Some brands consistently score high on brands. They are all strong brands. Strong brands have great equity and enjoy customer loyalty and profits. Every manager wants to create a strong brand. What do top brands have in common which can provide a benchmark against which a brand can be measured?
There are ten attributes shared by top brands.
1. Deliver Excellent Customer Benefits.
The brands tangible and intangible components must combine to create value or benefits that customers desire. The brand must be excellent provider of benefits.
2. Stay Relevant
With time customers change. Make sure you are in touch with these changes. A brand’s tangible and intangible components must be fine-tuned to stay relevant.
3. Pricing is based on Perception of value.
Price is an important attribute. Charging too high price or too low price may not be appropriate. Make sure price is based on how customers view the product as a whole.
4. Proper Positioning.
Well-positioned brands occupy a distinct place in the consumers mind. The strong brands achieve position of parity in areas where competitors are aiming to get advantage.
Strong brands essentially strike a perfect balance between continuity and change. Change is needed for staying relevant while continuity is required to maintain a brands core. Continuity helps a brand from going astray.
6. Brand portfolio & Brand Hierarchy
Companies keep portfolio of brands for different consumer segments and product lines. Generally corporate brands are combined with sub-brands at different levels. All these brands contribute to overall equity of the portfolio. It is thereby necessary that this hierarchy is well thought out and properly understood.
7. Brand Makes use of needed marketing elements to Build Activities.
Brands are made up of al marketing elements. These elements perform various functions for the brand. Make sure these elements are combined to perform brand related functions.
8. Know what the brand means to the customer.
Managers of strong brand exhibit great understanding of what a brand means to customer in terms of its perceptions, beliefs, attitudes and behaviors. It is on this understanding they make decisions about the brand. This gives them an idea about what can be touched and what is untouchable about the brand.
9. Long-Term Support.
Brand Equity construction requires long term sustained efforts. Then only consumers have proper depth and breadth of awareness and strong favorable and unique associations. Shortcuts must be avoided. Impact of marketing program must be appreciated before any change is made.
10. Monitor Success of Equity.
The health of a brand must be assessed by an on going basis. Brand tracking studies need to be carried out for evaluation of brands performance. Strong brands are supported and navigated by a formal system.