative thing you do with the name of a product.Or it meant designing a new wrapper. Or maybe it was the print or television advertising that relayed the brand message.
Today, [tag]branding[/tag] is everything—and I mean everything. Brands are not simply products or services. Brands are the sum total of all the images that people have in their heads about a particular company and a particular mark.
Branding has become a religion in most corporations, and it’s very hard to dislodge it, because people believe that the brand itself is something that changes consumer behavior. We tend to think that branding comes first and the company’s success follows. In fact, when you look at most businesses, the products came first.
Historically, a brand has been a promise that says, “If you buy this product or buy from my company, you can rely on me because of the attributes attached to the brand.” We’re going to see a new kind of branding emerge, a much more customer-centric branding where the promise is, “I know you as an individual customer better than anyone else, and you can trust me to assemble the right products or services to meet your individual needs.”
Most people, when they hear the word branding, think logos – but in fact, branding is really much more than that. A brand involves blending the image, purpose, and focus of your business, with your core marketing message, and coming up with something which will stick in the minds of people who encounter it. As a business or an independent professional, it is who you are and what you do, packaged neatly, clearly, and memorably. A [tag]logo[/tag] is only a tangible representation that works to reinforce a brand.
So – what kind of personality does your business have? Is it conservative and solid? Outgoing and fun? Or robust and strong? And, what is your business focused on doing? Whom do you want to work with? How does your business differ from the competition? And what makes it so special, after all? Do not try to name every special quality or unique selling point – you can actually build a brand on just one unique quality! Once you can answer these questions, you can begin to create your brand. The question is what you want YOUR brand to leave behind in people’s heads.
Branding: yes, you need a brand.
First, branding is a key defense against commoditization – a situation in which a company’s products and services become perceived by buyers as being interchangeable with those of other companies, so buying decisions become driven by price. With the trend toward instantly and globally searchable competition across all product and service categories, the pull toward commoditization is now an elemental force in marketing. The value of branding – intelligent, relevant, branding that effectively differentiates you from your competition – has never been higher.
Branding will not create a spike in cash flow or market share.
Quite the opposite in fact: it costs time and money to build brand equity whether you’re launching a new brand or re-launching an old one.
If you’re [tag]rebranding[/tag], by the time you’ve spent enough time and money on advertising and marketing, the conditions that triggered your quest to rebrand will have changed. Rebranding as reflex action to stem losses in market share is stupid.
At a certain point, sales is branding: the more sales you have, the more market share you have, the more people see and hear of you, and the more they will think of you. Without sales and market share, branding accomplishes nothing.
Logos can be one of the most effective tools for marketing and branding any business, from restaurants to retail shops. They are visually representations of a company, its image and its philosophy. And they make both the first and often most lasting impression on consumers.
In addition to being able to boast these enviable benefits, strong brands have something else in common. They all exhibit the “three C’s” of branding: Clarity; Consistency; and Constancy. Does your brand pass the Three C Test?
Strong brands are clear about who they are and who they are not. They understand their unique promise of value. And this promise of value sets them apart from their competitors. It differentiates them and allows them to attract and build loyalty among the groups of people who can help them achieve their goals.
In addition to being clear about who they are, strong brands are also consistent. Madonna is an excellent example of brand consistency. She is the chameleon brand of entertainment. She reinvents herself with each CD that she produces.
Strong brands are constant. They are always there for their customers and prospects or for those people who can help them achieve their professional goals.
Big companies understand the importance of brands. Today, in the Age of the Individual, you have to be your own brand. Here’s what it takes to be the CEO of Me Inc.
It’s time for me — and you — to take a lesson from the big brands, a lesson that’s true for anyone who’s interested in what it takes to stand out and prosper in the new world of work.
Regardless of age, regardless of position, regardless of the business we happen to be in, all of us need to understand the importance of branding. We are CEOs of our own companies: Me Inc. To be in business today, our most important job is to be head marketer for the brand called You. Continue reading →
By the time you finish this free online course: Developing Your Brand Strategy, you will have a polished brand strategy that will give the the competitive edge.
Developing a brand strategy can be one of the most difficult steps in the marketing plan process. It’s often the element that causes most businesses the biggest challenge, but it’s a vital step in creating the company identity.
Your brand identity will be repeatedly communicated, in multiple ways with frequency and consistency throughout the life of your business.
Brands are the most valuable assets that many companies have, representing a substantial portion of a consumer company’s overall market value or equity. Also, because it is becoming increasingly more difficult to sustain competitive product or technological advantages, it is likely that brands will continue to grow in importance and significance.
This is the introduction of an interesting PDF from GfK Custom Research and PriceWaterhouseCoopers, entitled “What Are Your Brands Worth?“, dealing with subjects as: