Monday, October 16, 2017

Twenty Brand Management Tips

Today, I am sharing twenty tips or "rules of thumb" about brands and brand management.

  1. The only thing that stands between a commodity and a brand is relevant differentiation.
  2. More than anything, your brand must be admirable. And, if not admirable, likable. 
  3. In the long run, a strong brand will not completely compensate for a faulty product or service.
  4. Brands that stand for something of substance create more loyal customers. 
  5. In general, broader distribution aids brands in two ways - increasing awareness and accessibility.
  6. Everything else being equal, brand accessibility will translate brand preference to brand purchase.
  7. Your brand must deliver a strong value. Value is the ratio of benefits (functional, emotional, experiential and self-expressive) divided by costs (monetary and time). 
  8. Brand crises are inevitable. Planning for successful crisis recovery is critical. 
  9. Brands are stronger the more targeted they are.
  10. Outside of demographics and usage, attitudes are one of the most effective ways to target brands.
  11. All marketing plans must be informed by in-depth customer insight.
  12. In general, strong brands share these qualities: trustworthy, responsive, reliable, innovative, service oriented.
  13. Online marketing makes it quick and easy to test the effectiveness of different messages and approaches.
  14. The increasing political polarization in the US creates opportunities to target based on this polarization. 
  15. Increasingly over time, services and experiences will be more in demand than tangible products. 
  16. If brand perceptions are a result of the total customer experience then brand managers have a very wide set of dimensions that they must manage or influence.
  17. The market for products and services targeted at the top 1% of income earners and asset owners is large and growing. 
  18. In many ways, the notion of "reach and frequency" is still quite relevant. The importance of each will vary depending on what you are trying to accomplish.
  19. Increasing marketplace transparency will only hurt brands whose delivery does not live up to their promises.
  20. Never forget that you are only employed because your brand and its products and services are delivering something of value to their customers. 

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