Brands, Branding, & Consumers

How We Define “Brands”

Brand A name, term, sign, symbol or any other

feature that identifies one seller’s good or service as distinct from those of other sellers

Any product-based moniker that represents the relationship between marketer and consumer

The Nature of Brands

Intangible

Financial value is implicit vs. explicit

Values/meanings consumers associate with brands are subjective

The Purpose for Branding

To differentiate the product in ways that distinguish it from its competitors for the purpose of making money

“…an economic tool that provides value for its owner and value for its buyer…”

How?

Performance Attributes Image Celebrity Endorsers/Personalities Value-based associations

Goals for Branding

Return on [spending] investment

Long-term equity

Perceived market value

Durability

Factors Consumers Use To Assess Brand Value Experience

Brand Messages

Brand Associations

Brand Contacts

Perceptions & Attitudes

And then there’s the consumer… When the points of brand differentiation are

also important to the consumer, the opportunity for brand equity improves

Brand equity is “the extra value associated with a particular brand name”

Factors Driving Brand Equity

Brand Awareness- knowledge, familiarity

Brand Loyalty-consistency of behavior

Perceived worth, value

Controlled Factors Driving Brand Equity Brand Associations

- Events- Spokespersons- Tag lines

Proprietary Brand Assets Trademarks Characters Patents

Things to Understand About Brands & Brand Equity- Legal ownership does NOT gives a

marketer ‘carte blanc’ privileges to do what it wills with a brand

- Consumers will not commit to a brand ad infinitum despite better alternatives

Things to Understand About Brands & Brand Equity- Successful brands are more about the

people who make them work than about the entity itself

- Consumers are collaborators in brand creation

3 Key Components of Strategic Planning Brands

Consumers

Communications

How IMC Helps To Build Equity- Strategic brand communications should

be used strengthen brand position long term rather than as a sole support to short-term efforts.

IMC Planning’s Objective

The objective behind IMC planning is to develop strategies that resonate with the consumer- Speak to their preferences- Likes/Dislikes- Behaviors

Consequences of Iconic Branding Efforts Favorable associations with consumers

They generate “buzz”

The have core consumers with deep emotional attachments

Paths to Branding

Mind-Share Branding

Emotional Branding

Viral Branding

Cultural Branding

The Core of Iconic Brands

“Identity myths” that resonate with consumers Based on cultural relevance & story telling

Mythical brand lore is perpetuated by word of mouth

Consumer’s choice for a brand is anchored in their need to share in the story myth associated with that brand

Mind-Share Branding: AmEx

American Express – Karl Malden

http://www.youtube.com/watch?v=1Q_mzLMs9Jc

http://www.youtube.com/watch?v=V59sfNtBE9U

Emotional Branding: Publix

http://www.youtube.com/watch?v=jHkqGgPpQOE

http://www.youtube.com/watch?v=xOpX0EG_KPc

Viral Marketing Ads

Diet Coke + Mentos

http://www.youtube.com/watch?v=9vk4_2xboOE

Cultural Branding: Corona

Corona Web Site – “Change Your Latitude”

Cultural Branding : Coca-Cola- Coca-Colahttp://www.youtube.com/watch?v=6mOEU87SBTU

http://www.youtube.com/watch?v=xffOCZYX6F8

Cultural Branding: Snapple

http://www.youtube.com/watch?v=yMNR2kwPt4o

http://www.youtube.com/watch?v=QendADQSVWg