Put your Brand Strategy to Work for a More Diverse Membership · Branding” (white paper) 1....
Transcript of Put your Brand Strategy to Work for a More Diverse Membership · Branding” (white paper) 1....
Put your Brand Strategy to Work for a More Diverse Membership
Diverse Employees, Diverse Members: Connecting Inclusive Marketing and Equitable HR in Credit Unions
What is Your Unit-Level Marketing
Strategy?
1. Price Leadership2. Differentiation
Choose A Branding Strategy to Communicate with Target Segment(s)
(Based on assumptions about target and firm’s brand authorship)
• Firm authors brand• Target perceives the
brand (or refuses)
• Firm co-authors brand• Target co-authors or
spreads the brand
Mind-Share, Emotional Viral, Socio-CulturalDesigning a Brand
StrategyImplementing Brand Strategy
Identify branding goals
Product
Map existing brand culture
Price
Identify brand opportunities
Place (Distribution)
DesignPromotions
(Communications)
WHAT’S A BRAND ANYWAY?
Classic Managerial Perspective
• Brands are “images” (the frosting on the cake)• Branding is an advertising
function
Socio-cultural Perspective
• Brands are cultural artifacts• Brands deliver value by
“framing” it• Branding involves multiple
authors vying for control over meaning
GENERAL BRANDING STRATEGIES
1. Traditional a. Assumptions – firm-as-author, passive targetb. Types
a. “Mindshare” Branding
4
5
Brand is a set of value
propositions
Communications: tell a consistent story about
the brand’s benefits (value)
Company’s role: brand steward that stays on
message
Consumer’s role: perceive brand benefits through use
and repeated exposure
Works best for low-involvement
OR complex purchases
6
GENERAL BRANDING STRATEGIES
1. Traditional a. Assumptions – firm-as-author, passive targetb. Types
a. “Mindshare” Brandingb. “Emotional” Branding McDonalds “Little Sister” Spot from the 70s
7
the brand is a relationship
partner
Communications: build personal connection to customer through brand
Company’s role: relationship partner
(platonic, familial, romantic, spousal, etc.)
Consumer’s role: build a personal relationship with brand
Most effective for personal services or products with a service componentEmotional branding =
mindshare + relationship
8
GENERAL BRANDING STRATEGIES
1. Traditional2. Non-Traditional
a. Assumptions – multiple authors, active targetb. Types
a. “Viral” Branding
9
The brand is a message that spreads like a virus
Communications: introduce the brand (virus) into a population through opinion leaders
Company’s role: hidden puppet-master who gets the rightcustomers to grant the product authenticity
Consumer’s role: “discover” the brand, spread the word
Works best for new products and/or new technologies
10
GENERAL BRANDING STRATEGIES
1. Traditional2. Non-Traditional
a. Assumptions – multiple authors, active targetb. Types
a. “Viral” Brandingb. “Cultural” Branding
11
GENERAL BRANDING STRATEGIESCultural Branding• Brand is an icon
ücontainer of myths and meaning
• Communications: encourage people to perform myths and meaning via the brand• Company’s role: myth-maker• Consumer’s role: myth-maker
üpersonalize it, enact rituals to experience it using the brand
Mean Joe Greene
Halftime in AmericaHilltop
Works best for
identity-expressive products
HOW TO INFUSE DIVERSITY, EQUITY, AND INCLUSION INTO YOUR BRANDFrom Doug Holt’s “Brands and Branding” (white paper)
1. Identify (DEI) Goals That Branding Can Address
2. Map Existing Brand Culture (Research)
3. Analyze Competitive Environment, Scan for Opportunities
4. Design the Strategy (Put it All Together)
There are lots of ways to design a brand
***These four bases must be
touched
See: Cultural Strategy Group
Step 1: Identify DEI Goals Branding Can Address
Parameters• Branding is a long-term project• Branding overlaps/interacts with
other elements of strategy
Potential DEI Goals• Customer composition and market
coverage (reach and location) • Product implications for inequality
and inclusion (e.g., mortgage, small business loans)• Corporate citizenship and
neighborhood engagement (e.g., gentrification)
Step 2: Map Existing Brand Culture
BRAND CULTURE…Shapes Components of Brand Value…
For Customers/Prospects
For Influencers(if applicable)
For the Firm (current strategy)
1. Reputation
2. Relationships
3. Experience
4. Symbolism
Diversity, Equity, and Inclusion issues can be direct inputs to brand value components by each set of the brand’s co-authors
Step 3: Analyze Competitive Environment
• Benchmark against key competitors• Scan and monitor for environmental shifts
Step 4: Design Strategy (Put It All Together)
• Describe the brand’s path to a desired state• Describe the logic the brand follows along the path
THE REST…
• Implementation (marketing mix/4Ps)• Evaluation