Saturday, January 9, 2010

five steps for brand building

A brand consists of a set of enduring and shared perceptions in the minds of consumers. The stronger, more coherent and motivating those perceptions are, the more likely they will be to influence purchase decisions and add value to a business. According to the article, there are five steps to a strong brand: Presence, Relevance,Performance, Advantage and Bonding.
Presence: Presence is a fundamental driver of brand performance. People must know what a brand has to offer before they will consider it for purchase.
Relevance: People must not reject the brand on account of its price (which may be perceived as too expensive or too cheap), its lack of availability, its ability to meet their needs, or the identity and status (or lack thereof) that it conveys.
Performance: People must believe that the brand fulfills their basic expectations of product performance.
Advantage: people must believe that our brand offers some advantage over the competition. To be successful, each brand must identify and magnify its unique benefits.
Bonding:People believe that it is the brand that delivers best on the most important criteria in the category. People who are bonded to a brand are typically at least 10 times more likely to buy it, and, as a result, there is a strong relationship between the proportion of people bonded to a brand and its market share.
For referrence, please look at this article.

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