Building Strong Brands
A strategic guide to creating and managing brand equity.
Summary of 7 Key Points
Key Points
- Defining the brand identity
- Positioning the brand effectively
- Understanding the brand equity concept
- Developing a brand strategy
- Leveraging brand assets
- Sustaining brand equity
- Measuring brand health
key point 1 of 7
Defining the brand identity
In defining the brand identity, the author emphasizes that it should capture the essence of the brand, what it stands for, and how it differentiates itself from competitors. The identity of a brand revolves around a unique set of brand associations that the firm strives to create or maintain. These associations represent what the brand stands for and imply a promise to customers from the organization. The core identity elements should remain constant over time to maintain brand integrity and to help manage the long-term position of the brand in the marketplace…Read&Listen More
key point 2 of 7
Positioning the brand effectively
Positioning a brand effectively is framed as a strategic objective that involves creating a specific image or identity in the minds of the target audience. It’s about differentiating the brand from its competitors in a way that is meaningful and relevant to the consumer. The goal is to establish the brand in a niche that it can own, leveraging its unique attributes and the benefits it offers to customers. Effective brand positioning is described as a foundation for developing a strong brand strategy and as a guide for marketing decisions, from the way the brand communicates to how it delivers its products or services…Read&Listen More
key point 3 of 7
Understanding the brand equity concept
The concept of brand equity is rooted in the idea of a brand being an asset to a company. It refers to the value a brand adds to a product or service above and beyond the functional benefits it provides. This value is derived from the customer’s perception, associations, experiences, and loyalty toward the brand. Strong brand equity signifies a strong relationship between the customer and the brand, often allowing companies to charge premium prices, secure a larger market share, and ensure customer loyalty…Read&Listen More
key point 4 of 7
Developing a brand strategy
Developing a brand strategy involves defining the fundamental identity of a brand and how it differentiates itself from competitors. The strategy encompasses the core promises a brand makes to its customers and is rooted in the unique value proposition that the brand offers. It begins with a thorough understanding of the brand’s target market and the specific needs and desires of that market. The brand must then address how it can meet these needs in a way that is distinctive and compelling to create a strong position in the minds of consumers…Read&Listen More
key point 5 of 7
Leveraging brand assets
Leveraging brand assets refers to the strategic use of a brand’s established strengths or equities to achieve marketing objectives and enhance the brand’s market position. The assets include brand name, logo, symbols, characters, slogans, jingles, and packaging, which collectively contribute to a brand’s equity. These are invaluable elements that have been cultivated over time and can be powerful tools to maintain consumer loyalty and attract new customers…Read&Listen More
key point 6 of 7
Sustaining brand equity
Sustaining brand equity involves maintaining and improving the brand’s strength over time. To achieve this, the brand must continue to be relevant to the consumer, offering a unique value proposition that resonates with their evolving needs and preferences. This means that the brand must stay ahead of market trends and be willing to adapt its products, services, and marketing strategies to maintain a competitive edge. Being consistent in delivering the brand promise is crucial, as it reinforces the consumer’s perception of the brand’s reliability and quality…Read&Listen More
key point 7 of 7
Measuring brand health
Measuring brand health involves assessing the brand’s strength in the marketplace along with its financial performance. It requires understanding the consumer’s perceptions and the brand’s ability to maintain loyalty among its customer base. The health of a brand can be determined through various metrics such as brand awareness, brand equity, market share, consumer satisfaction, and profitability. Tracking these indicators over time helps in understanding whether the brand is growing stronger or facing decline…Read&Listen More