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Brand Strategy

By Alma Dunn,2014-04-30 13:16
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Brand StrategyBran

    Choose Your Brand Type

Branding is crucial for products and services sold in huge consumer markets. It’s also important in B2B

    because it helps you stand out from your competition. It brings your competitive positioning and value

    proposition to life; it positions you as a certain “something” in the mind of your prospects and customers.

    Your brand consistently and repeatedly tells your prospects and customers why they should buy from you. Think about successful consumer brands like Disney, Tiffany or Starbucks. You probably know what each brand represents. Now imagine that you’re competing against one of these companies. If you want to capture significant market share, start with a strong and unique brand identity or you may not get far.

Successful branding also creates “brand equity” – the amount of money that customers are willing to pay just

    because it’s your brand. In addition to generating revenue, brand equity makes your company itself more valuable over the long term.

    What can you brand? Many believe that you can brand almost anything. Branding intangibles is very challenging, but the point is that you can brand a concept, an action, a product, a service or a company.

In this exercise you’ll outline your brand types. If you’re a new company or an existing company launching a

    new product or service, complete the Brand Strategy exercises prior to selecting your name. It may sound counterintuitive, but your name should represent your brand, so it’s easiest to select a good name after you’ve defined what it should represent. [Naming can help.]

    Most B2B companies choose their name first, launch their product to market and let the market brand them before giving carefully consideration to their brand strategy.

Summary

EXERCISE

    SUMMARY

    If you’re a company with a product/service in the already in the marketplace, you’ve

    completed your competitive positioning and are ready to define your brand strategy

When to Address If you’re missing your revenue targets and are unsure why

    If you’re planning on revising some of your brand creative elements

    Who Should Business leaders: company founders, owners, presidents and vice presidents

    Participate

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    Marketing and sales leaders

     Review your results and use the rest of the Brand Strategy exercises to update or Where to Use the improve your brand strategy

    Results

    Your brand should bring your competitive positioning to life and capture the

    mindshare of your slice of the market. It’s challenging to do well, but immensely

    Why it’s Important valuable when done so. Strong brands create tremendous economic goodwill on

    company balance sheets.

What Builds Upon All of your interactions with the marketplace

    it

     15 minutes to an hour

    Timeframe to

    Completion

     High for all Brand Strategy exercises

    Potential Business

    Impact

    You’ll determine your brand type Deliverable

    Confirm your value proposition and begin shaping your brand architecture Next Steps

     Target Completion Date

PARTICIPANTS

Brand Strategy ; Choose Your Brand Type page 2 of 8

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    PERSON TASKS DUE DATE RESPONSIBLE

Notes

    Brand Strategy ; Choose Your Brand Type page 3 of 8 More instant-access resources and tools online at http://www.SpeakerCEO.com

    Choose Your Brand Type

What to Complete

1. CHOOSE BRAND TYPE

    Where it Fits in Brand Strategy

Summarize Your Brand

    Audit Your Brand Internally

    Audit Your Brand Externally

    Analyze Audit Results

Choose Brand Type

Confirm Your Value Proposition

    Select a Brand Theme

    Determine Value of Your Features & Benefits Chart Your Emotional Benefits

    Determine What Your Brand Means

    Create Your Brand Personality Traits Create Your Brand Promise

    Define Your Brand Strategy

    Create Your Brand Positioning Statements Write Your Brand Story

    Select Brand Visual Requirements

    Match Visual Requirements to Existing Brand Define Brand Operational Requirements Match Operational Requirements to Existing Brand

1. CHOOSE BRAND TYPE

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If you’re not sold on the power of a brand, take a look at Coca-Cola’s balance sheet and calculate the economic

    goodwill. Most of it comes from the power of its brand and distribution channels. Both feed off each other, making Coca-Cola the requisite case study for every MBA student. Some estimate that the Coke brand is worth tens of billions of dollars! Pepsi experienced the power of the Coke brand in the 1980s and 1990s when it ran its series of blind taste tests. People preferred the taste of Pepsi, but didn’t want to stop drinking Coke.

    If you’ve over 35, think back into the 1980s. Could you ever predict that water could be branded and sold at a price that’s higher per ounce than gasoline or alcohol?

    There are three basic types of brands for tangible offerings: corporate, product and family. You can also brand an intangible concept like an idea. Take a look at each and determine which types of brands you have in your company.

BRAND TYPE CORPORATE

    Focuses all branding efforts on the company itself rather than products. EXPLANATION

    It’s the most cost-effective strategy and very appropriate for B2B

    because business buyers don’t separate the company’s image from the

    product’s image.

    IBM, Mercedes, Staples, Accenture EXAMPLES

    When buyers care most about the company that is delivering the product WHEN TO USE

    or service they’re buying. An example is when they’re making a

    substantial investment in a product or an ongoing service that’s critical to

    their business.

     Yes Maybe No Is this type appropriate for our

    business?

BRAND TYPE PRODUCT BRAND

    Creating individual brand identities for different products or services. EXPLANATION

    The company can market to very different customer groups without

    harming the brand equity of another product.

    P&G: Tide, Cheer, Era EXAMPLE

    Sage Software: ACT!, Peachtree, Timberline

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BRAND TYPE PRODUCT BRAND

     When you offer a very diverse set of products and services that need WHEN TO USE

    different brand identities

     When you offer two or more products that compete in the same

    category but appeal to very different users for example, a very high-

    end and a low-end product

     If you’re selling through multiple channels, create a different brand

    around each channel’s product even if it is essentially the same product,

    enabling you to better tackle competitive pricing issues

     Yes Maybe No Is this type appropriate for our

    business?

BRAND TYPE FAMILY BRAND

    When you develop a brand around a group of products or services that WHAT IS IT?

    fall into a similar “family.” A family brand strategy is midway between

    a corporate brand and a product brand strategy all products in the

    family must meet the standards of the family brand, but you can offer

    multiple family brands.

    GM does it with their subbrands: Chevy, Buick, Cadillac. EXAMPLE

    Gillette: Mach3, Sensor, Atra

    HP Printers: Office Jet, Laser Jet

     When you offer a variety of products/services that don’t fall under a WHEN TO USE

    corporate brand but can be assimilated in a family.

     When you offer high-end and low-end solutions to meet the needs

    of the various levels of the market.

     Yes Maybe No Is this type appropriate for our

    business?

BRAND TYPE IDEA BRAND

    When you develop a brand around an idea, concept or intangible WHAT IS IT?

    offering. Branding an idea can be useful for companies creating a new

    market or a new way to approach something. In order to sell product, the

    market first need to understand the new concept. Idea branding is also

    popular among industry associations.

Brand Strategy ; Choose Your Brand Type page 6 of 8

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BRAND TYPE IDEA BRAND

    Hello Kitty is a cartoon depiction of a cat created by Japanese company EXAMPLE

    Sanrio Co. Created in the early 1970s, the Hello Kitty brand is targeted

    toward young girls and women. It’s estimated to produce more than $1

    billion in sales from licensing arrangements on products such as dolls,

    greeting cards, clothes and home appliances.

    Industry association examples are “Milk, it does the body good,” and

    “Beef, it’s what’s for dinner.”

     When you offer products/services that can benefit from increased WHEN TO USE

    awareness in your category.

     When offer products/services that are unfamiliar to the market and

    require people to understand a concept, idea or action.

     Yes Maybe No Is this type appropriate for our

    business?

BRAND TYPE BRAND NAME (IF CHOSEN) COMMENTS

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