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All You Need To Know About Brand

All You Need To Know About Brand

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All You Need To Know About Brand

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Presentation Transcript

  1. All You Need To Know About Brand An overview of brand equity with recommendations and traps to avoid

  2. What Is A Strong Brand?

  3. What Makes A Brand Strong? Brand Equity n. 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

  4. Elements of Brand Equity Loyalty Awareness Quality Associations Other Assets

  5. Brand Equity • Strong Brand = High Brand Equity • Brand Equity = Brand Loyalty + Brand Awareness + Perceived Quality + Brand Associations + Other Brand Assets

  6. 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

  7. 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/

  8. Brand Awareness Brand 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

  9. 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

  10. 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

  11. 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.

  12. 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 • Price • Quality • Personality • Logo • Advertisements • Endorsements • Word of Mouth • Employees

  13. 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

  14. 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

  15. Any questions? • Feel free to email michaelgr@shoplet.com with any branding or marketing questions • This marketing series has been presented by Shoplet Promos