Sports Marketing: Branding

Brand – The combined impressions and experiences associated with the companies goods or services – Ex: Nike Swoosh

Brand Name – Word or words, letter or numbers representing a brand that can be spoken. – Example: Gatorade, Los Angeles Lakers. – You can’t speak the swoosh!

Registered Brand Name: Companies who want to have exclusive rights to their brand name will register those names with the US Patent and Trademark office in Arlington, Virginia. – When a brand name is registered, it also becomes trademarked.

Trademark – A device that legally identifies ownership of a registered brand or trade name. This only applies to America

Why is Branding Important? 1. Branding builds customer loyalty. Customers come to expect the same quality from the brands they buy or the teams that they watch. Once satisfied, they become repeat customers. 2. Branding helps companies introduce new products. Ex: Coke Zero, Ranch Doritos 3. Branding creates an image for the product Ex: Polo, Abercrombie, Nike

Brand Personality –brand values and emotional connections with the consumer Ex: Yankees – Winning Brand Personality Air Jordans – Cool, Hip Brand Personality

Brand Equity – the value a brand has beyond its actual functional benefits. – Consumers are willing to pay a higher price for product with brand equity. Ex: Mercedes, Lexus

3 Steps towards Brand Equity 1. Develop the brand in the customer’s mind as part of a class of products. Example: Gatorade is a sports drink. 2. Link the product’s brand name to its function and make some type of emotional connection with the product. Example: Gatorade helps athletes to perform better in athletic events. 3. Help consumers think and feel the way you want them to regarding your product. Example: Gatorade is the best product of choice for successful athletes.

Hierarchy of Consumer Brand Purchases: Brand Recognition – Consumer are aware of a brand know something about it. Brand Preference – Consumers would rather have a particular brand but will buy something else it if is not available Brand Loyalty – consumers are willing to pass up other brand for the one they want most. Brand Insistence – Consumers absolutely, positively want one brand and that brand only.