Creating Brand Potential
That's as good as saying -
creating scope for building Brand Equity. Contrary to popular belief, even in professional
circles, branding is not a one time or once in a while job. It is a
continuous process and every action, and even inaction on the part of the
company can change a brand's revenue potential either way - by the appropriateness.
A brand's potential tells
the limit not just on the revenues and profitability that can be achieved
but also on its capability to deal with market upheavals and opportunities.
Thus, irrespective of the money available for investment and the market for
garnering, the revenues and the profit in it for the brand are limited by the brand's
Creating brand potential
is a tough task of -value engineering- which calls for absolute understanding
of the business, consumers and the competition - for those
exceptional insights. Creating potential is a short term to medium term concept and
requires many a small next steps across business functions with a few
calculated long steps - as long - as feasible.
Branding Imperatives refer
to certain fundamental stipulations on the essential characteristics for a
brand which are determined out of good understanding of the nature of the
business, larger industry and the market complexities. It is about the type,
class, and extent of the operations that sets the larger personality traits
for a brand. They are quite critical and happen to be the qualifying
elements of feasibility - for effective branding.
Such stipulations, being
innate to the brand indicate a certain attitude, approach and the way to go
about branding over time. Branding Imperatives remain true over long term
and rarely call for specific changes owing to changes in market
A competently prepared Branding
Imperatives document would serve as a guide for taking all kinds
of branding decisions. More importantly it helps to avoid flawed branding moves
that can have negative impact on the revenues.
Branding - all by itself
is a supreme marketing strategy. Nevertheless, it is important to understand
branding strategies - as distinctively different from marketing strategies.
Branding strategies facilitate sharper propositions and efficiency in
relating with the consumers. Competently developed strategies should result
in positive impact on revenues and value accrual
exceptionally effective operational solutions that arise out of structured
thinking on clearly defined issues. Branding Strategies can prove to be high
impact competitive tools across marketing functions - from product
considerations, value farming, pricing, channel management to relating with
the consumers and stakeholders. And, of course, infusing branding
perspectives into the works of every business function is one big branding
strategy that calls for perpetual efforts.
Branding strategies help
overcome stiff issues and situations. They open up blocked up revenues and
help make better with opportunities.
Brand Demand Drives
Branding necessarily is
about aligning a set of compelling reasons for the consumers to seek the
brand decidedly. It is about including and perpetually enriching such elements of consumer
desirability which collectively characterizes the brand. There are essential
drives and supplementary drives which together drive the demand
preferentially for the brand.
Essential brand drives
refer to the real values that arise from the products and the capabilities
of the company in providing them. They endow the brand with basic demand by their actual
potential to fulfill the needs and wishful expectations of the consumers.
Supplementary drives are elements that appeal to the convictions and
emotions of the consumers. They can cause preferential demand for the brand
by the appropriateness of their association and the effectiveness with which
they are fused into the brand.
Brand demand drives,
otherwise called brand attributes, contribute to the demand potential of the brand by
their true values and collectively they form the Brand Value Spectrum. In a
competitive situation, supplementary demand drives become essential and
creating them effectively happens to be the key to successful marketing.
Innovation is something
new that is useful, interesting and appreciable. Innovations; deliver greater value
to consumers, create interest, drive word of mouth communications and
therefore are exceptionally powerful in building brand equity.
For all businesses, real
innovation opportunities invariably exist in the products. It is about
enhancing their utility values to the consumers. While high value
innovations which are technical in nature call for persistent research minor
innovations which are incremental on value can be evolved through structured
thinking, not just about products but on all operations and tasks
promotions and of course by any and all the staff of the company.
Incremental innovations collectively create brand value and the ability and the culture to work with innovations can even be established as a superior brand attribute which can serve as a dominant competition strategy as well.