Branding is the philosophy and a total approach to managing companies.
Sep 16, 2009
Managing the company is a total way for creating, making and keeping the brand promise.
A brand is a name, term, symbol, logo, design, or combination of them which differentiates firm's product/services from competitors. So we can say that branding is all about creating creating a differential effect in customer's mind. Powerful brands increase employee satisfaction, loyalty and achievement drive. Coke has the highest branding value from the last 33 years.
Two Approaches Uses in Branding:
- Inside-out: Focus on product attributes
- Outside-in: Focus on customer needs instead of company's offering
Branding strats from positioning. We analyse first that what are our POP (points of parity); the similarities among our and competitor's products and then POD (points of differenciation); the unique selling prepositions (USP), how we can differentiate our product from others. Then develop brand essence; a brand's fundamental nature or quality, it is the one constant across product categories and through out the world. Typically, it is rare for an organization's brand essence and slogan to be the same. For instance, Nike's essence - Authentic Athletic Performance - was translated to following two slogans: 'Just do it!' and 'Ican'. Brand mantra (essence) should define the category for brand and set brand boundaries It should also clarify what is unique about the brand. Then design the brand and its elements and finally use all the advertising and media strategies to activate the brand.
- Be remembered: increase your brand awareness and recognition
- Improve perceived quality and credibility
- Increase sales and profits
- Gain market share
- Gain strategic advantage over the competition
- Retain customers
- Lower marketing and sales expenses
- Attract and develop higher-quality dealer networks
- Increase stock Price
- Attract and retain high-quality employees and board members
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