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 Jc U

Emotional Branding: Publix OE Pc

Viral Marketing Ads Diet Coke + Mentos E

Cultural Branding: Corona Corona Web Site – “Change Your Latitude”

Cultural Branding : Coca-Cola - Coca-Cola BTU 8

Cultural Branding: Snapple 4o VWg