Brand building is an integral aspect of personal and business development.doc

8/14/2019 Brand building is an integral aspect of personal and business development.doc

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Product and brand management

Brand building strategies

Brand building is an integral aspect of personal and business development. It not only

increases the voice and consumer awareness of a brand, but it also gives it an identity andworth. The advent of participatory and interactive platforms has given many businessesthe chance to enhance brand awareness and equity. If you have been thinking of buildinga personal or business brand, then it is important for you to know that brand buildingtakes a great deal of time and resources. In the section that follows, we shall define brandbuilding and also look at different types of brands and the steps to create a successfulbrand.

What Is Brand Building?

5 Effective Brand Building trategies to !ttract "ustomers

There is no one definition that actually captures the essence of brand buildingin itsentirety. #any people think that brand building is allabout communicatingand e$posingyour brand. That is %ust one side of it. The best way we can define it is that it is aprocessof creating value to consumers.It encompasses all things that consumers know, feel, ande$perience about your business in its entirety.

&aving defined brand building, we shall now look at ' popular types of brands and whatthey stand for.

Service brand- this brand is built on knowledge, culture, and e$perience that one

has with the service delivering agency(company(people. Think of )eek quad or#olly #aid. Retail brand- this brand is built on a mi$ture of products and service e$perience.

Think of "hick*fil*a, +roger, or +" Product brand- is built on the e$perience that one has with a specific product.

Think of -ike, ord, or ony.

&aving looked at the ' popular types of brands, we shall now proceed to look at stepsinvolved in brand building.

1. Define Your Brand

The first stage in brand building is defining your brand. This is a very critical step as itultimately determines what your brand truly stands for. hen defining your businessbrand, you should create a checklist of its core strengths. imilarly, if you/re defining apersonal brand, you should look at the skills and e$pertise that you possess especiallythose which stand out. 0n the same token, you also need to know what your brand standsfor and what is important for your brand 1brand values2. 3our values should in one wayor another show that you are contributing to environmental, social, and economic well*
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being of consumers. 3ou may not reali4e some of these important aspects of brandbuilding immediately, until you look at them ob%ectively.

. Differentiate and Position Your Brand

Before embarking on brand building, you have to take time to differentiate it so that youcan attract attentionand stand out from competitors. To differentiate your brand, youhave to create a unique advantage in the mind of consumers not merely getting attentionby brand building colors or logos or other superficial elements. 0nce you come up with aunique value proposition, you should use a good branding strategy to position your brandin a way that will help consumers see and appreciate the greater value of your brand overcompeting ones in the market.

'. Build and E$pose your Brand

!s I indicated earlier, brand building is not a one off thing. Building a unique and

powerful personal or business brand takes time and consistency. To build your personalbrand, you have to keep reinforcing your values and skills by taking up new roles andassignments that will give you more e$posure. !lternatively, you can use promotionalchannels, blogs, forums, and social media1inkedIn,Twitterand acebook2 to create avoice for your personal or business brand.hen building your brand, you should alsoendeavor to develop brand personality 1what people know, think, and say about you2.This is what drives or motivates people to identify with and engage with your brand. Thetruth is6 if you e$ecute your brand buildingstrategies consistently, then you will easilyestablish a pattern that will forever be associated with your brand name.

!. Personali"e #our Brand

If you want your brand building campaignor brandto be successful, then you have topersonali4e it. It is important to give your brand an identity. et consumers see ande$perience the personality of your brand in its entirety. ook at your brand as somethingthat a consumer wants to identify with pretty much as they would with their favorite cars,cellphones, or computers.!s you engage in brand building, you should also invitecustomers to be co*creators of brand values so that they can feel that they also own it andrelate with it. Top brands encourage consumer*brand interaction by personali4ingproducts to meet the needs and preferences of consumers. hen you personali4e yourbrand, you give consumers reason to participate and engage with your brand for alifetime.

$. Revie% Your Brand

3our brand is not static6 it will go through a range of motions in its lifetime. 7ependingon your brand strategies, your brand will either grow in strength, or remain dormant, orrecede with time. In the brand cycle, new events, changes, and circumstances bringchallenges and opportunities to enhance the value of your brand or re*establish it. !llthese possibilities should give you the impetus to take charge of your brand building
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activities.!s your brand name grows, so do the responsibilities and e$pectations tocontinue with brand building. The best way of ensuring brand growth is reviewing youractivities and evaluating your successes through metrics such as levels of brandawareness and levels of engagements. 8egular reviews will help you sei4e and e$ploitnew opportunities while upholding your commitment to remain true to your vision and

brand strategy. It will also help you steer your brand in the right direction and keep itrelevant as you move into the future.!s you can see, brand building is not a one off thing.3ou have to define your brand, differentiate, present it, and review what your brandstands for from time to time. It is very important to be clear about your brandingstrategies and how you/re going to implement them. 3ou should also adopt brandstrategies that will add value to your consumers and help them develop the rightimpression of your company and what it truly stands for.

Brand dilution

Brand dilution is the weakening of abrandthough its overuse. This frequently happens as

a result of ill*%udgedbrand e$tension. 9rice cutting that increases volumes but moves abrand down*market can be similarly damage a brand.

Brand dilution is an ever present risk for companies that rely on a strong brand for highmargins. ! company that owns a strong brand obviously wants to leverage it to sell asmuch as possible, but the very strategies used to purse this end often also bring thedanger of brand dilution.

Investors need to look at strategies designed to e$ploit brands by e$tension 1or throughotherwise increasing the market served by a brand2 in order to be warned of dangers ofbrand dilution.

In :;


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!nother disastrous failure

=ero$ is associated almoste$clusively with copier machines

E$amples

hen a company does all that work to build a brand youCd think theyCd be careful aboutletting it go to crap for a couple of e$tra bucks. But companies love e$tra bucks and,

when nothing else is going for them, they can always leverage awareness. Take the D"addy "arrera,a special edition D van from 9orsche 8eally Though we admit itlooks sort of hot. ! classic e$ample is the "adillac "imarronwhich answered thequestion F"ould people still respect a lu$ury car company if they made a version of the0lds iren4aF That one took a while to recover from.

G2Setting the Scene&rank ucas/ HBlue #agic heroin became the market leader in -ew 3ork "ity. 8ivalssaid he had upended the natural order of thingsby selling heroin that is twice as goodfor half as much. "ompetitors left the heroin market because nobody wants to competewith a monopoly.

To accelerate growth of the HBlue #agic business, rank arranged wholesaledistribution agreements with other drug lords and mafia families. This shift in businessstrategy made competitors part of the HBlue #agic family, with rank ucas as the all*powerful "E0 and "hairman of the Board.

'ever Dilute a Brand

-icky Barnes competed with rank ucas and the success of HBlue #agic hurt thefinancial viability of -icky/s operation. )rudgingly, -icky signed on as distributor ofHBlue #agic. In an effort to increase profits of hisHBlue #agic sales, -icky began diluting the purity of the heroin to increase his

inventory and his margins. &e sold the diluted heroin as HBlue #agic. rank ucaswasn/t pleased and addressed his concerns %ust like a top*notch "hief #arketing 0fficerwould to any rogue field marketing manager, maverick product manager, or renegadefranchisee.

+ellogg/s chopped down its ruit oops cereal package si4e from :;.


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Iams chopped down its K*o4. package of cat food to a 5.5*o4 package.Price remained thesame.L0>8"E >! Today 6-ew 3ork TimesM&owever, customers have noticed allthis chopping down. !ccording to a "onsumer 8eports study,


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marketing trappings 1like the "oca "ola polar bear,the happiness factoryetc.2 To sumup, one can say that it is not the product itself that made "oca "ola one of the mostrecogni4able brands in the world6 it is the e$ceptional marketing around it.

0ne might ask how Broadgate is trying to achieve brand awareness in the outheast

!sian market ell, even though Broadgate is a fairly young and small company, it isalready well established and well known in the Thai market. -ot only with its diverseservice offerings but also with its unique corporate image and slogan 1H9assionate !boutInvesting2 Broadgate is differentiating itself from the competition. The company alsohas a vast presence on the social media websites acebookand Twitter which helpedraising the company/s brand awareness and achieving the great brand recognition it hasnow in the outheast !sian market. o even here at Broadgate, an investment servicecompany, it/s not all about finance but #arketing and Brand #anagement plays a bigrole as well.

Brand Images

The brand image refers to the way a market as a whole views a given company orproduct. #any companies attempt to create a strong brand that people identify with agiven product. ome of the best e$amples of this include =ero$, whose name has becomesynonymous with making a copy, and +leene$, whose name has come to mean FtissueFin general.

In addition to desiring to createbrand recognitionin general, most companies also wanttheir product or company to have a specific image or to be looked upon in a certain way.This brand image can shape how they release a product, the type of product they released,the type of advertising they do, and the type of customers they cater to. or e$ample, a

company may decide it wishes to have a brand image as a lu$ury brand. In such cases, itwould cater to a high end market. Its products would be priced at an e$pensive pricepoint, it would advertise only in high end maga4ines and it would be sold only inboutiques or high end stores, not at discount warehouse stores or outlet locations. 8ole$watches, for e$ample, have done a good %ob of creating an image as a high end ande$pensive brand, and as such people will pay a premium to purchase these watchesbecause of what they stand for.

"hoosing a brand image is very important for a company, so that the corporate entity canappropriately target its market. "hoosing too many different images or trying to representtoo many different things can create a problem for a company. or e$ample, if the

company tries to target itself as both a lu$ury item and as a discount brand, then it willnot have a clear*cut marketing strategy. ince there would be no target marketfor such aproduct since the lu$ury market wouldnCt want a discount item and the discount marketwouldnCt want to pay lu$ury prices, the product might find itself a failure as a result of themuddled image it was presenting to customers.

Brand Identity Q: R IB#
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IB#/s iconic first "E0, Thomas S. atson said, HThe toughest thing about the power oftrust is that it/s very difficult to build and very easy to destroy. The essence of trustbuilding is to emphasi4e the similarities between you and the customer. ind out whicharchetype defines the :JJ year*old brand and keeps it fresh.

Brand Identit# * + ,le

!pple "omputer chose a KJ*second uper Bowl commercial ad spot in :;@A to establishthe foundation of the company/s brand identity. ome considered the concept a risk. Itremains one of the most talked about, meticulously e$ecuted, brand identity e$amplestoday and is often the archetypal model that technology companies strive to emulate.

Brand identity * he visible elementsof abrand1such as colors, design,logotype, name,symbol2 that together identify and distinguish the brand in the consumersCmind.

brand equity

!brandCspowerderived from the goodwilland name recognitionthat it has earnedovertime, which translates into higher sales volumeand higherprofit marginsagainstcompetingbrands.

!n e$ample of a brand with a high equity is "hristian ouboutin. "hristian ouboutin isa footwear designer who launched his line of high*end womenCs shoes in rance in :;;:.ince :;;G, his designs have incorporated the shiny, red*lacquered soles that havebecome his signature. 8eferring to the four consumer perception of brand equity,ouboutin fulfills all four factors. ith shiny, red*lacquered soles and high stillettos that

differentiate ouboutin from other posh and lu$urious shoe brands, ouboutin has luredwomen all over the world who deemed themselves to be brand conscious consumers,wearing only and only high*end fashion brand shoes.

In terms of the relevance power, ouboutin carries a high level of satisfaction that meetswomenCs needs when living their e$pensive lifestyle standard and simultaneously,showing power as they go out and about sociali4ing. !dditionally, ouboutin has done agreat %ob in endorsing their brands by attracting celebrities to get to throw their oubs onwhen attending special occasions, such as in movie premiere events, gala dinner, etc.This concept sinks into customersC mind that by putting on their oubs, they are as classyand fancy as they could be. !las, the better off the name of the rench red clogs will be.

!s of the knowledge factor of the brand equity, "hristian ouboutin has a strongbackground and qualifications of shoes, who then finally in :;;G opened his flagshipstore in 9aris. The fact that his first store showed up based off of 9aris, a city known bestwith its glamour fashion brands 1&ermes, "hanel, 7ior, and Duitton, to name a few2, hasfurthermore added valuable points in the eyes of target consumers. The %oy of owningand walking in their oubs makes women feel more respectable, that this feeling puts apersonal integrity value atop of ?@JJ * ?:JJJ ouboutinsC price range. "onsumers clearly
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regard and respect the brand that they are willing to spend that much money out of theirpocket to be able to feel the mental power ouboutins offer. It is not over*e$aggerating tosay that "hristian ouboutin has built a deep connection with both its current andprospective consumers.

Brand images

hen you think Dolvo, you might thinksafety. hen you think -ike, you mightthink of Tiger oods or FSust 7o It.F henyou think IB#, you might think FBig Blue.FThe fact that you remember the brand nameand have positive associations with thatbrand makes your product selection easierand enhances the value and satisfaction youget from the product or service.

ubscribe to my 8EE e*newsletter,Affordable Branding,and get monthly tips

and techniques to take your brand to thebank.

Enter 3our E*mail !ddress

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7onCt worry your e*mail address istotally secure.I promise to use it onl#to send you!ffordable Branding.

hile Brand = cola, or even 9epsi*"ola, may win blind taste tests over "oca "ola, thefact is that more people buy "oke than any other cola and, most importantly, they en%oythe e$perience of buying and drinking "oca "ola. The fond memories of childhood and

refreshment that people have when they drink "oke is often more important than a littlebit better cola taste. It is this emotional relationship with brands that make them sopowerful.

! brand is not %ust a logo, ad campaign, spokesperson or slogan. 8ather a brand is aproduct of the millions of e$periences a company creates with employees, vendors,reporters, communities, and customersand the emotional feelings these groups developas a result of their e$periences.


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! brand is the sum of all the characteristics that make your offering unique

8eputation

"ustomer ervice

! 9romise

9rice eeling

!ttitude

ogo

9roduct ine

The New Product Development Process

Idea9aint , a paint that turns any surface into a dry*erase board, is a good e$ampleshowing how students take advantage of the environment and have it invented. It is nowfound in :J,JJJ locations around the world, including #IT, #TD -etworks and The

imited Brands. I would like to use this to illustrate the new product developmentprocess. It first starts from Idea /enerationwhich came by brainstorming by a student,Seff !vallon and his friends in a study room with walls covered in 9ost*it notes. Theythought walls could act as collaboration tools. They came out many ideas to have theconcept of being able to write over an entire wall. !fter Idea Screening, they decided todevise an erasable paint to satisfy their want. To testify the feasibility of the idea, theyseek help from two professors, a college*board member and a parent to see if theybelieved in the idea and put investment. This is called 0oncet Develoment andesting. !fter that, they started to find the target market, not only for school, but also forwork and home. 7uring ar)eting Strateg# Develoment, they need to plan thepotential price, distribution, and marketing budget. 9rofits goal and marketing mi$

strategy were planned in the business plan and would be evaluated in Business ,nal#sis.-ow, they were going out of concept but take actions by producing a prototype, ProductDeveloment. !s they said, when Idea9aint finally had a prototype, Hthey had aconversation with everybody at school, Babson, who could be a potential customer oruser. hen the final product was ready, they let the school be the first customer. Thiswas the way they tested the ar)et. inally, 0ommerciali"ation means to introduceIdea9aint into the market.

New product development strategy

9rint this page

In this guide::. -ew product developmentG. 'e% roduct develoment strateg#'. )enerating and screening ideas for new productsA. -ew product concept development and screening5. Business analysis of new productsK. -ew product prototypes and market testing


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9rint entire guide

ith a well*considered new product development 1-972 strategy, you can avoid wastingtime, money and business resources. !n -97 strategy will help you organise yourproduct planning and research, capture your customersC views and e$pectations, and

accurately plan and resource your -97 pro%ect. 3our strategy will also help you avoid

overestimating and misreading your target market

launching a poorly designed product, or a product that doesnCt meet the needs of

your target customers incorrectlypricing products

spending resources you donCt have on higher*than*anticipated development costs

e$posing your business to risks and threats from une$pected competition.

There are several important steps you will need to plan into your -97 strategy.

Define #our roduct

!n accurate description of the product you are planning will help keep you and your teamfocused and avoid -97 pitfalls such as developing too many products at once, or runningout of resources to develop the product.

Identif# mar)et needs

uccessful -97 requires a thorough knowledge of your target market and its needs andwants. ! targeted, strategic and purposeful approach to -97 will ensure your products fityour market. !sk yourself

hat is the target market for the product I am proposing

hat does that market need

hat is the benefit of my proposed new product

hat are the marketCs frustrations of e$isting products of its type

&ow will the product fit into the current market

hat sets this product apart from itscompetition

7raw on your e$isting market research. 3ou may need to undertake additional research totest your new product proposal with your customers. or e$ample, you could set up focusgroups or a customer survey.

2stablish time frames

3ou need to allow adequate time to develop and implement your new products. 3ourob%ectives for developing new products will inform your time frames and your deadlinesfor implementation. Be thoughtful and realistic. ome ob%ectives might overlap but otherswill be mutually e$clusive.
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3our ob%ective to race against your competition will require efficiency from your

team. 3our aim to achieve a specific launch date will be influenced by demand for

seasonal products and calendar events. 3our aim to be responsive to your customersC needs and demands will require

time for research to ensure you develop the right products at the right time. 3our ob%ective to stick to business as usual and maintain other schedules will

affect the resources you make available for -97.

Identif# )e# issues and aroaches

There are many tasks involved in developing a product that is appropriate for yourcustomers. The nature of your business and your idea will determine how many of thesesteps you need to take. 3ou may be able to skip or duplicate certain stages, or start someof them simultaneously. +ey tasks include

generating and screening ideas developing and screening concepts

testing concepts

analysing market and business strategy

developing and market testing products

implementing and commercialising products.

roduct Development Strategy for cDonald!s

by Wendel Clark, emand !edia

hen you are running a small business, it is easy to look at chains like #c7onaldCs with

disdain, but there is a lot that you can learn from their success. 9art of the successen%oyed by #c7onaldCs stems from their product development strategy. By familiari4ingyourself with the way #c7onaldCs develops products, you can apply the same methods toyour own products whether they are food products or other consumer goods.

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Permanent Product Strateg#

#c7onaldCs features several products on their menu that are permanent and do notchange. E$amples of this include their basic hamburger and cheeseburger, the Big #acand the Uuarter 9ounder. !fter the initial development, these items remain on the menufor e$tended periods of time without undergoing significant changes. This strategyensures that there is always something familiar for consumers on the menu.

emorar# Product Strateg#
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12/15

In addition to its permanent product offerings, #c7onaldCs regularly develops temporaryproducts. The #c8ib, for e$ample, is a product that is offered only seasonally. The Big0cean burger is an e$ample of a burger that was developed as a temporary product,offered only for a few months in GJJ


13/15

"hat are P#Ds and P#Ps$ %ar&eting'

19oints 0f 9arity2

19oints 0f 7ifference2

Points-of-difference (PODs) Attributes or benefits consumers strongly

associate with a brand, positively evaluate and believe they could not

find to the same etent with a competing brand i!e! points where you

are claiming superiority or eclusiveness over other products in the

category!

"n a crowded mar#et place, products that stand out and get noticed!

$Point of Difference$ % a difference that competitors do not have have in

their product or &rand!

'he assessment of consumer desirability criteria for PODs should be

against

elevance

Distinctiveness

&elievability
http://1.bp.blogspot.com/_88uUxta-AIU/TDjbnRo1Y3I/AAAAAAAAAFA/PQn-W3rf04o/s1600/PODS.jpghttp://3.bp.blogspot.com/_88uUxta-AIU/TDjbxbjv2TI/AAAAAAAAAFI/EdvzTsG3vtU/s1600/POPS.jpg


14/15

Points-of-parity (POPs) Associations that are not necessarily uni*ueto the brand but may be shared by other brands i!e! where you can at

least match the competitors claimed benefits! +hile POPs may usuallynot be the reason to choose a brand, their absence can certainly be a

reason to drop a brand!

+hilst when assessing the deliverability criteria for POPs loo# at their

easibility

ommunicability

.ustainability

Points-of-difference (POD) and points-of-parity(POP) examples

To see how POD and POP work in real life, lets look at two examples. The first example

looks at a possible way that a chain of fast food outlets could challenge the market leader (in

this case lets assume that the market leader is cDonalds!. The center circle in the

diagram below highlights the points"of"parity that the ri#al chain wants to duplicate (which

includes a similar menu choice, similar in"store dining facilities, and pricing around the same

le#el!.

$owe#er, the ri#al firm chain still needs to gi#e consumers a reason to switch, so they ha#e

identified two points"of"difference to highlight as part of their o#erall positioning (which are

built around high"%uality ingredients and ha#ing more flexibility in the menu for the

indi#idual!. The o#erall combination of POP and POD creates their o#erall positioning.
http://www.mcdonalds.com/us/en/home.htmlhttp://www.mcdonalds.com/us/en/home.html


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http://www.segmentationstudyguide.com/wp-content/uploads/2012/06/pod_pop_fast_food.png

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Brand building is an integral aspect of personal and business development.doc