Brand Planning and Building PDF

Brand Planning and Building 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 and worth. The advent of participatory and interactive platforms has given many busines...

Brand Planning and Building 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 and worth. The advent of participatory and interactive platforms has given many businesses the chance to enhance brand awareness and equity. What should your brand plan include? Business Analysis & Issues – Positioning Objectives – Goal you want to achieve Strategies – any one Strategy to achieve the Goal Tactics - Tasks to achieve the strategy Strategic Brand Strategic Brand Development Development Process Process Strategic Brand Development Process  Building Customer-Based Brand Equity Building a strong brand with significant equity is seen as providing a host of possible benefits to a firm, including greater customer loyalty and less vulnerability to competitive marketing actions and marketing crises, larger margins as well as more favourable customer response to price increases and decreases, greater trade or intermediary cooperation and support, increased marketing communication effectiveness, and licensing and brand-extension opportunities. With this keen interest in brand building, two questions often arise:- 1. What makes a brand strong?, and 2. How do you build a strong brand? The Customer-Based Brand Equity model provides a unique perspective on what brand equity is and how it should best be built, measured, and managed. A brand has positive customer-based brand equity when consumers react more favourably to a product and the way it is marketed when the brand is identified than when it is not (say, when the product is attributed to a fictitious name or is unnamed). Thus, customers might be more accepting of a new brand extension for a brand with positive customer-based brand equity, less sensitive to price increases and withdrawal of advertising support, or more willing to seek the brand in a new distribution channel. On the other hand, a brand has negative customer based brand equity if consumers react less favourably to marketing activity for the brand compared with an unnamed or fictitiously named version of the product. When consumers report different opinions about branded and unbranded versions of identical products—which almost invariably happens—it must be the case that knowledge about the brand, created by whatever means (past experiences, marketing activity for the brand, or word of mouth), has somehow changed customers‘ product perceptions.  Building Customer-Based Brand Equity The development of the Customer-Based Brand Equity model was driven by three goals :- First, the model had to be logical, well-integrated, and grounded. The model needed to reflect state-of-the-art thinking about branding from both an academic and industry point of view. Second, the model had to be versatile and applicable to all possible kinds of brands and industry settings. As more diverse applications of branding continued to emerge for products, services, organizations, people, places, and so forth, the model needed to have far-ranging relevance. Third, the model had to be comprehensive with enough breadth to cover important branding topics as well as enough depth to provide useful insights and guidelines. The model needed to help marketers set strategic direction and inform their brand- related decisions. With this broad set of objectives in mind, the Customer-Based Brand Equity model was developed. The basic premise of the model is that the power of a brand lies in what customers have learned, felt, seen, and heard about the brand overtime. In other words, the power of a brand resides in the minds of customers. The challenge for marketers in building a strong brand is ensuring that customers have the  Building Customer-Based Brand Equity The Four Steps of Brand Building Who are you? (brand identity) - to ensure identification of the brand with customers and an association of the brand in customers‘ minds with a specific product class or customer need. What are you? (brand meaning) - The second step is to firmly establish the brand meaning in the minds of customer‘s by strategically linking a host of tangible and intangible brand associations. What about you? What do I think or feel about you? (brand responses) - The third step is to elicit the proper customer responses to this brand identity and brand meaning. What about you and me? What kind of association and how much of a connection would I like to have with you? (brand relationships) - The fourth and final step is to convert brand response to create an intense, active loyalty relationship between customers and the brand.  Building Customer-Based Brand Equity The Four Steps of Brand Building Building a strong brand, according to the Customer-Based Brand Equity model, can be thought of in terms of a sequence of steps, in which each step is contingent upon the successful completion of the previous step. All steps involve accomplishing certain objectives with customers, both existing and potential. The first step is to ensure identification of the brand with customers and an association of the brand in customers‘ minds with a specific product class or customer need. The second step is to firmly establish the brand meaning in the minds of customer‘s by strategically linking a host of tangible and intangible brand associations. The third step is to elicit the proper customer responses to this brand identity and brand meaning. The fourth and final step is to convert brand response to create an intense, active loyalty relationship between customers and the brand. The model uses 4 steps representing fundamental questions those customers invariably ask about brands, implicitly or explicitly: Who are you? (brand identity) - to ensure identification of the brand with customers and an association of the brand in customers‘ minds with a specific product class or customer need. What are you? (brand meaning) - The second step is to firmly establish the brand meaning in the minds of customer‘s by strategically linking a host of tangible and intangible brand associations. What about you? What do I think or feel about you? (brand responses) - The third step is to elicit the proper customer responses to this brand identity and brand meaning. What about you and me? What kind of association and how much of a connection would I like to have with you? (brand relationships) - The fourth and final step is to convert brand response to create an intense, active loyalty relationship between customers and  Customer-Based Brand Equity Pyramid - Fig 1 The fourth and final step is to convert brand response to create an intense, active loyalty relationship between customers and the brand. The third step is to elicit the proper customer responses to this brand identity and brand meaning. The second step is to firmly establish the brand meaning in the minds of customer‘s by strategically linking a host of tangible and intangible brand associations. to ensure identification of the brand with customers and an association of the brand in customers‘ minds with a specific Building Customer-Based Brand Equity To connote the sequencing involved, these building blocks can be assembled as a brand pyramid. Creating significant brand equity involves reaching the pinnacle of the pyramid and will only occur if the right brand-building blocks are in place.  Building Customer-Based Brand Equity Each stage of the pyramid builds upon the one before, so it’s important to cement each step before moving on to the higher stages. Every experience along a customer’s journey with your brand should leave them with positive thoughts, emotions, and beliefs. Working up to the resonance level affords a brand opportunities to recognize and capitalize on its customers’ loyalties and attitudes – whether they are positive or negative. Hearing about negative experiences help a brand understand how their customers feel about their product, so they can flip them into positive experiences. By dividing CBBE into Keller’s four levels, marketers can understand what their customers want and need before they’ve even bought the product, or maybe even before they know they want it. The iPad is an example of this CBBE: from the robust foundation of Apple’s brand identity, the iPad was developed to look great, be easy to use, do everything its customers wanted, and more. Customers loved it and any glitches that attracted negative responses were quickly patched by the company. Customer-Based Brand Equity Pyramid - Fig 1 Customer-Based Brand Equity Pyramid - Fig 2 Subdimensions of Brand  Coca-Cola is a LOVEMARK. It has emotionally connected with billions of people and now, like the very best LOVEMARKs, commands with it’s customers: “Loyalty beyond Reason”.  Lovemarks in Branding: A Deep Emotional Connection Lovemarks are brands that have a deep emotional connection with their customers. They go beyond mere product satisfaction and inspire loyalty, admiration, and even devotion. Coined by Kevin Roberts, the former CEO of Saatchi & Saatchi, the concept of lovemarks emphasizes the importance of building a strong emotional bond with consumers. Key Characteristics of Lovemarks: Emotional Connection: Lovemarks evoke strong emotions, such as happiness, nostalgia, or inspiration. Respect: They are respected for their quality, values, and reputation. Loyalty: Consumers are fiercely loyal to lovemarks, often willing to pay a premium for their products or services. Advocacy: Lovemark customers become brand advocates, actively promoting the brand to others. How to Create a Lovemark: 1.Understand Your Audience: Deeply understand your target audience's values, desires, and emotions. 2.Develop a Compelling Story: Craft a narrative that resonates with your audience and connects with their emotions. 3.Build Trust: Establish trust through consistent quality, ethical practices, and transparent communication. https://www.hooleybrown.com/blog-post/what-is-a-lovemark-and-how-do-you-become-a-lovem ark-brand#:~:text=Even%20if%20you're%20selling,connection%20to%20achieve%20lovemar 4.Foster Community: Create a sense of community around your brand, where customers can k%20status Three Tools to Facilitate Brand Planning The strategic brand management process starts with a clear understanding of what the brand is to represent and how it should be positioned with respect to competitors. Brand planning uses the following three interlocking models; as seen in the CBBE figure:- 1. The brand positioning model - describes how to guide integrated marketing to maximize competitive advantages. 2. The brand resonance model - describes how to create intense, activity loyalty relationships with customers. 3. The brand value chain - is a means to trace the value creation process for brands, to better understand the financial impact of brand marketing expenditures and investments. Three Tools to Facilitate Brand Planning 1. Brand Positioning Model. It describes how to establish competitive advantages via points of difference (associations unique to the brand that are also strongly held and favourably evaluated by consumers) and points-of-parity (associations shared with other brands that are designed to negate competitors‘ points-of- difference, overcome perceived vulnerabilities of the brand, or establish category credentials). 2. Brand Resonance Model It considers how intense, active loyalty relationships are created with customers. The basic premise is that building a strong brand requires a series of steps as part of a “branding ladder” and a set of logically constructed “brand building blocks”. Brand resonance occurs when consumers feels completely “in synch” with the brand. The second level of the model is where the output from the brand positioning model appears, in terms of which points-of-parity and points-of-difference are to be created with which performance and/or imagery associations. 3. Brand Value Chain Model It describes how to trace the value creation process to better understand the financial impact of marketing expenditures and investments. The model examines four different stages in the value creation process for a brand (shown next slide). It considers how marketing activities affect the customer mind-set—as measured by all the building blocks in the brand resonance model which, in turn, creates various marketplace outcomes and ultimately shareholder value. The specific components of these three models are not as important as their purpose and scope. The models can both assist planning and measurement, and they can capture a full range of marketing activities for any type of brand. In particular, by tracing the effects of marketing activities through the customer mind-set, and on to various marketplace outcomes such as price premiums, loyalty, sales, market share and profitability, marketers can gain a clearer picture of how well their marketing is doing and why. Three Tools to Facilitate Brand Planning Brand Value Chain Model The brand value chain model, developed by Keller and Lehman, outlines the steps involved in creating brand value. It consists of four stages: 1. Marketing Program Investment: This initial stage involves investing in various marketing activities to build brand awareness, associations, attitudes, and attachment. These activities can include advertising, public relations, promotions, and customer experiences. 2. Customer Mindset: As a result of the marketing program, customers develop a mindset towards the brand. This includes their level of awareness, the associations they make with the brand, their attitudes towards it, and their attachment to it. 3. Market Performance: The customer mindset influences the brand's market performance. A strong customer mindset can lead to higher market share, price premiums, and customer loyalty. 4. Shareholder Value: Ultimately, the brand's market performance drives shareholder value. A strong brand can increase a company's stock price, attract investors, and improve overall financial performance. It's important to note that the brand value chain is a dynamic process, and the value created at each stage can be influenced by various factors, such as market conditions, competitive landscape, and overall economic environment. CBBE explained really well https://chattermill.com/blog/brand-equity-pyramid What is Brand Identity? Designing Brand Identity Achieving the right brand identity means creating brand salience with customers. Brand salience measures various aspects of the awareness of the brand and how easily and often the brand is evoked under various situations or circumstances. A brand we easily recall has a deeper level of brand awareness than one that we recognize only when we see it. The breadth of brand awareness measures the range of purchase and usage situations in which the brand element comes to mind and depends to a large extent on the organization of brand and product knowledge in memory. (Ex; Bisleri) In particular, building brand awareness helps customers understand the product or service category in which the brand competes and what products or services are sold under the brand name. It also ensures that customers know which of their ‘needs’ the brand through these products is designed to satisfy. In other words, what basic functions does the brand provide to customers? The breadth of brand awareness measures the range of purchase and usage situations in which the brand element comes to mind and depends to a large extent on the organization of brand and product knowledge in memory of the consumer. 1. Brand Touching points 2. Branding Ideals 3. Branding Elements Designing Brand Identity 1. Brand Touching points 2. Branding Ideals 3. Branding elements Designing Brand Identity 1. Brand Touching points Every time the public, customer and employees experience your brand, trust and reputation is either created or destroyed through brand touch points. Touch points are all the points your customer can come into contact with your brand. Controlling these touch points is critical to your brand's success. Your brand and its reputation is built in the mind of the customer by creating positive and motivating images, emotions and associations that are consistent in delivery creating a clear, focused image of your brand.  Designing Brand Identity 2. Branding Ideals Brand perception matters. But what is more important is how you create and position that perception among your customers. Studies have shown that 75% of purchase decisions are based on emotion. The organizations that place value- over-price considerations to win hearts are usually armed with a well-defined, genuinely likeable brand. The benefits of defining your organization‘s values, voice, and market placement can include increased profits, and better customer and employee retention. Here are some effective ways to begin defining your organization, or jumpstart your current branding efforts:- i. Assume an identity Even if your product is similar to the store just across the street, you need to create a character that will make you unique amongst your competitors. Take the time to sit down to brainstorm. ii. Know your audience To be able to tailor your products and services according to your target market’s needs and wants, familiarize yourself with them. You can also look into more specific details, such as age groups, ethnicity, religion, and family background, as these other factors can also give you better insight on how you will market your product/service. iii. Identify your competition Identify who your rivals in the market are, and then study their strengths and weaknesses. Look out for aspects that you can develop Designing Brand Identity v. Create a website This is an ideal place for you to showcase your products and interact with your customers easily. vi. Blog regularly As an entrepreneur, part of your job is to keep your customers updated not just about your products but also of the industry in a level that they will understand and appreciate. vii. Engage in social media To connect with your customer‘s better and learn what they think establish an active online presence by creating accounts on and exploring the features of the most popular social networking sites (e.g. Facebook and Twitter). viii.Join related business events Try to join committees or organizations to further your know how and experience as an entrepreneur. ix. Encourage feedback Your customers are the best judge of your products since they are the ones who take a chance on what you‘re selling. As such, it is always highly advisable to ask them for feedback, whether it‘s through your website, social networking sites, or the more traditional way of filling up printed forms. x. Be consistent Be consistent with your brand‘s message without sacrificing the need to keep up with the trends. Stick to the same message, without confusing your customers. Designing Brand Identity 3. Branding Elements and More Successful branding begins with a well-defined brand that is RELEVANT to your market. You might think that since you have a logo, tagline, and business card, you've completed your branding. But, unless you've carefully considered and defined ALL five of the key brand elements—position, promise, personality traits, story, and associations—you still have work to do. And, until you've infiltrated your brand into every level of your organization and built the discipline of CONSISTENCY into every behavior, action, or communication—both internally and externally—you are not yet on the path to a successful brand strategy. Five Key Brand Elements: a. Brand Position b. Brand Promise c. Brand Personality d. Brand Story e. Brand Associations  Designing Brand Identity 3. Branding Elements, Name, Logo and More Five Key Brand Elements: a. Brand Position The Brand Position is the part of the brand that describes what your organization does and for whom, what your unique value is and how a customer benefits from working with you or your product/service, and what key differentiation you have from your competition. Once you've defined your brand position, make it available in 25, 50, and 100 word versions. b. Brand Promise The Brand Promise is the single most important thing that the organization promises to deliver to its customers—EVERY time. To come up with your brand promise, consider what customers, employees, and partners should expect from every interaction with you. Every business decision should be weighed against this promise to be sure that a) it fully reflects the promise, or b) at the very least it does not contradict the promise. c. Brand Personality Brand Traits illustrate what the organization wants its brand to be known for. Think about specific personality traits you want prospects, clients, employees, and partners to use to describe your organization. You should have 4-6 traits (5 is ideal), each being a single term (usually an adjective). d. Brand Story The Brand Story illustrates the organization's history, along with how the history adds value and credibility to the brand. It also usually includes a summary of your products or services. References Brand Management; Knowledge Management and Research Organization Pune. 2015 Prof Abhishek Rai Branding EU Handbook EN (A5).pdf (europa.eu) https://www.marketing91.com/kellers-brand-equity-model/