Topic 3: Understanding the Brand

SWOT Analysis

-An assessment of internal & external factors that affect a brand's competitive situation -Strength& Weaknesses: Internal situation, can be controlled. EX quality of product, financial stability, corporate reputation Opportunities & Threats: External situation (factors outside the brand, trends in the market),can anticipate and respond to EX: consumer, economy, law

Purpose-Driven Messaging

-Find a shared purpose that your target consumers care about and can work on with you -Be honest and clear in communication ("say" message) -Purposeful brands practice what they preach( "do" message) EX: Tomm Shoes

Why brand purpose requires more than just a snappy slogan article

-Purpose is about what you do and not just what you say -Purpose has to be big, simple, memorable -Purpose helps retain talent within a business -Pick your partners carefully -Authenticity has to be at the core

Purpose-Driven Advertising Article

-Purpose is the only thing that will get brands to break through -When every brand claims to stand for a deeper meaning, that claim itself can lose it's meaning

Mission

-Strategy that must be undertaken to fulfill the purpose (THE HOW in the golden circle), internal focus. Values -EX: creative ideas and innovation

Brand Positioning

-The act of designing and representing one's product or service that will occupy a distinct and valued place in the consumer's mind. - "that one thing" -EX: Mercedes is luxury -One specific idea that first comes to mind about the brand

Videos about MSNBC & SS+K'S&Subway

1) Must be a cultural fit 2) Asymetric Marketing: Approaching audience in new & different way starting with consumers

Effective Positioning Strategies

1) Substance: Creating meaningful value 2) Consistency: must be consistent internally over time 3)Simplicity: K.I.S.S.-Keep It Simple 4)Distinctiveness: Are you the only brand that can justify your positioning look and feel.

The biggest brand manager in the land (P&G) speaks Purpose Driven Marketing

5 keys to purpose-driving marketing 1)Define the purpose 2)Reinforce the brand's core benefit 3)Shift mindset from marketing to serving 4)Insights on people: deeper understanding about their whole lives 5)The Big idea: People become personally associated with the brand and become loyal members

Brand Manifesto

A public declaration of a brand's core intention, values, principles, and motivation;often written and a visual statement. (similar to brand purpose but more elaborate)

Product Differentiation

A valuable supplement to market segmentation when competing with other brands in same segment. 1)Functional Differentiation 2)Emotional Differentiation

Repositioning

Altering or changing a product's/brand's positioning strategy Reasons: 1) declining sales, anticipated opportunities in another market , often difficult to accomplish EX: Old Spice and Marbolo

Functional Differentiation (part of product differentiation)

Build a feature/performance characteristic into a brand eg. will a blender blend

Positioning Statement

For (Target Audience,) (brand name) is the (frame of reference) that delivers (benefit/point of difference) because only (brand name) is reason to believe

Purpose

Outwardly focused (whom the organization/brand is trying to serve)

Perceptual Maps

Show marketers how closely products are conceptually positioned by consumers to "ideal points", to their own products, and to competitor's products.

Target Audience

The demographic/phsychographic/attitudinal description of the core prospect

Brand Purpose

The difference you are trying to make in the world, why your brand exist (THE WHY-core-in the Golden Circle. Emotion EX: Apple's why is using passion to change the world

Reason to believe

The most convincing support that the brand delivers what is promises

Emotional Differentiation (part of product differentiation)

Turns to emotion to create distinctive image or personality for brand & to establish brand-consumer "bonding" EX: Dove's campaign for real beauty)

Frame of Reference

the category in which the brand competes; the context that gives the brand relevance to the customer

Benefit/Point of Difference

the most compelling and motivating emotional/rational benefit that the brand can own relative to the competition