Not all the names are the same. Some of them are brands. The difference is that only the latter have associations related to it. They can be positive, negative or mixed and they are the sum of all the things we think when hearing or seeing a brand.
Brands shape perceptions. They set expectations and give different meanings to their targets. A good quality brand sets the bar higher and may also yield more good will than a low-cost brand.
Marketing is full of lists and branding is no exception. Three challenges of branding are cash, consistency and clutter.
Cash is king in the short-term but the brand is a long-term asset. These two objectives are not always aligned and often the short-term results win at the cost of the overall brand image.
Branding down loop is an example of this where short-term financial objectives have negative consequences either by competitor actions or shifted consumer price expectations.
Consistency is a similar pitfall if the organisation does not believe in, own or understand the brand. How to ensure that every encounter with the brand is in sync through out the organisation in real-time?
Creativity and tactical excellence are ways to cut through the clutter and make the brand stand out among thousands of messages we receive every day.
Brand positioning strategy consists of four different components: a target, a frame of reference, a point of difference and a reason to believe. A brand positioning sets the brand in respect to other brands in the market. A brand purpose gives the reason why the brand exists. A brand positioning is the foundation for all brand-building activities.
Revenue growth seems to go hand-in-hand with brands that link all their activities to purpose. Strong purpose helps also in recruitment and employee engagement. It might not be a far-fetched idea to start to consider standards and reporting for a purpose audit in addition to the financial one in the future.
Pioneering has a high mortality rate. But the last 30 years of research shows that successful pioneers outsell later entrants across industries: the second entrant has in average 71 per cent and the third 58 per cent of the pioneer’s market share.
Market research shows that consumers systematically prefer pioneers, and this forces later entrants to spend more on differentiation or charge less in order to counter-balance the pioneer’s edge.
The first comer has the advantage of defining the category and benefits for the consumer. These stay over time and the positive attributes are associated with the brand the consumer learned about them first. A deeper learning curve and novelty drive concrete benefits for the pioneer. Later entrants need to adjust and respond to the pioneer’s definitions and expectations.
Fast copycatting can prevent the pioneer become an established and dominant player in the market. They also grow the fastest in the market compared to other players either earlier or later entering the market.
Brilliant strategies often stumble on implementation. Execution is a team effort across the organisation and involves many people. It’s less glamorous and therefore less credited as well as researched than strategy formulation.
The book consists of independent articles organised under different themes. The structure gives an updated overview to the topic.
The variety and quality of the content varies by the author but overall it’s a topical tome that can benefit both startup and established brand builders and managers alike as the above examples demonstrate.
