What is Brand building?
Involves all the activities that are necessary to nurture a brand into a healthy cash flow stream for the company after launch
Advertising does a lot to help build brands
Every ad contributes to make the brand what it is in the minds of the consumer – David Ogilvy A company’s brand is the primary source of its competitive advantage and is a very valuable strategic asset – David Aaker
• When a commodity becomes a brand, it is said to have ‘equity’. It starts with a name and can go up or down depending on the marketing activity that is done by the marketer. A name becomes a brand when consumers associate it with a set of tangible and intangible benefits that they obtain from the product or service.
How to measure equity?
• The premium a brand can command in the market • The difference between the intrinsic and perceived value of the product
Building Brand Equity
• Distinguish product from others in the market – Value proposition • Align what it says about the brand in advertising with what it actually delivers – Creating the brand
• Generates enormous profits • Expands future strategic opportunities
What do power brands have that others don’t?
• A distinctive product • Delivering brand promise • Personality and presence
• Emotional bond with the customer • Generates relationships measurably stronger than ordinary brands
• Seem to be present everywhere, enforcing distinctiveness • National/international scale • Successful brand extensions • Multiple concept and channels
Brand managers of market-savvy companies need
• Superior insight into customer needs • Ability to devise product/services that powerfully meet those needs • Agility to redefine its offering as those needs change • Creativity to produce exciting and compelling advertising
Tangibles of brand equity
• • • • • • • Shape Colour Size Models Price Features Benefits •...