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What is Branding and How Important is it to Your Marketing Strategy?

 

The American Marketing Association (AMA) defines a brand as a "name, term, sign, symbol or design, or a combination of them intended to identify the goods and services of one seller or group of sellers and to differentiate them from those of other sellers.

Therefore it makes sense to understand that branding is about getting your prospects потенциальные заказчики to see you as the only one that provides a solution to their problem.

The objectives that a good brand will achieve include:

· Delivers the message clearly

· Confirms your credibility надёжность

· Connects your target prospects целевой потенциальный покупатель emotionally

· Motivates the buyer

· Concretes User Loyalty преданность

To succeed in branding you must understand the needs and wants of your customers and prospects перспективы. Your brand resides within the hearts and minds of customers, clients, and prospects. It is the sum total of their experiences and perceptions, some of which you can influence, and some that you cannot.

A strong brand is invaluable бесценный as the battle for customers intensifies day by day. It's important to spend time investing in researching, defining, and building your brand. After all, your brand is the source of a promise to your consumer. It's a foundational piece in your marketing communication and one you do not want to be without.

 

Brand Awareness уровень узнаваемости брэнда.This is the likelihood that consumers recognize the existence and availability of a company's product or service. Creating brand awareness is one of the key steps in promoting a product.

Brand awareness is an important way of promoting commodity-related товар широкого потребления products. This is because for these products, there are very few factors that differentiate one product from its competitors. Therefore, the product that maintains the highest brand awareness compared to its competitors will usually get the most sales.

For example, in the soft drink industry, very little separates a generic soda from a brand-name soda, in terms of taste. However, consumers are very aware of the brands Pepsi and Coca Cola, in terms of their images and names. This higher rate of brand awareness equates to higher sales and also serves as an economic moat экономическая препятствие that prevents competitors from gaining more market share.

 

Generic Brand родовая марка. A type of consumer product that lacks a widely recognized name or logo because it typically isn't advertised. Generic brands are usually less expensive than brand-name products due to the lack of promotions, which can inflate взвинчивать the cost of a good or service. Generic brands are designed to be substitutes for more expensive brand-name goods.

Generic brands are known for their plain labels. For example, a supermarket may offer its own generic product next to a name-brand product in the hope that a cost-conscious customer бережливый клиент will select the cheaper substitute. Generic brands have grown in popularity in recent years, and many retailers now offer in-house внутрифирменный generic products to customers.

 

Brand Equityкапитал бренда, ценность марки. The value premium дополнительная выручка that a company realizes from a product with a recognizable name as compared to its generic equivalent. Companies can create brand equity for their products by making them memorable, easily recognizable and superior in quality and reliability. Mass marketing campaigns can also help to create brand equity. If consumers are willing to pay more for a generic product than for a branded one, however, the brand is said to have negative brand equity. This might happen if a company had a major product recall or caused a widely publicized environmental disaster.

The additional money that consumers are willing to spend to buy Coca Cola rather than the store brand of soda is an example of brand equity.

One situation when brand equity is important is when a company wants to expand its product line. If the brand's equity is positive, the company can increase the likelihood that customers will buy its new product by associating the new product with an existing, successful brand. For example, if Campbell’s releases a new soup, it would likely keep it under the same brand name, rather than inventing a new brand. The positive associations customers already have with Campbell’s would make the new product more enticing than if the soup had an unfamiliar brand name.

 

Brand Loyalty. Верность бренду When consumers become committed to your brand and make repeat purchases over time. Brand loyalty is a result of consumer behavior and is affected by a person’s preferences. Loyal customers will consistently purchase products from their preferred brands, regardless of convenience or price. Companies will often use different marketing strategies to cultivate loyal customers, be it is through loyalty programs (i.e. rewards programs) or trials and incentives (ex. samples and free gifts).

 

Brand Extension расширение бренда. A common method of launching a new product by using an existing brand name on a new product in a different category. A company using brand extension hopes to leverage привлечь its existing customer base and brand loyalty to increase its profits with a new product offering.

For brand extension to be successful, there usually must be some logical association between the original product and the new one. A weak or nonexistent association can result in brand dilution размывание бренда. Also, if a brand extension is unsuccessful, it can harm the parent brand.

For example, Starbucks coffee company creating Starbucks ice cream, to be sold not at Starbucks retail stores but in grocery stores. The ice cream flavors were based on the flavors of frappuccinos Starbucks sold in its coffee shops.

 

Brand Management.A function of marketing that uses techniques to increase the perceived value of a product line or brand over time. Effective brand management enables the price of products to go up and builds loyal customers through positive brand associations and images or a strong awareness of the brand.

 

Masterbrand. мастербренд A specific overarching brand name that serves as the main anchoring point on which all underlying products are based. Masterbranding attempts to create a strong association between a company's products and what the brand represents. While individual products will always have their own names/brands, it is the masterbrand that contributes to the consumer's belief that the product is different compared to all others in its class.

For example, Intel is one masterbrand with several subsequent product offerings such as Pentium, Centrino and Core Duo. While each one of these products offers a different level of performance, it is the Intel brand that allows a consumer to believe that the chip he or she purchases will have the same high level of quality as all other Intel products.

 

Brand Personality. Образ бренда A set of human characteristics that are attributed to a brand name. A brand personality is something to which the consumer can relate, and an effective brand will increase its brand equity by having a consistent set of traits. This is the added-value that a brand gains, aside from its functional benefits. There are five main types of brand personalities: excitement, sincerity, ruggedness, competence and sophistication.

Customers are more likely to purchase a brand if its personality is similar to their own. Examples of traits for the different types of brand personalities:

Excitement: carefree, spirited, youthful

Sincerity: genuine, kind, family-oriented, thoughtful

Ruggedness: rough, tough, outdoors, athletic

Competence: successful, accomplished, influential, a leader

Sophistication: elegant, prestigious

 

Brand Piracy. When a product is named similarly to a well-known brand so that consumers may mistake it for the actual brand-name. Brand piracy is common among products that can easily be replicated. The copies often have logos that resemble the design of the genuine product, be it layout, symbols, color or font. Oftentimes, this is done on purpose by a company to mislead consumers and gain some market share.

Commonly known as "knock offs," фальшивка these products are an infringement of trademark laws and are considered a form of brand piracy. Many cases of brand piracy have occurred throughout China and India, where several law suits have been filed. Companies spend years and millions of dollars building and vigorously protecting their brand names.

 

Cobranding. A marketing partnership between at least two different brands of goods or services. Cobranding encompasses several different types of branding partnerships, such as sponsorships. This strategy typically associates the brands of at least two companies with a specific good or service.

Cobranding is a useful strategy for many businesses seeking to increase their sales and cash flow. Many different types of businesses use this strategy, such as retailers, restaurants, car makers and electronics manufacturers. Studies indicate that cobranding is an effective method of increasing customer loyalty.

 





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