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BRAND BUILDING

By Sarit Kumar

What is a strong brand?


A brand is a product or services that adds dimensions that differentiate it in some way from other products or services designed to satisfy the same need The 10 strong characteristics of the Famous Brands

1. The brand excels at delivering the benefits consumers truly desire. 2. The brand stay relevant. 3. the pricing strategy is based on consumer perceptions of value. 4. the brand is properly positioned. 5. The brand portfolio and hierarchy makes sense. 6. The brand is consistent i.e. there is no conflicting messages. 7. The brand makes use of and coordinates a full repertoire of marketing activities to build equity. 8. The brand's managers understand what the brand means to consumers. 9. The brand is given proper , sustained support 10. The company monitors sources of brand equity

Founded in 1998 by two Stanford university PhD students, search engine Google's name is a play on the word googol--the number represented by 1 followed by 100 zeroes --a reference to the huge amount of data online. with 200million search request daily. the company has turned a profit by focusing on searches alone and not adding other services, as was the case with many other portals. By focusing on plain text, avoiding ads ,and using sophisticated search algorithms ,Google provides fast and reliable service. Google makes money from paid listing relevant to a searcher's query, and by licensing its technology to firms such as AOL and the Washington Post. In perhaps the ultimate sign of success., the brand is now often used as a verb --"to google" is to search online. Based on a public poll of the brand that had made the most impact in their lives ,Google was named "Brand of the year" in 2002 by inter brand branding consultants.

What is Brand Equity


Brand equity is the added value endowed to products and services . Customer-based brand equity can be defined as the differentiated effect that brand knowledge has on consumer response to the marketing brand which can be positive Brand Knowledge consists of all the thought s feeling , images , experiences , beliefs , and so on that become associated with the brand. For example Volvo (safety) Hallmark (caring), Sony (quality)..

Brand Equity Models

BRAND ASSET VALUATOR AAKER MODEL BRANDZ BRAND RESONANCE

Brand Awareness

Brand awareness is consumers ability to identify the brand under different conditions. Brand recall is important outside the store. (Intel Inside) Can you recall any brand ? Brand recognition is important inside the store .Can you recall any brand life insurance company is mentioned ? Brand name dominance i.e. Xerox How to create awareness ?

Perceived Quality

A truck manufacturer undercoats the chassis not because it needs to be undercoating but because undercoating suggest concern for quality. A car manufacturer makes sure its car doors makes a solid sound when they slam shut because many buyers slam the doors in the showroom to test how well the car is built. Certain companies are sticklers for quality; consumers expect Nestle and IBM products to be well made. smart companies communicate quality to buyers and guarantee customer satisfaction or your money back".

Perceived Quality

Perceived quality is a brand association that is elevated to the status of a brand asset for several reasons. Among all brand association , only perceived quality has been shown to drive financial performance. Perceived quality is often a major (if not the principal ) strategic thrust of a business. Perceived quality is linked to and often drives other aspect of how a brand is perceived.

Creating perception of quality


Generating high quality requires an understanding of what quality means to customer segments. Customer may be overly influenced by a previous image of poor quality company achieving quality on a dimension that consumers do not consider important. consumer rarely have all the information necessary to make a rational and objective judgment on quality-even if they do have the information , they may lack the time and motivation to process it.

Brand Loyalty

A brand without a loyal customer base usually is vulnerable or has value only in its potential to create loyal customers. It is simply much less costly to retain customers than to attract new ones. For E.g. Coco Cola and Pepsi soft drink company often try different strategies to change the loyalty of the brand.

Loyalty Segmentation

A market can be divided into the following groups Noncustomers(those who buy usually competitor brands or are not product class users) Price Switchers (those who are price sensitive ) The passively loyal (those who buy out of habit rather than reason) Fence sitters (those who are indifferent between two or more brands) and the committed

Enhancing Loyalty

Frequent buyers programs Which was pioneered by airlines like British airways frequent travelers program and American airlines Mileage Plus. Customer clubs. Apple computers users group provide support and assistance. Database marketing is also one of the approach which is used for database marketing targeted at narrow , focused segments E.g. Hutch or Airtel mobile phone connection

Brand Associations
These associations might include Product attributes A celebrity spokesperson A particular symbol Brand association are driven by the brand identity---what the organization wants the brand to stand for in the customer's mind .

Group Discussion

Why it is hard to build strong brands ? Discuss Factors that Shape a brand during its Conception, birth, growth and maturity Find the 10 strong characteristics of the Famous Brands . Work shop : Working On Your Brand Image (think deeply about the values you needs to develop in life.