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What’s in a Brand?

What’s in a Brand?. Brand vs. Products. A product is anything we can offer to a market for attention, acquisition, use or consumption that might satisfy a need or a want. Physical goods: food, shoes, clothes, car Services: insurance, banking, education Retail outlet: stores

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What’s in a Brand?

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  1. What’s in a Brand?

  2. Brand vs. Products • A product is anything we can offer to a market for attention, acquisition, use or consumption that might satisfy a need or a want. • Physical goods: food, shoes, clothes, car • Services: insurance, banking, education • Retail outlet: stores • Person: political figure, entertainer, athlete • Place: hotel, city, country • Idea: views, ideals

  3. Product • Person: Athlete

  4. Before you know what a brand is… A brand is not a logo. You have to know what a brand isn’t.

  5. A brand is not whatyousayitis…

  6. It’s what they say it is.

  7. But you help set the stage for what they believe about you.

  8. “A brand is a person’s gut feeling about a product, service or company. It’s a GUT FEELING because we’re all emotional, intuitive beings, despite our best efforts to be rational. “It’s a PERSON’s gut feeling, because the brand is defined by the individual, not by companies, markets or the so-called general public.”

  9. The Brand • Tiger Woods • Once Tiger is no longer playing golf, he will still have the Tiger Woods brand; he goes beyond being just a product.

  10. Being different is good! Brand management is the management of differences, not as they exist on data sheets, but as they exist in the minds of people.

  11. 4 Questions to Help Define a Brand 1. Who are you? 2. What do you do? 3. Why does it matter? 4. What makes you different?

  12. The Brand • Who is he? • What does he do? • Why does it matter? • What makes him different?

  13. What is Georgetown College? • NAIA Baseball Powerhouse • Small, liberal arts college • What does Georgetown College do? • Win championships • Take your money • Quality education and place to form friendships • Why does it matter? • Winning championships • Get your degree • So you can get a job • What makes Georgetown College different? • Traditions • Taking the extra step to get Nexus credits • Small town • Positive experience • Scholarships- high percentage of recipients

  14. What do brands tell consumers? • Identification of the source of the product • Assignment of responsibility to product maker • Risk reducer • Promise, bond or pact with maker of product • Symbol of quality

  15. What do brands tell manufacturers? • Means of identification to simplify handling or tracing • Means of legally protecting unique features • Signal of quality level to satisfied customers • Competitive advantage • Source of financial returns

  16. Brand Equity • Brand equity is a company or product’s reputation in the marketplace. • Trust translates to brand loyalty, increasing a brand’s equity.

  17. Brand Awareness • Brand awareness is made up of brand recognition and brand recall • Brand Recognition: ability to remember previous exposure to the brand when given the brand as a cue • They will recognize the brand as one they’ve already been exposed to • Brand Awareness: ability to retrieve the brand from memory when given the product category, or a purchase or usage situation • Ex. Thinking of an Internet search engine, what comes to mind?

  18. Most Trusted Brands • 2014 Survey by 5,000 Entrepreneur Magazine readers: • #1- Sephora • #2- In-N-Out Burger • #3- Publix • #4- Patron • #5- Trader Joe’s • #6- Ritz-Carlton • #7- Panera Bread • #8- Virgin America • #9- Southwest Airlines • #10- Apple Store

  19. Strong Brands Have an Advantage • Improved perception of product performance • Greater loyalty • Less vulnerability to competitive marketing and marketing crises • Larger margins • More inelastic consumer response to price increases • Additional brand extension opportunities

  20. Taste Test

  21. Creating an Emotional Brand The 10 Commandments • From consumers to people- consumers buy. People live. • From product to experience- products fulfill needs. Experiences fulfill desires. • From honesty to trust- honesty is expected. Trust is engaging and intimate; it must be earned. • From quality to preference- quality is a given. Preference creates the sale. • From notoriety to aspiration- being known does not mean you are also loved.

  22. Creating an Emotional Brand The 10 Commandments • From identity to personality- identity is recognition. Personality is about character and charisma. • From function to feel- function is about practical qualities. Sensorial design is about experiences. • From ubiquity to presence- ubiquity is seen. Presence is felt. • From communication to dialogue- communication is selling. Dialogue is sharing. • From service to relationship- service is selling. Relationship is acknowledgement. Gobe, M. (2001). Emotional Branding: The new paradign for connecting brands to people. Allworth Press: New York

  23. Brand Guidelines Brand Guidelines/Standards: tell others how to appropriately represent a brand through logo usage, tone of writing , colors and other important elements to ensure cohesive brand representation.

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