|
Archive for the ‘Brand Strategy’ Category« Previous Entries Next Entries »Top Canadian BrandsWednesday, May 20th, 2009
It would be an understatement to say that the financial services sector globally has had a shaky year. Yet, interestingly, Canadian financial services brands, while not completely immune to the sector’s difficulties, have generally been performing strongly. Brand Finance Canada has published a report on Canada’s Most Valuable Brands 2009, which is dominated by financial services companies. Five of the top ten spots are taken by banks, with Royal Bank of Canada earning top honors with an estimated brand value of CAD$5.4 billion. BlackBerry, building on its startling success of recent years, takes second place with its value rated at CAN$4.6 billion. The full top ten of most valuable brands is as follows:
The report goes on to reiterate the importance of a strong brand, explaining that brands tends to create value by shifting both the demand and supply curves. On the demand side, they influence buyer behaviour by instigating greater trial, improved frequency of use, increased loyalty, and often a willingness to pay a price premium, among other things. From a supply point of view, strong brands can attract better employees, influence terms of trade, and may even reduce the cost of capital. So, while some organizations may overlook or neglect their brand at times such as these, when the economy is uncertain and other things may seem to be a greater priority, it is vitally important to understand the importance of your brand.
Customer Value Propositions Made EasyMonday, March 9th, 2009
One of the most important and yet one of the most badly carried out tasks by business to business marketers is the development of a good customer value proposition. The term customer value proposition or CVP is one of those dreadful inventions of the last decade. In the past we had products and services with unique selling propositions or USPs but that didn’t seem to be simple enough for our developing profession. The problem with customer value propositions is that most people can’t help themselves when they create them. They feel honour bound to list each and every feature and benefit of the offer and, as a result, they weaken the appeal to the person they are aimed at. Instead of the proposition being clear, it becomes fuzzy and listless. Too many features and benefits are too much for recipients to cope with. What has happened to the big hairy idea — the single proposition that makes an offer different, desirable and defensible? In the following article by Mike Southon, and published in the Financial Times over the weekend, he describes how to create an elevator pitch (a CVP by any other name) and instead of using the three Ds (distinctive, desirable and defensible) , he suggests the 5 Ps (pain, premise, people, proof and purpose). Arguably it is a more complicated version of the “3 D formula” but there are some good points for us to ponder on.
2009 Key Challenges part 2 of 2Thursday, February 26th, 2009
We conclude yesterday’s article on the two key challenges facing marketers in 2009 by discussing some short-term marketing solutions which will address current needs yet still contribute to long-term brand equity. In the current climate it is understandable that marketers are scrabbling for short-term solutions to compensate for wider financial constraints, but aggressive pricing and slashed marketing budgets may not be the long-term answer. Cutting prices, for example, may make your offering more affordable and available to the masses, but will it necessarily mean greater profits? Even if you are still covering your costs, are you ultimately damaging your brand image? Are you becoming known as a ‘cheap’ provider in more ways than one – that is to say will your hard earned brand reputation become tarnished as you become known for being a cut-price provider? Worse than that is the scenario where people become so confused by conflicting messages that they don’t really understand what kind of provider you are at all, and so steer clear altogether. Some degree of discounting may be inevitable in the current climate – especially if that’s what all your competitors are doing. But cost-cutting should certainly not be done in isolation, or without due consideration. Other tactics to consider may include measures to encourage customer loyalty, improve customer service, or add value to your brand in some other way. For example, a slightly revised product addition to your portfolio may meet the needs of those looking for a cheaper solution from you. Alternatively, you may wish to target new markets not all will be affected by the recession to the same degree. Equally, you might wish to concentrate more on relationship marketing in an effort to retain existing customers by increasing their satisfaction and their loyalty. All of these actions have the potential to continue to be profitable for you long after the economy turns around and, importantly, they can all add value in a way that remains consistent with your brand. In summary, do not compromise your brand position and brand values. Make sure your marketing goals are clear and that every action is taken with your overall brand strategy in mind. 2009 Key Challenges part 1 of 2Wednesday, February 25th, 2009
Two key challenges are facing marketers this year, according to an article in Marketing News: how to restore consumer confidence and how to find short-term marketing solutions which continue to meet long-term brand strategies. Confidence Confidence has been knocked, and right now customers are demonstrating changing needs and new buying patterns. Careful customer research, consistent messaging, and strategic – yet empathetic and understanding – tactics will all help to re-establish and rebuild confidence in brands and in the wider economy as a whole. According to the article: “Market research often lands on the chopping board when marketers are pressured to cut their budgets, but now more than ever, it’s pivotal for marketers to figure out just who it is they’re marketing to.” Targeting and segmentation analyses should move to the fore. Equally, customer satisfaction studies can help to pinpoint your purchasers’ concerns and changing needs – and, of course, identify ways in which you can meet them. More so than ever, it’s important for clients to be satisfied with your service, and be confident in their relationship with you and with your brand. Another important way of restoring confidence is to continue to communicate with your clients. Visible and consistent messages demonstrate a strong, dependable brand. Brands that go dark make people instinctively ask questions. In short, consistent messaging – especially that which empathizes with your audience and addresses their concerns head-on – can make an impression today that will last way beyond the current recession. Part 2 of this article, tackling short-term solutions for long-term strategies, will be featured tomorrow. The Importance of Experience in Brand PerceptionsFriday, February 20th, 2009
In this week’s Thursday Night Insight, Carol-Ann Morgan highlights some important differences between branding in consumer and b2b markets. If you ask me what I think about Nike, I can tell you. In fact, I can wax lyrical for some time, expressing my words of wisdom. I can engage in a conversation about Nike, I can tell you where I think they are, how they got there and where I think they are going. I can even sound extremely knowledgeable. That might be down to many factors but it is certainly not down to any direct knowledge or experience of Nike products. I have never actually purchased or worn a pair of Nike trainers or a piece of Nike clothing in my life. My experience of the brand is purely vicarious, and my knowledge picked up through the press, adverts and word of mouth. I purport that this is the case for the majority of high profile consumer brands. We do not have to actually experience the brand first hand through usage or purchase in order to have a view of that brand (often a pretty strong view at that!). This is where I have observed a key difference between consumer and business-to-business branding. Through many B2B branding research projects, it has been apparent that direct experience of the brand is critical to having a perception. Consequently, loyal customers who have not used alternative suppliers often have very “thin” perceptions of competitor brands, particularly by comparison with the “thick” perceptions consumers can hold of brands with which they have no direct experience. Branding to consumers uses techniques which give the impression of the experience without actually having to have the experience; a form of brand virtual reality, where brand visualisation is the objective as opposed to the personal experience. Through these realities, a virtual relationship is created, enabling a pervasive brand message to extend to those who would not normally have any emotional or experiential relationship with that brand. However, when it comes to business-to-business branding (particularly downstream), the experience is all, and marketing messages need to be more closely related to experience; case histories and testimonials can be very powerful tools in personalising the message of usage, producing the “feeling” of the experience. These approaches are most effective when the proximity between the “case presented” and the “recipient” is closest. Thus, investment in ensuring tailored case histories which enable the recipient to identify closely with the case will have the greatest impact. Key factors which induce the feeling of identification, however, do not necessarily have to be sector specific; always a problem when trying to break into new business sectors. Case studies which hit at the heart of key needs, such as security, partnership, communications, etc, are therefore far more likely to have broad appeal and represent better value for the marketing pound. « Previous Entries Next Entries » |
|
