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Effective Marketing:

Differentiation Strategy

Brands and Brand Management

What Brands Mean To the Consumer and How To Manage Brands Properly

By Vadim Kotelnikov, Founder, The first-ever BUSINESS e-COACH for Innovative Leaders, 1000ventures.com

"People want to express themselves through brands - brands express a person's personality and the people they like to be with."  - Jack Trout

 

Advantages of Strong Brands1

  • Greater perceptions of product/service performance

  • Greater marketing communication effectiveness

  • Greater customer retention and loyalty

  • More appreciative customer response to price increases and decreases

  • Larger margins

  • Less vulnerability to competitive marketing actions

  • Less vulnerability to marketing crises

  • Greater trade cooperation and support

  • Possible licensing/franchising opportunities

  • Greater brand extension opportunities

What You Must Know About Strategic Brand Management1

  • The role of brands, the concept of brand equity, and the advantages of creating strong brands

  • The three main ways to build brand equity by

    • properly choosing brand elements,

    • supporting marketing programs, and

    • leveraging secondary associations

  • Different approaches to measure brand equity and how to implement a brand equity measurement system

  • Alternative branding strategies and how to devise brand hierarchies and brand portfolios

  • The role of corporate brands, individual brands, family brands, and brand modifiers and how they can be combined into sub-brands

  • How to adjust branding strategies over time and geographic boundaries to maximize brand equity

  • How to build brands in the age of the organized consumer2

Related Chapters of the Business e-Coach:

Differentiation Strategy

Brand Equity

The 22 Immutable Laws of Marketing

Brand Defined

According to the American Marketing Association (AMA), brand is a "name, term, sign, symbol, or design, or a combination of them, intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of competition." Technically speaking, whenever a marketer creates a new name, logo, or symbol for a new product or service, he or she has created a brand.

The Power of a Brand

Marketing is not a battle of products, it's a battle of perceptions. The power of a brand lies in what resides in the minds of customers - what they learned, felt, seen, and heard about the brand as a result of their experiences over time.

Strategic Brand Management

"Strategic brand management involves the design and implementation of marketing programs and activities to build, measure, and manage brand equity."1 These concepts and techniques are to improve the long-term profitability of your brand strategies.

Brand Equity

"Brand equity relates to the fact that different outcomes result from the marketing of a product or service because of its brand name or some other brand element that if that same product or service did not have that brand identification."1 It represents the marketing effects uniquely attributable to the brand and the added value endowed to a product or service as a result of past investments in the marketing activity for a brand. "Brand equity serves as the bridge between what happened to the brand  in the past and what should happen to the brand in the future."1 ...More

 

 

 

Bibliography:

  1. "Strategic Brand Management", Kevin Lane Keller, 2003

  2. "Right Side Up", Alan Mitchel, 2000

  3. "The 22 Immutable Laws of Marketing in Asia", Al Ries, Jack Trout and Paul Temporal, 2003.

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