CW2 - Brand Book Review: Brand Asset Management
DRIVING PROFITABLE GROWTH THROUGH YOUR BRANDS by SCOTT M. DAVIS |
According to the author, Davis said about his book, "In a nutshell, this book is about helping companies better understand how to manage their brands as assets. But it's not about searching for the silver bullet -- the best name or logo, the coolest service or product, or anything on the Internet. This book is about a mindset shift. Obviously, a long-term commitment is required for this mindset shift to take hold and for the approach I describe in this book to work.
This book provides a roadmap to start to achieve Brand ...view middle of the document...
You will learn by many examples what your brand stands for, why the customers choose your particular brand. Create your Brand picture and the Brand persona. Brand association is crucial for the brand.
Determing your Brand image
How to build brand associations?
* Do research on competitive brands
* Start by talking to customers ( current buyers, customers of your competition...)
* Include industry experts, distributors and retailers, and also competitors.
* Ask them questions how they associate your brand with?
* Figure out where your brand fits on the Brand Value Pyramid.
* If you’re at the top, try stay there.
* If you’re not, how are you going to get there?
Brand Value Pyramid is one of the best demonstrations the power of brand associations that are so important for the brand. The higher the pyramid goes, the more powerful is your brand. As Examples of company that are near the pinnacle are Saturn, American Express, Disney, Nordstrom’s etc. these brands had created a strong customer loyalty over the time. They are able to charge premium prices and the ability to expand with new products easier and way more quickly by the brand’s endorsement power.
Brand association and Brand Persona are as two pieces of puzzles that needs to be together to create whole picture. This is where you gain a deep understanding of your brand image. Weaknesses, strengths and what you can add to the brand more?
Brand persona is so important because it add human characteristic for customer to associate with, such as:
* Socioeconomic class etc.
A persona is like the bridge between your brand and the customer’s taste, choice, lifestyle, mantra of their new life? It could be anything for customers to feel comfortable to associate with your brand. If the connection is not strong, the probability of losing the customer is very high, so it is very necessary to fix the brand so that customers want to be associated with it.
Creating Your Brand’s Contract
A Brand Contract is a list of all the promises the brand makes to customers. It is defined and validated by the marketplace and the customers. Brand Contracts can be changed over time. New promises can be added, while other promises are updated and irrelevant promises deleted. A Brand Contract is a critical piece of the BrandPicture because it helps to define marketplace perceptions and expectations and forces managers to be honest with them.
Four principles for developing a Brand Contract:
* Understand the Brand Contract from your Customers’ perspective
* Translate the Brand Contract into Standards
* Fulfill the “Good’’ Promises of Your Brand Contract or Risk Damaging the Brand
* Uncover and Address the “Bad“ Promises of the Brand
The best example of Brand Contract is Starbucks coffee. Let’s look at their Brand Contract:
Starbuck’s Brand Contract probably...