Today, I am sharing twenty tips or "rules of thumb" about brands and brand management.
- The only thing that stands between a commodity and a brand is relevant differentiation.
- More than anything, your brand must be admirable. And, if not admirable, likable.
- In the long run, a strong brand will not completely compensate for a faulty product or service.
- Brands that stand for something of substance create more loyal customers.
- In general, broader distribution aids brands in two ways - increasing awareness and accessibility.
- Everything else being equal, brand accessibility will translate brand preference to brand purchase.
- 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).
- Brand crises are inevitable. Planning for successful crisis recovery is critical.
- Brands are stronger the more targeted they are.
- Outside of demographics and usage, attitudes are one of the most effective ways to target brands.
- All marketing plans must be informed by in-depth customer insight.
- In general, strong brands share these qualities: trustworthy, responsive, reliable, innovative, service oriented.
- Online marketing makes it quick and easy to test the effectiveness of different messages and approaches.
- The increasing political polarization in the US creates opportunities to target based on this polarization.
- Increasingly over time, services and experiences will be more in demand than tangible products.
- 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.
- The market for products and services targeted at the top 1% of income earners and asset owners is large and growing.
- 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.
- Increasing marketplace transparency will only hurt brands whose delivery does not live up to their promises.
- 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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