* 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
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.
- Loyalty
- Attachment
- Community
- Engagement
- Quality
- Consideration
- Warmth
- Excitement
- Self respect
- Social approval
- Security
- Primary & Secondary
- Price
- Service
- Durability
- Efficiency
- Category identification
- Need satisfied
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 -
- To be recognized
- To help brand judgement
- Tell the Position in the market
- Make them unique with other brand.
- Define your value and mission
- Engage your people
- Give your internal brand an external brand
- A emotional connection must have between employees and brand
- Move forward along with employees
- Make it strong and efficient
- Generate new branding idea
- Positive impact
- cut cost
- Lack of proper guidance
- It leads in confusion sometimes
- May reduce employees time left for other work
- Lack of internal branding affect external brand
- Vision
- Mission
- Promises
- Values
- Position
- Personality
- Performance
- Improve customers experience
- Build a strong brand
- Increase brand loyalty
- Identify weakness
- Identify new opportunity for growth
- Fully understand brand perception
- Create a framework
- Question your customers
- Review your web analytic
- Review social data
- Look your competitor
- Take action and monitor result
- Get a unique voice
- Use emotion
- Be very visual
- Creates stories
- Rope in some famous actor
- Character will do the trick
- To be recognized
- Purchase decision invoice
- Create loyal customers
- Memorability (easily recognized / recall)
- Meaningfulness (description)
- Likable
- 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
- Media - TV, radio, newspaper, magazines
- Direct response - Telephone, email, door to door
- Place advertising - hoddings, point of purchase poster, banners, movies.
- Consumers promotion - sample, refund, contest
- Event marketing - sports
- Public relationship
- Personal selling
- Mobile marketing
- Direct marketing
- Word of mouth
- Country of origin - location from which product is originates have an impact - BMW - Germany
- Co - branding - Linking with others brands (Vodafone + Idea)
- Licensing - a contractual arrangement where firm can use the name, logo etc.
- Celebrity endorsement - using well know and admired people promote products
- Sporing cultural or other event sponsoring the brand
- Qualitative research technique - It is the data which is unstructured or in the from the consumers about the brand.
- Who makes the decision to buy product
- Why customer buy a particular product
- customers attitude toward 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
- It should be readable & writes
- It should be unique
- Real word with twist
- It should sound cool
- Richness
- 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
- Brand awareness
- Brand image