Tuesday, June 30, 2015
The Importance of Product
In large consumer packaged goods companies (houses of brands), the brand manager often manages product and brand decisions together. In branded houses, the product and brand decisions are often made separately.
While products and brands are different - brands are the personifications of organizations and their products and services - products, never the less, are very important to the success of the brands whose names they bare.
Witness the strength of the Apple or Tesla brands. They are based on high quality products with innovation, functionality and aesthetic appeal. Both also command premium prices and are in the luxury category. While a well thought through brand can increase the appeal of a mediocre product, it cannot completely overcome its deficiencies. As the saying goes, "You can put lipstick on a pig. It is still a pig."
Don't overlook the importance of the product or service itself when managing your brand. Deficient or sub-par products and services will tarnish the brand's image, while superior products and services will enhance its image.