The third PBL trigger is about branding and Old Spice’s Extreme Makeover was given as a case example.
The three learning objectives were decided to be:
- What is branding/brand identity/brand image?
- Figuring out and telling about the methods of branding & brand identity models
- Give good and bad examples of branding
I also found the case very interesting in the aspect of re-branding, in which Old Spice succeeded very well but we decided not to take re-branding as one of the learning objectives.
Good videos to watch: https://www.youtube.com/watch?v=03V5D2hS-h8 & https://www.youtube.com/watch?v=1l2CUjkg0ug & https://www.youtube.com/watch?v=QpvBdmxAl7c &
1. I found a good definition from http://www.entrepreneur.com for branding. Branding is the marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products. Simply put, company’s brand is their promise to the customers. It tells them what they can expect from the products and services, and it differentiates the offering from competitors. Brand is derived from who you are, who you want to be and who people perceive you to be. A brand is also one of the most valuable assets of a business.
Brand identity on the other hand is how the business wants to be perceived by consumers. Your brand identity is the representation of your company’s reputation through the conveyance of attributes, values, purpose, strengths, and passions. Brand identity is separate from brand image – the term for how consumers actually perceive the brand.
2. Blog most about brand management that I found suggested that you cant really brand something, you have to earn your brand. A brand is the reward for the hard work of building real, passionate relationships with your audience. These relationships lay a foundation for the creation and delivery of value in today’s marketplace.
Brand marketing can neither create nor build nor strengthen a brand. Brand is always a reflection of the quality of the product. The author suggests that there are no exceptions to this rule. The essence of a brand is not the exterior elements, but how you and all the customers feel about the product or service, so what kind of emotions it creates.
The foundation of building a strong brand is to create and sell a products that delight your customers. If you fail at this very crucial step, brand marketing is not just a waste of money, but actively counterproductive. Therefore, if you want to build a strong brand, time and money should be put into creating and selling the best product (or service) possible.
Sources: http://blog.brandisty.com/brand-management-blog/the-difference-between-a-brand-and-a-brand-identity/ & http://www.inc.com/geoffrey-james/how-to-build-a-strong-brand.html
Before you even attempt to define your brand, you definitely need to do some exploration. You should take a long look at your company to get a clear picture of its purpose and place. The familiar SWOT analysis can help and could actually be one of the first things you should do when wanting to define your brand identity.
Important steps: Figuring out your clear mission, vision and values. Consider all aspects of the marketing mix and examining what makes your business unique and attractive to the consumer. Figuring out the competitive advantages and your Unique Selling Points!!! (Unique selling points are the base for your brand values). Brand values should also constantly evolve to suit changing market conditions and should also reflect your forward looking business strategy.
Sources: http://blog.hubspot.com/blog/tabid/6307/bid/34238/The-Marketer-s-Guide-to-Developing-a-Strong-Brand-Identity.aspx#sm.0000zg29juddcd8gy952fd0ujs4x5 & http://marketing-made-simple.com/articles/brand-building.htm
I found Aeker’s model which is about defining brand identity. Aaker views brand equity as a set of five categories of brand assets and liabilities linked to a brand that add to or subtract from the value provided by a product or service to a firm and/or to that firm’s customers.
These categories of brand assets are:
- Brand loyalty
- Brand awareness
- Perceived quality
- Brand associations
- Other proprietary assets such as patents, trademarks, and channel relationships.
According to Aaker, a particularly important concept for building brand equity is brand identity—the unique set of brand associations that represent what the brand stands for and promises to customers.
He also identified that brand identity should include:
- Brand-as-product (product scope, product attributes, quality/value, uses, users, country of origin)
- Brand-as-organization (organizational attributes, local versus global)
- Brand-as-person (brand personality, brand-customer relationships)
- Brand-as-symbol (visual imagery/metaphors and brand heritage).
3. Good example about successful branding is Evian mineral water. All bottled mineral waters are essentially the same product. However the strength of the Evian brand means they can charge significantly more than the cheapest alternatives. This ability to charge more due to a strong brand is known as brand equity and is a valuable contributing factor towards the value of any business.
Also Harley Davidson is a very interesting and good example. Since Old Spice was an example in the trigger, I wanted to find similar kind of cases. Harley- Davidson almost went bankrupt back in the days and were 90 million in debt, then they improved the quality and reliability of their products and now they are the most reliable motorcycle brand in the world.
Burberry had also very similar kind situation, they succeeded to build a very strong brand and change their brand image. Burberry was considered gang wear and due to rumors was popular among hooligans. Then new leadership overhauled the brand with modern and classic looks, and hired celebrities like Emma Watson and kate moss to market them. Now burberry is seen as a very classy and famous brand.