BA 324 Brand Strategy in brief

BA 324 Brand Strategy in brief (This presentation only includes the headlines. For your exam and project you are responsible for everything that we ha...
Author: Kathleen Marsh
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BA 324 Brand Strategy in brief (This presentation only includes the headlines. For your exam and project you are responsible for everything that we have discussed in class, not only these)

Brand Strategy Process The process of creating a brand strategy begins with a brand audit and ends with a plan for executing the brand across all touch points.

Brand Audit Target & Insight

Competitive Assessment

1

Brand Inventory

Points of Parity and Difference

Brand Strategy Equity Pyramid

Positioning

Personality

2

Objectives & Metrics

Brand Execution

3

Brand Elements

Communications Strategy Brand Experience Map

2

CRM & Community Building

1) Brand Audit (Understanding the environment) Brand Audit Target & Insight

Competitive Assessment

Brand Inventory

Points of Parity and Difference

3

1a) Target Matrix (Segmentation) The target matrix helps ensure the brand focuses on the customers and prospects that offer the greatest potential for increased revenue and profitability. Segment A

Segment B

Size/Profile Decision Criteria or Motivators Usage Behavior Decision Process Barriers/Concerns Key Influences Brand Importance

Role of price Satisfaction

4

Segment C

Segment D

Example Target Matrix: Wine Drinkers Enthusiasts

Variety Seekers

Infrequent Regulars

Tourists

One-timers

Size/Profile

12%

20%

16%

14%

23%

Decision Criteria or Motivators

Quality, optimize the drinking experience

High price and sophisticated image

Well-known winery label

Sensible choice, feel comfortable

Personal attention & reassurance

Barriers/ Concerns

Avoid mistakes that can spoil the experience

Not sure what I want

Avoid risk

Avoid feeling foolish

Confused by wine

Wine authorities

Popularity

Brand name

Promotional offers

Store Personnel

Alternatives

Low

High

High

Medium

High

Target importance to Kavaklıdere

High

Medium

Medium

Medium

Low

Key Influences

Targeting

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1a) Target Insight • Describes how a meaningful connection can be established between what the brand offers and the target’s explicit or implicit needs • Understanding what the consumer wants in reality • And which business you are in – Revlon: Hope – Johnny Walker: Fashion Accessories – Nike: Find your greatness

Target Insights: Where to find Trends

Ethnographic research & ‘shop alongs’

Motivations/”Sweet spots”

Online communities

Decision-making process/criteria

Social media listening & ‘netnographies’

Higher level benefits

Crowdsourcing and co-creation

Image/Identity gaps

Consumer panels

New Segments

Neuro-marketing

Unmet needs

Customer service

7

Target Insight: Dove "90% of women are not happy with the way they look," and they are frustrated with the way beauty is portrayed in our society.

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1b) Competitive Assessment: Points of Parity and Difference Potential Brand Differences

Wants and Needs

Brand Strengths

Our

Consumer

PODs

Needs Vulnerabilities

Their PODs

POPs • Points of Parity (Category Benefits)

Competitor Strengths

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a POD’s analysis is to identify what ideas from our brand and competitive brands are most meaningful and potentially differentiating.

The purpose of a POP’s analysis is to identify which category benefits are critical for establishing credibility.

Points of Parity and Difference: Coffee Customer Needs

Coffee House Potential Points of Difference • Knowledgeable assistance in coffee • A wide variety of coffees

• Quality coffee • A variety of products • Having a good time

Brand Strengths

Consumer Needs

• Not being disturbed for prolonged stays

Coffee Points of Parity • Good time • Good taste

Competitor Strengths

Vulnerabilities • Wide and deep selection enables choices (i.e. Chocolate, ice cream)

1c) Brand Inventory: What I already have  A brand inventory identifies existing or potential assets that can be leveraged or gaps that need to be addressed to build or create sustainable points of differentiation.        

Heritage/Historical Positionings (existing products) Brand Identity logos, icons or symbols Secondary associations Gaps between identity and image Organizational strengths Where to Find Assets or Gaps Brand Values/Vision Product performance claims, proprietary technology/patents Third-party ratings or endorsements

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2. Brand Strategy Brand Strategy Equity Pyramid

Positioning

Personality

Objectives & Metrics

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2a) Brand Equity Pyramid The brand equity pyramid outlines the basic building blocks of what the brand should stand for – brand vision, brand positioning, and brand personality and brand measurement.

Example Brand Pyramid: Kavaklıdere Egeo

Relationship

Resonance The wine I’m proud to share.

Response

Consumer Judgments

Consumer Feelings

Quality wine Authentic, genuine

Confident, Discerning, savvy

Meaning

Identity

Brand Performance

Brand Imagery

Soul not overridden by process.

Accessible, not snooty wine for discerning wine lovers.

Salience Kavaklıdere is a high quality wine everyone can enjoy.

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1b) Brand Positioning • According to Trout and Reis, “positioning is not what you do to a product. Positioning is what you do to the mind of the prospect. That is, you position (place) the product in the mind of the potential buyer”. • Since that time in marketing, positioning is the technique in which marketers try to create an image or identity for a product, brand, or company in the perception of the target market. • What matters is how potential buyers see the product. It is expressed relative to the position of competitors. • Typical positioning tools include graphical perception mapping, market surveys, and certain statistical techniques.

Brand Positioning • • • • • • • •

Identify competing products. Identify the attributes (also called dimensions) that define the product 'space'. Collect information from a sample of customers about their perceptions of each product on the relevant attributes. Determine the share of mind of each product Determine the current location of each product in the product space Determine the target market’s preferred combination of attributes. These are called: an ideal vector. Examine the fit between: the positions of competing products, the position of your product and the position of the ideal vector Select the optimum position

Perceptual Map of Beer Market (This slide shows only the products)



Old Milwaukee

Budweiser



Meister Brau



Miller

Beck’s



• Heineken

• •



Coors

Stroh’s

• Michelob





Old Milwaukee Light

Miller Lite



Coors Light

Perceptual Map of Beer Market (This slide includes both products and attributes)

Heavy Heavy

Full Bodied Old Milwaukee



Budweiser



Meister Brau



Good Value

Popular with Men

Miller



Beck’s



Stroh’s

Budget

• Heineken

Special Occasions

• Coors

Blue Collar



Dining Out Premium

Premium

• Michelob



On a Budget



Pale Color

Old Milwaukee Light

Interesting web site to visit: www.ratebeer.com

Light

Coors Light

Miller Lite



Light

Less Filling

Popular with Women

Brand Positioning Statement: Formula A brand positioning statement describes how the brand will communicate with a specific target group to create a sustainable competitive advantage.

For (Target), (Brand/Company) is the only/best (consumer frame of reference) that (statement of key benefit or guiding value), because/by (reason to believe, key credibility point).

Evaluation Criteria: Brand Fit, Customer Relevance, Uniqueness, Sustainability, Credibility

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Positioning Example: DeWalt

To the tradesman who uses his power tools to make a living and cannot afford downtime on the job, DeWalt professional power tools are more dependable than other brands of professional power tools because 1)they are engineered to the brand’s historic high-quality standards 2)they are backed by Black & Decker’s extensive service network and guarantee to repair or replace any tools within 48 hours.

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Positioning Statements • Pantene – For [females 18-49 who possess dry damaged hair and believe they cannot achieve truly healthy/shiny hair] Pantene is a [hair care system (shampoo/conditioner/ styling aids)] that offers [“hair so healthy it shines”] because it [“penetrates from root to tip” through its patented Pro-Vitamin B5 formula].

2c) Brand Personality Brand personality describes how a brand behaves --- what it does and how it does it – so that the brand always acts consistent with its values. Brand personality enhances target appeal and provide further differentiation. The FIVE CORE DIMENSIONS OF PERSONALITY

What Brand IS: What Brand IS NOT:

Sincerity (down to earth, honest, real, wholesome, cheerful) Excitement (daring, trendy, spirited, cool, imaginative, up-to-date) Competence (reliable, intelligent, successful, leader, confident) Sophistication (upper class, charming, glamourous, good looking) Ruggedness (outdoorsy, tough, masculine)

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Brand Personality: Tex Mex

What Tex Mex is: Friendly Fun Sophisticated & Contemporary Spirited Authentic

What Tex Mex is NOT: Fancy Traditional Pretentious or stuffy Take itself too seriously

Brand Archetypes

3) Brand Execution Brand Execution Brand Elements

Communications Strategy

CRM & Community Building

Brand Experience Map

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3a) Brand Elements • • • • • •

Brand Name Logo & Symbol Characters Jingles Slogans Packaging & Product Design

Brand Building Criteria •





1. Memorable – Easily recognized – Easily recalled 2. Meaningful / Understandable – Descriptive – Persuasive 3. Likable – Fun and interesting – Rich visual and verbal imagery – Aesthetically pleasing







4. Transferable – Within and across product categories – Across geographic boundaries and cultures 5. Adaptable – Flexible – Updatable 6. Protectable – Legally – Competitively