Transcript
MANAGING BRANDS
OVER TIME
ANANYA BHANDARISUMANJIT MOHANTA
NISHEET JAISWAL
MADE BY:-
INTRODUCTION:• One of the most important issues facing brand managers is
how to revitalize a brand & keep it relevant and up to date with current trends
• Honest and rigorous dedication is required to build strong brands
• The brand needs to attract new customers years after years, so that volumes and revenues can be generated
• At the same time, the brand experience, which include brand promise, brand delivery, communication, etc, also needs to be consistent, so that it does not alienate the existing customers
• For example:
• Cadbury – has been able to reposition itself and has successfully attracted new customers and at the same time been able to retain the existing customers
Reinforcing Brands
• Generally, we reinforce brand equity by marketing actions that consistently convey the meaning of the brand to consumers in terms of brand awareness and brand image.
• The brand has to consistently deliver in an environment that is dynamic be it consumers, competitors, or political and legal environment
• There can be a number of challenges that have to be managed on the path to success for a strong brand
• Some of them include the following SLIDES:-
BRAND CHALLENGES:
• Quality aspect• Changing consumer trends• Introducing technologically advanced products• Growing number of private labels, or the
retailers own labels• Brands becoming generic• Lack of effective and consistent communication• Keeping the brand young
BRAND CHALLENGES
BRAND REVITALIZING
• There are various examples of the brands that were once performing well but could not maintain the same performance over a period of time and faded from consumer’s memory.
• For example: Forhan’s - a non-foaming fluoride toothpaste brand
which was positioned as the “toothpaste created by dentist”, but could not face competition by Colgate
Halo shampoo by Colgate-Palmolive Keo Karpin hair oil• Brand revitalization involves changes in one or more of the
following: - product content or ingredients, packaging, styling, logo, punch line, etc.
Eg: New Alto 800, New Wagon R
BRAND REVITALISING• The “10-80-10” rule of focus is useful here. • Acknowledge your heritage (10%)• Address the needs of today (80%)• Look forward to the future (10%)• This gives continuity, ensures relevance, and shows
that you are thinking ahead. • Before a mature brand can be redeveloped, it needs
to be thoroughly understood. Peel back the layers:• What is it about the brand that gives it its identity?• At the core, what gives the brand its value?• What is the central idea?
• That central, pure idea of your brand – the core of value creation – will become the centerpiece of its revitalization.
• A new brand has no established core, no heritage, no track record to leverage.
• By keeping the vital core intact, you retain the essence of the mature brand even as you revitalize it.
• Staying focused on that valuable core idea is the single most important thing you can do.
• Three types of revitalising are:-a) Re-brandingb) Re-positioningc) While entering new markets
REBRANDING
•Rebranding is a marketing strategy in which a new name, term, symbol, design, or combination thereof is created for an established brand with the intention of developing a new, differentiated identity in the minds of consumers, investors and competitors.
Repositioning•Repositioning is the act of redefining the placement of a company and / or product in the minds of consumers.
Repositioning
•There are a variety of reasons why a brand might be repositioned. The most common reason is a reaction to change. That change could be:•Consumer driven: Such as changing tastes or preferences.•Competitor driven: Such as new brand launch from a competitor that makes your position obsolete or inferior.•Environmentally driven: Such as economic fluctuation, political changes, or the green movement.
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Entering New Markets
• One strategic option for revitalizing a fading brand is simply to more or less abandon the consumer group that supported the brand in the past to target a completely new market segment.
BRAND CONSISTANCY
Brand consistency is critical to maintaining the strength and
favorability of brand associations.
Consistency does not mean that marketers should avoid making any change in the
marketing programs. have rings.
BENEFITS:- Although change is sometimes appropriate
and even necessary, the goal should be to create an effective identity which will last and not become obsolete and / or tired.
Though a brand can be revitalized or rebranded the core identity of the brand
should not change
BRAND CONSISTANCY
1)OWNERSHIP OF SYMBOL;
2)OWNERSHIP OF POSITION;
3)COST EFFICIENCY.
CONSISTENCY OVERTIME – WHY IS IT DIFFICULT?
Mindset of Managers• Problem Solver/ Action Orientation•High Aspirations•Owned by Predecessor Identity
Strategic Misconceptions•The new identity is ineffective•New Paradigm requires a New Identity/Execution•A Superior Identity can be found•Customers are Bored with a Tired or Stodgy Identity:
Adjustments to Brand Portfolio
• Migration strategies– A corporate or family branding strategy in which
brands are ordered in a logical manner could provide the hierarchical structure in consumers’ minds to facilitate brand migration.
– Example: BMW with its 3-, 5-, and 7-series numbering systems
• Acquiring new customers– Tradeoffs in their marketing efforts between attracting
new customers and retaining existing ones– Firms must proactively develop strategies to attract
new customers, especially younger ones. • Retiring brands
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