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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 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


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 Awareness Brand Awareness = Brand recall + brand recognition 

Brand recognition 

Based off of name or logo, do you recognize these brands?

Brand recall 

- ex. Name companies you know in the office When prompted with alla the product/service category, whatsupply category companies will you name?


How to increase awareness? 

Traditional Advertising 

Social Media 

Radio ads, TV ads, PPC ads, Direct Mail, Print ads, Outdoor Banners

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 

Invest in Research and Development 

Make sure customers know about your quality in comparison to competition

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 Price Quality Personality Logo Advertisements Endorsements Word of Mouth Employees

Positive associations obstructs competitor’s entry to the market because products are replicable but associations are not 

NOT JUST PRODUCT OR SERVICE


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? ď ˝

Feel free to email michaelgr@shoplet.com with any branding or marketing questions ď ˝

This marketing series has been presented by Shoplet Promos


All You Need To Know About Brand