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.        “Leadership is the art of getting someone else to do something you want done because he wants to do it.” – Dwight Eisenhower 6.        “To be successful

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 recognition for the brand in a particular product category. Secondly, the brand elements also need to have a persuasive meaning and suggest something about the particular benefits and attributes of the brand. This is necessary for defining the positioning of the brand in a particular category. 3. Likability: Brand Elements need to be inherently

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 elements required by the category, the next step is to add ele