Class 2 - Branding Flashcards
Definition of a brand
A brand is a name, term, design, symbol or any other feature that distinguishes one seller’s good or service from those of other sellers.
Colors, Symbol, Sound, Term
The functions of a brand
(Organization, Trust and Expression) :
Organization
Organization
Brands help consumers mentally organize the marketplace.
The brand name summarizes information, allowing consumers to make inferences about the product based on the association with the brand.
Ex. This car is a Mercedes. It must be expensive and run well.
Trust
Brands reduce consumers sense of uncertainty about aspects of a product.
Consumers may trust a certain brand and thus be more willing to try their new products.
Ex. I’m willing to try this new laundry detergent because it’s Mrs. Meyer’s and all their other products work amazingly well.
Expression
The brand name allows consumers to signal aspects of their personality to themselves and others.
Ex. She wears Kate Spade so she’s feminine and put-together
Ex. I wear Doc Martens so I’m counterculture and cool.
Consumers are willing to pay more for branded products because:
They trust the brand to deliver a good product
They use the brand to signal something about themselves
What is brand equity
The value of the brand itself, based on the benefits people associate with the brand name, the perceived quality of the brand, the image of the brand and other assets.
When thinking about how consumers respond to brands, think about: CAB
COGNITION
What are consumers thoughts about your brand?
- Brand Awareness: Are they aware your brand exists?
- Brand Perception: How do they perceive your brand?
- Ex. Ben and Jerry’s is delicious but unhealthy
AFFECT
What are consumer’s emotions about your brand?
- Interest: Are consumers interested in trying your brand?
- Attitudes: Do consumers feel positively about your brand?
– Ex. Ben and Jerry’s is a good company / Ben and Jerry’s is my comfort food.
BEHAVIOR
How do consumers behave towards your brand?
- Trial: Are consumers willing to try your brand
- Repeat Purchase: Do consumers buy your products repeatedly?
– Brand Laziness
– Brand Loyalty
- Word of Mouth: Do consumers recommend your product to others?
– Leave reviews, tell people in-person
ANTHROPOMORPHISM
def. The attribution of human-like traits to non-human entities
- Consumers can come to think of brands as human-like through a process called anthropomorphism
- Consumers can form human-like relationships with anthropomorphized brands
- Many human-type relationships with brands facilitate brand loyalty and other desirable behaviors.
01: Consumers can come to think of brands as human-like
Have human-like physical features
- Bottles in the shape of women’s bodys (Dove)
- Giving products faces
- Mascots
- Showing products engaging in human activities (like Sunbathing)
Speaking in a human-like way
- The product is described using first-person pronouns (“I will always be there to watch your dog” for a Furbo)
- Giving the product a human-like name (and/or gender) like Auntie Anne’s
- Follow human conversational norms like asking questions and saying “hello” and “goodbye”
Engage with the world in a human-like way
- Engaging in human behaviour (like drinking through a straw)
- Following human behavioural archetypes (the rebel, the underdog)
- Underarmor positions itself as an undersog brand by working with athletes that are not yet the “stars” of the sport
- State farm positions itself in the role of the “protector” or the hero
Anthropomorphism leads consumers to attribute a human-like mind to the brand
Being Trustworthy
- When we see a brand as human, we are more likely to believe the brand ”understands” us and acts in our best interest. This can make the brand seem more trustworthy.
Following Norms
Because anthropomorphized brands are thought to act intentionally, consumers attribute more credit and blame to their actions. For example, a brand is punished more harshly for an unfair practice (like price gouging) if they are anthropomorphized.
Having a Personality
People see brands as having human-like personalities. For example, Hallmark is sincere and Redbull is exciting.
Brand personalities
Sincere, exciting, competent, sophiticated, rugged.
Sincere
- Down-to-earth
- Honest
- Wholesome
- Cheerful
Exciting
- Daring
- Spirited
- Imaginative
- Up-to-date
Competent
- Reliable
- Intelligent
- Successful
Sophisticated
- Upper class
- Charming
Rugged
- Outdoorsy
- Tough
Consumer-Brand Relationships Mimic Interpersonal Relationships (The good(ish)
Committed
- Significant lasting commitment
- Expect to be using for years to come
- Will forgo competitors
- Ex : Sports teams, Computer/Phone brands, Car brands & Alma mater
About half of all consumers have no committed brand relationships
Dependent
- “Cannot live without”
- Truly irreplaceable
- Uncomfortable to think about being separated from this brand
- Ex: Computer Phone Brand, Caffeinated drinks brands & Google
About 40% of consumers have no dependent brand relationships
Secret Affair
- Hide your usage of this brand from others
- Use the brand regularly
- Don’t want it associated with you
- Ex : Cigarettes, Junk food, Sexual health products & Unethical companies (e.g., Walmart)
Consumer-Brand Relationships Mimic Interpersonal Relationships (The bad(ish)
Exchange
A brand that provides benefit at an acceptable cost
“Does its job and nothing more”
Ex: Personal care (toothpaste, soap, deodorant), Cleaning products & Domino’s Pizza
“Derogatory” (abusive)
Brand does not seem to value you
You have very little control about how you’re treated (and may be trapped with that brand)
Ex: Public Transit Systems, Cable/Phone service, Utilities & Airlines
Adversarial
A brand you will not buy, support, or use
You think of this brand as an opponent or rival
Ex : Rival sports teams, Political parties & Unethical companies (e.g., Walmart)
The Effects of Consumer-Brand Relationships
Strong consumer-brand relationships have been associated with a variety of positive outcomes including…
Brand advocacy (word-of-mouth, defending the brand against criticism)
Brand loyalty (refusal to consider other brands)
Accepting product extensions from the same brand
Paying a price premium for the brand
Forgiveness of minor brand transgressions
What is brand betrayal ?
If a consumer has a close relationship with a brand, they will be especially hurt if the brand violates the consumer’s trust
Feelings of betrayal can be so strong that consumers take revenge against the brand
Building a Good Brand
- Your brand story
- The 3C’s of Marketing
Customer
Company
Competitor - Segmenting, Targeting and Positioning
- Consistent and meaningful communication
What is the 3C
Customer, Company, Competition,
Customer
Your product must provide value to the customer by meeting their needs in a cost-effective way (Yes, this is a review from Lecture 1)
Functional need
Social need
Esteem need
Remember, you don’t need to provide value to everyone. Decide who your customer is, and make sure you meet their needs.
Good advertising can’t make up for bad products
Company
The new product or marketing campaign must be consistent with your company.
- Is this new product/campaign consistent with our mission and values?
- What are the goals of this campaign or product?
– Get more sales from existing customers?
– Bring in new customers?
– Increase brand awareness?
Do you have efficiencies that allow you to expand into this area without spreading yourself too thin?
Will the customer trust this product coming from our brand?
Competition
Who is competing to meet your customers needs?
- Now?
- In the future?
What are your competitors:
- Value propositions (i.e., how do your competitors bring value to customers?)
Strengths and weaknesses?
What is the perceptual map
A way to optimize differentiation by finding your brand’s place in the market and comparing it to your competitors.
Choose two axes to plot your brand and the competitors on. These should be attributes that are:
Important to your customers
Realistically different across brands in your space
Plot all your competitors and yourself on this perceptual map
you may need to do market research to figure out consumers actual perceptions of brands
How to use the perceptual map
- Clarify the current position of your brand
- Identify direct competitors
- Identify opportunities
consistency
Each time the consumer encounters the brand, their positioning should be consistent.
In-store
Socal media
Website
This includes :
Products offered
Price
Design (colors, logos, shapes)
Brand personality
Brand voice
What is a person brands
Personal branding is an intentional, strategic practice in which you define and express your own value proposition
“What people say about you when you’re not in the room” – Bezos
Like a brand, you should have a personal narrative that is accurate, compelling, consistent and differentiated
Extremely helpful at work for (1) expanding your personal network (2) making sure opportunities that excite you come your way (3) selling your value to the company you work at
Also helpful online, so people can come to understand what you account does, when to look for you, what topics to trust you on, etc.
How to build a personal brand
Step 1: Define your purpose.
What difference would you like to make to your audience (i.e., how will you bring them value?)
Think about:
What interests and competencies have been consistent throughout a long period of your life?
Which of those align with your passions and goals for the future?
Write a personal value proposition:
For [target audience], I will make a difference by offering [how you bring them value]. Among all [your competition], I will stand out by [points of differentiation].
Step 2: Audit your personal brand equity
How does your audience think and feel about you right now?
Think about…
Your social capital: Your credentials and the people you know
Your cultural capital: the expertise you’ve developed through your upbringing, interactions, hobbies, and interests
Do…
Make a list of adjectives, both positive and negative, that capture the real you. Be as specific as possible and use language that distinguishes you from others (e.g., not “funny” but “quick-witted”)
Ask your friends how they see you
Is how your currently perceived how you would like to be perceived?
Step 3: Construct your personal narrative
Convert the attributes you’ve written into a narrative (because narratives and stories are easier to remember and often more emotionally powerful).
Step 4: Embody your brand
In personal-brand-oriented interactions, think: “What do I want to share about myself, and what’s a story to share it?”
Be sure to be consistent with the adjectives and stories you want to become part of your brand
Dear god, please don’t do this in your personal life.
Step 5: Communicate your brand story
Think about ways you can get your brand across including:
Owned media: Media you create yourself like your social media videos, blogs, speeches etc
Earned media: Getting other people to promote your person-brand (re-posts, stitches, collaborations, news articles, etc)
Step 6: Socialize your brand
Identify the people who can help you share your story. Ask for their help.
Gategeepers
People who determine your success. Not many in social media, but may be hiring managers or agents in your career.
Influenceurs
People whose expertise, authority or social position allow them to influence others. Their endorsement gives you legitimacy
Promoters
People who are actively invested in your success. These are your friends and mentors who share their connections and knowledge with you
Community
Online or offline groups of people who share your mission or special interests
Step 7: Re-evaluate and Revise
Once or twice a year, check in on your strategies and see how it’s going. If you are not meeting your objectives, or your objectives have changed, pivot to what will work for you now.
