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 Equityn.

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 When prompted with a product/service category,

what companies will you name?- ex. Name all the companies you know in the office

supply category

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

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 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.

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

PriceQualityPersonalityLogo

Advertisements

EndorsementsWord of MouthEmployees

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? Feel free to email michaelgr@shoplet.com

with any branding or marketing questions

This marketing series has been presented by Shoplet Promos