Is Your Brand Held in High Regard?
Hello, I’m Jim Glover, That Branding Guy, for Once a Day Marketing™. Today we are looking at an essential component of brand stature.
The Y&R Brand Asset Model addresses brand stature and brand strength, two critical components of a Power Brand. (I recommend you take a moment to study more about the Y&R Brand Asset Model.)
Esteem is the key component of a power brand that assess whether or not the brand is held in high regard by customers and/or potential customers; the higher the esteem, the greater the Brand’s stature. Like personal reputation, the more positive the brand reputation the better it is liked or even loved by customers. This is the emotional side of branding.
The second component of brand stature is knowledge. Are consumers knowledgeable about your product? Are you enabling them to truly understand what your brand is all about and what it stands for?
To determine brand stature you don’t necessarily have to go through the steps that Y&R did. You do want to consider the esteem multiplied by the knowledge; the higher the score the higher your brand stature.
A good target goal would be to have high esteem and perhaps lower customer knowledge about your product. From a marketing perspective, you can always build that knowledge. Alternately, if customers have a lot of knowledge about your product but don’t hold your product in high regard then you have a different marketing challenge. You will have to help them understand why there should be a greater appreciation for your product or service.
It is important to understand brand stature so you can focus your marketing message to enhance the weaker component: esteem or customer knowledge. If anyone of those areas is low, strengthen that component to strengthen your brand equity.
Once a Day Marketing™ positions brands to become #1 in the minds of target customers. Visit our website at www.onceadaymarketing.com. Contact James Glover at (505) 501-1330 or email glover@onceadaymarketing.com. Listen to Ask Those Branding Guys™ every Monday at 11:00am streaming live on SantaFe.com KVSF 101.5 FM.
© 2015 Once a Day Marketing™. All rights reserved.
Filed in: 7Ps of Marketing • Positioning (Bonus) • Process • Strategy
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