Strategic Brand Management - The Beginner's Guide

In this post, I'm going to digress a bit from the usual topics I cover in this blog.  Every businessman, be it an entrepreneur or a veteran, at some point or another, needs a little bit of motivation and inspiration. Below is my collection of inspirational quotes by some of the well-known achievers this world has seen:  1.        “Business opportunities are like buses, there’s always another one coming.” – Richard Branson 2.        “Sometimes when you innovate, you make mistakes. It’s best to admit them quickly, and get on with improving other innovations.” – Steve jobs 3.        “An organizations ability to learn, to translate that learning into action rapidly, is the ultimate competitive advantage” – Jack welch 4.        “Even if you’re on the right track, you’ll get run over if you just sit there.” – Will Rogers 5.      ...

There are 6 integral criteria for choosing your brand elements: 1)       Memorability 2)       Meaningfulness                              3)       Likability 4)       Transferability 5)       Adaptability                         6)       Protectability 1. Memorability: Brand elements that help achieve a high level of brand awareness or attention to the brand, in turn facilitate the recognition and recall of a brand during purchase or consumption. 2. Meaningfulness : Here a marketer needs to ensure that brand elements are descriptive and suggesting something about the product category of the brand. This is important to develop awareness and rec...

Once a marketer has defined the target market and the type of competition, it’s imperative for the marketer to define the basis of this positioning. This can be done by the defining the Points of Parity and Points of Difference. Points of Parity (POP) are usually the attributes or functionalities or benefits or any other marketing mix elements that are not unique to the brand and might be shared by some or all the competitors, as they mostly include the basic necessities for a brand to be considered in a particular category. There are two types of Points of Parity: i)             Category Points of Parity: These represent the necessary elements that a brand should possess for a consumer to consider it in a particular category. In other words, these elements ensure that a consumer considers your brand too while considering your competitors. ii)            Competitive Points of Parity: Once your brand provides the basic ele...

The Customer based Brand equity model is based on the 4 questions asked by the customer. Who are you ? - Brand identity What are you? - Brand meaning What do I think or feel about you? - Brand responses   What kind of association would I like to have with you? - Brand relationship The above order is known as the Branding ladder , and the importance of the order lies in the fact that without the identity, we really cannot establish a meaning, responses won't occur unless the meaning has been established, and without the proper responses being elicited a relationship cannot be forged A strong brand is one which utilizes the six “brand building blocks” below, assembled in the shape of a pyramid to reach to the top and enjoy a significant brand equity. a)       Salience : It measures the awareness of the brand, how and when the brand is evoked in a customer’s mind b)       Performance : Relates to th...