Brand Management -  Identifying the good and the bad

Notas del editor

1. Welcome to the second class of Brand Management Do be reminded that you will need to hand in your group list next class Glossary status Concepts and theories are important for us to understand what values and items are important, but in this class, I want all of us to take a deeper look into them, and see what is good about them, and what, perhaps is lacking from them, when it comes to building and assessing a brand in our current digital era
2. The whole concept of having a brand is to achieve these things
3. And what theories have identified as the elements in building a brand image are attributes and benefits.
4. Here’s is an amazing brand book example of Sesame Street
5. These are their brand attributes
6. This is what attributes are capable of indicating for a brand
7. And the indications from the previous slide hence help guide, dictate, formulate, and justify content
8. Brand benefit
9. Sesame Street may appear to be a very positive and fairly straight forward example, but a brand image is not only about being positive, it’s also about being completely unique.
10. This is why brand images nowadays should also incorporate brand values to highlight the brand’s uniqueness
11. If we jumped back to Sesame Street, this is their brand value.
12. Their brand value immediately separates them from other cartoon networks or kids show. What this all tells is is it’s all about injecting differentiation from the very beginning If the brand attributes, benefits, and values are not set in the beginning, it would be much more difficult to utilise marketing, because their content wouldn’t have a strong objective. This means it is even more difficult to captivate the already short attention span of people.
13. Look at this, there’s so many brands doing more or less the same thing, and worse yet, a lot of them look very similar. There’s only so many colours to use, so brands must advance and do more.
14. So, does that mean brand image is no longer useful? I would not say that. However, all of those brands in the previous slide also have their respective attributes, benefits, and values. In order to make the cut, it’s all about taking a step further and invest in building consistency, differentiation, and relevance as well.
15. Lets analyse all those elements with this example - Hennessy. Founded in 1765
16. By adding brand image strength on top of brand attributes with consistency, they resulted in a whole brand pillar on savoir-faire of the eau de vie.
17. By adding sustainable competitive advantage on top of brand benefits to drive differentiation, they resulted in a perspective in sharing their grapes and distillation process.
18. By adding satisfy needs and wants on top of brand values to drive relevance, they resulted in the ability to keep up with the changing times and acquired much younger consumers, keeping the brand alive.
19. What is amazing here is that everything Woodyer has mentioned speaks to the brand’s attribute, benefits, and values. At the same time, they have built on top of that, and implemented consistency, differentiation, and relevance with new technology and ideas, such as social media and immersive experiences.
20. And by consistency, it doesn’t mean just consistently executing, it means to consistently follow and express brand attributes, benefits, and values by being different yet relevant.
21. Let’s go through them one by one
22. Sneaker line ups are already old school
23. Hype is killing brand judgements, which is one of the key elements in building brand equity.
24. This new concept on functionality is killing brand performance, which is another one of the key elements in building brand equity.
25. Hair dyes
26. This new concept on back-to-basics is limited brand resonance, which is another one of the key elements in building brand equity. - Repeated purchase - deodorant sales drastically dropped - With COVID, a lot of supply chains were unable to fulfil demands, causing new brands to fill the demands, such as face masks; and causing customers to buy the old product stocked, are readily accessible, or the only one they can afford Consumers are going back to the 80s and 90s to recall brand trust
27. Therefore, to tackle all these rivals for brand equity, the answer is invest in creativity. As you can see from the previous examples, it’s all about bending what we know and challenging it with new ideas. There isn’t going to be a straightforward way to anticipate how our brand strategy will go, but by being creative, we can anticipating how our brand strategy can go. No scholar can decline the importance of branding at the moment. It’s an argument which reflect that the value system of consumers in general is changing and it also support that brand switching is much easier especially among youngsters.
28. Firstly, let’s go through their definitions.
29. Gives the brand room to grow and improve but is not removed from the current reality POP - same as competitors, POD - different from competitors The benefits that the consumer receives from your brand Rational and emotional components
30. Customer service
31. They’re different things, but they’re very similar and both serving the same purpose of striving to build a unique brand.
32. Whilst the brand, category, and point of difference can be quite straightforward to spot out, how should a brand figure out the rest?
33. It could be through primary research or simply what the boss says.
34. Everything has changed and become completely consumer-driven.
35. Since people are no longer approaching brands the way they use to, brands can also no longer approach their users like they used to. This has been coined as tribe marketing as well, when consumers identify as a group based more on common collective behaviors than on demographics.
36. It’s not just about walking the walk either, it’s also about how people see your walk.
37. The fragmentation of media is often perceived as a negative thing for brands, since the more channels = the more ways of distribution = the harder to get noticed = the more competitors there are.
38. They build brand resonance.