How to build brand? Free MBA tips for startup.

 

* Branding :

It is basically to achieve and maintain a layout customers based in a cost effective way in order to achieve the highest possible return on investment.

* Brand :

It is a name or a logo that distinguish one from another.

* Branding challenges and opportunities :

1. Shift from advertising to promotions because advertisement are for long terms and promotions for short terms objective achieving.

2. Brand proliferation (copy of brand).

3. Increase cost product.

4. Opportunities from technology.

5. Increase competition.

6. Media fragmentation (divide the use of media to promote product)

* Brand management : 

Managing the tangible and intangible characteristic of brand.

* Strategic brand management process :

• Identify and establishing brand positioning
• Plan and Implement brand marketing program 
• Measure and interpret brand performance
• Grow and sustain brand equity

* Customers based brand equity :

Brand equity is the value of brand in terms of money.

customer based brand equity says the consumer response to the marketing of the brand. A brand equity is created when customers have positive favorable react to a particular product and the way of marketed.

Brand awareness - 

It is related to strength of the brand in which customers can recall and recognize the brand under different condition.

Steps of building strong brand -

• Ensure identification of the brand with customers and association of brand in customers mind.
• Establish brand meaning in the mind of customers.
• Treat the relationship well with your customers
• Strengthen the brand over time.

Brand response -

1. Loyalty
2. Attachment
3. Community
4. Engagement 

Brand judgement -

1. Quality
2. Consideration

Brand feeling -

1. Warmth
2. Excitement
3. Self respect
4. Social approval
5. Security

Performance - 

1. Primary & Secondary
2. Price
3. Service
4. Durability
5. Efficiency

Salience (brand awareness)

1. Category identification
2. Need satisfied

* Brand Positioning :   

The brand Positioning is the act of designing the Company's offering and image to occupy a place in the target markets mind.

Objective of brand positioning -

1. To be recognized
2. To help brand judgement
3. Tell the Position in the market 
4. Make them unique with other brand.

 A rive at the proper positing requires establishing the -

1. Point of difference - 

 It means goods and services established are different from your competitor.

2. Point of parity - 

These are those elements which need to be consider for a brand to be check on competitor in its specific category.

* Defining and establishing brand mantras : 

Brands mantras -

Brands mantras work as a guideline of how to act and how to introduce the brand to potential customers.

Ways to established brand mantras -

1. Communicate - Clear what is unique 

2. Simplify - Message is short & simple

3. Inspire - Meaningful

* Internal branding :  

It is all about believing your self it is important to satisfy employees of the organisations as well customers.

Way to build internal brand branding -

• Define your value and mission 
• Engage your people 
• Give your internal brand an external brand
• A emotional connection must have between employees and brand

Advantages -

• Move forward along with employees 
• Make it strong and efficient
• Generate new branding idea
• Positive impact
• cut cost

Disadvantages -

• Lack of proper guidance
• It leads in confusion sometimes
• May reduce employees time left for other work
• Lack of internal branding affect external brand 

* Brand audit :  

It is a detailed analysis that shows how your brand is currently performing compare to its stated goals.

Brand audit include -

• Vision
• Mission 
• Promises
• Values
• Position
• Personality
• Performance 

Audit Importance -

• Improve customers experience 
• Build a strong brand 
• Increase brand loyalty
• Identify weakness
• Identify new opportunity for growth 
• Fully understand brand perception

 Audit steps -

• Create a framework
• Question your customers
• Review your web analytic 
• Review social data
• Look your competitor
• Take action and monitor result  

* Brand personality :

It is a set of human characteristic that are attribution do a brand name.

How to build a brand personality -

• Get a unique voice
• Use emotion
• Be very visual
• Creates stories
• Rope in some famous actor 
• Character will do the trick

Importance -

• To be recognized
• Purchase decision invoice
• Create loyal customers

* Choosing brand element to build brand equity :

Brand element - 

It is a logo, color, slogan, jingal and Packaging.

Criteria of choosing brand element-

• Memorability (easily recognized / recall)
• Meaningfulness (description)
•  Likable

* Designing marketing program to build brand equity : 

• Integrated market (as a whole)
• Personalizing marketing (focus on customers) 
• Experiential
• One to one marketing (feedback)
• Permission marketing
• Relationship marketing (bond with customers)
• After marketing
• Loyalty program

* Marketing communication option : 

1. Media - TV, radio, newspaper, magazines
2. Direct response - Telephone, email, door to door
3. Place advertising - hoddings, point of purchase poster, banners, movies.
4. Consumers promotion - sample, refund, contest
5. Event marketing - sports 
6. Public relationship 
7. Personal selling
8. Mobile marketing
9. Direct marketing
10. Word of mouth

* Le averaging secondary brand :

Brand association may them self be linked to other entities that have their own knowledge structure in the minds of consumers.

1. Country of origin - location from which product is originates have an impact - BMW - Germany 
2. Co - branding -  Linking with others brands (Vodafone + Idea) 
3. Licensing - a contractual arrangement where firm can use the name, logo etc.
4. Celebrity endorsement - using well know and admired people promote products
5. Sporing cultural or other event sponsoring the brand 

* Measuring source of brand equity :

1. Qualitative research technique  - It is the data which is unstructured or in the from the consumers about the brand.
2. Who makes the decision to buy product
3. Why customer buy a particular product 
4. customers attitude toward product

* Brand architecture :

It tells marketers which brand name logos, symbols to apply to which new and exiting product.

* Brand products matrix :

It is a graphical representation It tells all the brand and Product by the firm.

1. Brand line - consists of all under a particular brands

2. Brand portfolio sell all the brands  

3. Product line - product category

4. Product mix - set of all product line

5. Brand mix - set of brand mix

* Introducing a new product :  

• Study your competitor
• Target the Ideal customers 
• Create a unique value proposition 
• Define your marketing strategy 
• Test your concept 
• Know your product life cycle 

Way to name new product -

• It should be readable & writes 
• It should be unique 
• Real word with twist 
• It should sound cool
• Richness

Brand Extension -

When a firm uses on established brand name to introduce a new product.

 

Type of brand extension -

• Line extension - adding flavor in product
• Category extension - maggi - noodles, soup
• New product acceptance
• Reduce cost of Introductory 
• Increase efficiency
• Clarify brand meaning
• Revitalize the brand
• Enhance the existing brand image

* Managing brand over time :

How to revitalize a brand and keep it revitalize and up to data with current trend.

1. Reinforcing brand 

It refers to an activity associated with getting those customers who have tried a particular brand to become repeat purchase along with attracting new users.

• Brand awareness
• Brand image

2. Revitalizing brands

It is the marketing strategy adopted when the product reaches the maturity stage of product life cycle attempted to bring the product back in the market and secure source of equity i.e customers.

 

  

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