Building Strong Brands

Brand equity is a set of assets (and liabilities) linked to a brand's name and symbol that adds to (or subtracts from) the value provided by a product or service to a firm and/or that firm's customers.

Brand equity is a set of assets (and liabilities) linked to a brand's name and symbol that adds to (or subtracts from) the value provided by a product or service to a firm and/or that firm's customers. Brand awareness is the strength of a brand's presence in consumers' minds. It ranges from recognition to recall to top-of-mind awareness. High awareness can lead to familiarity and liking, which can influence purchase decisions. Perceived quality is a key dimension of brand equity. It drives financial performance, often serves as a strategic thrust for businesses, and is linked to other brand perception aspects. Perceived quality can differentiate a brand and justify premium pricing. Brand loyalty is a core dimension of brand equity. It provides: Predictable sales and profit stream Reduced marketing costs Barrier to competitor entry Time to respond to competitive threats

A brand identity is a unique set of brand associations that the brand strategist aspires to create or maintain. These associations represent what the brand stands for and imply a promise to customers from the organization members. Brand identity structure includes: Core identity: The central, timeless essence of the brand Extended identity: Elements that provide texture and completeness Value proposition: Functional, emotional, and self-expressive benefits Avoiding identity traps is essential: Brand image trap: Letting customers dictate the brand Brand position trap: Focusing only on advertising taglines External perspective trap: Ignoring internal brand-building Product-attribute fixation trap: Neglecting other brand dimensions

An organization is usually more enduring, complex, and permanent than a particular product line. A perception of an organization is therefore more difficult for competitors to combat than specific brand attributes, which can be easily surpassed. Types of organizational associations: Society/community orientation Perceived quality Innovation Customer focus Presence and success Local vs. global orientation Benefits of organizational associations: Differentiation in crowded markets Credibility for product claims Emotional connection with customers Basis for brand extensions

Brand personality can be defined as the set of human characteristics associated with a given brand. The Big Five brand personality dimensions: Sincerity (down-to-earth, honest, wholesome, cheerful) Excitement (daring, spirited, imaginative, up-to-date) Competence (reliable, intelligent, successful) Sophistication (upper class, charming) Ruggedness (outdoorsy, tough) Benefits of brand personality: Vehicle for customer self-expression Basis for customer-brand relationships Representation of functional benefits

There is no doubt that the goal should be to create an effective identity whose position and execution will endure and not become obsolete and/or tired. Benefits of consistency: Ownership of a position in consumers' minds Ownership of identity symbols Cost efficiencies…