Brand Equity & Brand Identity

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Transcript of Brand Equity & Brand Identity

  • Brand EquityBrand IdentityPositioning the competition means defining the rules of the game in the marketplace.Sergio Zyman

  • A Brand is any...that distinguishes a product from its competition.

  • Brand ImageA mental image that reflects the way consumers perceive a brand.Physical: design, letters, shapes, art, colorsPsychological: emotions, beliefs, values

  • Characteristics of Good Brand NamesEasy to say and rememberPronounceable in only one wayPositive in connotationCommunicative of product attributesShort and distinctiveLegally protectableVirginia SlimsSpic and SpanAngelDuracellJiffyFruit 'n Fibre

  • Basic Branding StrategiesToothpasteToothpastePrivate Label BrandsManufacturer BrandsManufacturer DiscountBrandsGenerics (no brand)MintFlavorToothpaste

  • Brand EquityBrand Equity is a set of assets (and liabilities) linked to a brands name and symbol that adds to (or substracts from) the value provided by a product or service to a firm and/or that firms customers.

  • Categories of AssetsBrand name awarenessBrand loyaltyPerceived QualityBrand AssociationsOther Proprietary Brand Assets (e.g., channel relationships, patents,)

  • Brand Equity Increases ValueBrandEquityBrand LoyaltyBrand AwarenessPerceived QualityBrand AssociationsOther Brand AssetsValue to CustomerValue to Firm

  • Brand Name AwarenessAnchor to which other associations can be attachedFamiliarity-likingSignal of substance/commitmentBrands to be consideredExamples:Coke: sealDuPont: strategic

  • Brand LoyaltyReduced marketing costsTrade leverageAttracting new customersCreate awarenessReassuranceTime to respond to competitive threatsExamples:Delta ad

  • Perceived QualityReason-to-buyDifferentiate/PositionPriceChannel member interestExtensionsExamples:Jack in the box: COPSAmerican Express

  • Brand AssociationsHelp process/retrieve informationReason-to-buyCreate positive attitude/feelingsExtensions Gerber SinglesExamples:Nordstrom: Reinvent7-Eleven: Belly-flop

  • Brand Equity and Brand ValueBrand Equity provides value to customers:Interpretation/processing of informationConfidence in the purchase decisionUse satisfaction

  • Brand Equity and Brand ValueBrand Equity provides value to firm:Efficiency and effectiveness of marketing programsBrand loyaltyPrices/marginsBrand extensionsTrade leverageCompetitive advantage

  • Brand Building InhibitorsPressure to compete on priceProliferation of competitorsFragmenting markets and mediaComplex brand strategies and relationshipsBias toward changing strategiesBias against innovationPressure to invest elsewhereShort-term pressures

  • Brand Equity and Brand IdentityBrandIdentityBrandAssociationsBrandEquity

  • Brand IdentityA brand identity provides direction, purpose and meaning for the brand. It is central to a brands strategic vision and the driver of one of the four principal dimensions of brand equity: associations, which are the heart and soul of the brand.

  • Brand IdentityBrand identity is a unique set of brand associations that the brand strategist aspires to create or maintain. These associations represent what the brand stands for and imply a promise to customers from the organization members.

  • Brand Identity is more than...Brand image (how the brand is perceived now)Brand position (the part of the brand identity and value proposition to be actively communicated to a target audience)Product attributesAn external perspective (i.e., customer-based)

  • Brand Identity SystemA brands identity can be viewed from four perspectives:brand as productbrand as organizationbrand as personbrand as symbolWhen we view a brand from all these perspectives, it is easier to develop/reinforce a Value Proposition, Credibility and, ultimately, a Relationship with the customer.HARLEY DAVIDSON SITE

  • Brand Identity SystemBrand IdentityBrand asProductBrand asOrganizationBrand asPersonBrand asSymbolValue PropositionCredibilityBrand-Customer Relationship

  • Dimensions of Brand IdentityBrand as ProductProduct ScopeProduct AttributesQuality/valueUsesUsersCountry of OriginTimex AdHarley Site

  • Dimensions of Brand IdentityBrand as OrganizationOrganization attributes (e.g., innovation, consumer concern, trustworthiness)Local vs. globalEnbridge Home ServicesHarley Site

  • Dimensions of Brand IdentityBrand as PersonPersonality (e.g., genuine, energetic, rugged,)Brand-customer relationships (e.g., friend, adviser,)

    Chevy Monte Carlo AdHarley Site

  • Dimensions of Brand IdentityBrand as symbolVisual imagery and metaphorsBrand heritageApple AdHarley Site

  • Value PropositionFunctional Benefits: A BMW car handles well, even on ice.Emotional Benefits: Excited in a BMW.Self-Expressive Benefits: Sophisticated and successful in a BMW.

  • Brand PositionBrand position is the part of the brand identity and value proposition that is to be actively communicated to the target audience and that demonstrates an advantage over competing brandsJC Penneys position Girl Scouts position

  • Brand PositionWhat elements of BI to include? Candidates:Core identity: central, timeless essence of the brand (most unique, valuable aspects)Points of leverage: specific keys to success (e.g., Ronald McDonald)The value proposition: a key benefit part of the value proposition (functional, self-expressive,)

  • Brand identity & position provide valueGuides and enhances brand strategyImproves brand memorabilityProvides meaning and focus to the organizationProvides extension optionsCo-branding at YahooIn sum, provides:value propositioncredibility to other brandsbasis of relationship