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
Strong Brand = High Brand Equity
Brand Equity = Brand Loyalty + Brand Awareness + Perceived Quality + Brand Associations + Other Brand Assets
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?
Build trust and connect
Blogs, build community, behind-the-scenes
Brand Awareness Brand Awareness = Brand recall + brand recognition
Based off of name or logo, do you recognize these brands?
- 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?
Radio ads, TV ads, PPC ads, Direct Mail, Print ads, Outdoor Banners
YouTube, Twitter, Facebook, Instagram
Custom shirts, custom mugs, custom pens
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
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.
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 email@example.com with any branding or marketing questions ď ˝
This marketing series has been presented by Shoplet Promos