7 critical factors in building a successful brand
i thought this was worth highlighting; the seven main factors critical to building a successful brand, as referenced from professor david jobber’s strategic management journal.
1. quality - quality is a vital ingredient of a good brand. remember the “core benefits” as the things that consumers expect, which should be delivered consistently. an expensive washing machine that leaks, or a tennis shoe that falls apart will never develop brand equity because the quality isn’t what the consumer expects.
(statistically, higher quality brands achieve a higher market share and higher profitability that an inferior competitor will)
2. positioning - the other important cornerstone of building a successful brand is the position a brand occupies in the minds of consumers. strong brands have a clear and unique position in the target market which can be achieved through image, service standards, product guarantee, and the way it is delivered to consumers.
3. repositioning - after a brand has been established and tries to change it’s market position to reflect a change in consumer preferences or tastes. this tactic is usually employed by marketers when a brand has become stale and the original market has matured or declined.
(the repositioning of the gatorade brand as a “lifestyle beverage” from a sports drink for high school athletes is a good recent example of brand repositioning, but a poor example of a brand repositioned successfully.)
4. blended communications - play a critical role in building a successful brand. brand positioning is essentially about customer perceptions, with the objective to build a clearly defined position in the minds of the target audience.
(all the elements of a promotional mix need to be used to develop and sustain customer perceptions. the challenge begins with building awareness, developing the brand personality, and then reinforcing the perception.)
5. first-mover or first-to-market advantage - strategists often refer to the first to market advantage in terms of brand development. the first brand in a market can create a clear positioning in the minds of consumers before the competition enters the market.
(brands like coca-cola and gilette have been very successful as the result of being first in their respective categories. however, being first to market does not guarantee long-term success. competitors will often enter the market and copy the best elements of the leader’s brand, like the japanese automotive manufacturers did in the 1980s.)
6. long-term perspective - is the ability to invest in a brand over the long-term. building customer awareness, communicating the brand’s message, and creating loyalty programs that drive the business can take time to be achieved.
(smart management makes an “investment” in a brand, sometimes at the expense of short-term profitability.)
7. internal marketing - good brand managers make sure that the brand is marketed well “internally” as well as externally. the whole business, and your agency partners, should understand the brand pillars and it’s positioning.
(this is mission critical to brands that provide a service to consumers. the best brands invest heavily in staff training so that the face-to-face contact you have with them helps to secure your loyalty. hotel chains like starwood and hilton do a great job at this, most airlines do not.)
