Brands, Branding, & Consumers

1. Brands, Branding, & Consumers

2. How We Define “Brands” • Brand • A name, term, sign, symbol or any other feature that identifies one seller’s good or service as distinct from those of other sellers • Any product-based moniker that represents the relationship between marketer and consumer

3. The Nature of Brands • Intangible • Financial value is implicit vs. explicit • Values/meanings consumers associate with brands are subjective

4. The Purpose for Branding • To differentiate the product in ways that distinguish it from its competitors for the purpose of makingmoney • “…an economic tool that provides value for its owner and value for its buyer…”

5. How? • Performance Attributes • Image • Celebrity Endorsers/Personalities • Value-based associations

6. Goals for Branding • Return on [spending] investment • Long-term equity • Perceived market value • Durability

7. Factors Consumers Use To Assess Brand Value • Experience • Brand Messages • Brand Associations • Brand Contacts • Perceptions & Attitudes

8. And then there’s the consumer… • When the points of brand differentiation are also important to the consumer, the opportunity for brand equity improves • Brand equity is “the extra value associated with a particular brand name”

9. Factors Driving Brand Equity • Brand Awareness • knowledge, familiarity • Brand Loyalty -consistency of behavior • Perceived worth, value

10. Controlled Factors Driving Brand Equity • Brand Associations - Events - Spokespersons - Tag lines • Proprietary Brand Assets • Trademarks • Characters • Patents

11. Things to Understand About Brands & Brand Equity • Legal ownership does NOT gives a marketer ‘carte blanc’ privileges to do what it wills with a brand • Consumers will not commit to a brand ad infinitum despite better alternatives

12. Things to Understand About Brands & Brand Equity • Successful brands are more about the peoplewho make them work than about the entity itself • Consumers are collaborators in brand creation

13. 3 Key Components of Strategic Planning • Brands • Consumers • Communications

14. How IMC Helps To Build Equity • Strategic brand communications should be used strengthen brand position long term rather than as a sole support to short-term efforts.

15. IMC Planning’s Objective • The objective behind IMC planning is to develop strategies that resonate with the consumer • Speak to their preferences • Likes/Dislikes • Behaviors

16. Consequences of Iconic Branding Efforts • Favorable associations with consumers • They generate “buzz” • The have core consumers with deep emotional attachments

17. Paths to Branding • Mind-Share Branding • Emotional Branding • Viral Branding • Cultural Branding

18. The Core of Iconic Brands • “Identity myths” that resonate with consumers • Based on cultural relevance & story telling • Mythical brand lore is perpetuated by word of mouth • Consumer’s choice for a brand is anchored in their need to share in the story myth associated with that brand

19. Mind-Share Branding: AmEx • American Express – Karl Malden http://www.youtube.com/watch?v=1Q_mzLMs9Jc http://www.youtube.com/watch?v=V59sfNtBE9U

20. Emotional Branding: Publix http://www.youtube.com/watch?v=jHkqGgPpQOE http://www.youtube.com/watch?v=xOpX0EG_KPc

21. Viral Marketing Ads • Diet Coke + Mentos http://www.youtube.com/watch?v=9vk4_2xboOE

22. Cultural Branding: Corona • Corona Web Site – “Change Your Latitude”

23. Cultural Branding : Coca-Cola • Coca-Cola http://www.youtube.com/watch?v=6mOEU87SBTU http://www.youtube.com/watch?v=xffOCZYX6F8

24. Cultural Branding: Snapple http://www.youtube.com/watch?v=yMNR2kwPt4o http://www.youtube.com/watch?v=QendADQSVWg