Hey!
If you like the notes…share this with someone that might enjoy it as well.
I’m teaching a brand management class to some executive MBA students this year…
So, this weekend, I’ve been working up some lecture notes, some resources, and some ideas to work into my teaching.
I figured I would share some of this stuff with y’all to see what you think and if I’m missing anything important.
Let’s give this a go…
- Nothing is destined to be a commodity. Don’t believe me? Look at chicken, bananas, and cashews.
- Brand/Branding/Brand Management.
- Brand is intangible. It exists in your customer’s head.
- Branding is the process of getting the right associations and connections in your customer’s head so that when they think of you, they think of the things you want them to think of.
- Brand Management is the process of doing branding.
- There are 3 key questions that good brand managers have to ask and answer to be successful.
- What segment of the market are we targeting?
- What is our position?
- What brand codes are we going to use?
- Brand Codes are the symbols, logos, pictures, taglines, smells, sounds, and other attributes that bring you to mind. Think of Tiffany Blue. The ivy at Wrigley Field. The shape of the Sydney Opera House.
- Brand Management is the process of managing Brand Equity.
- You know you have positive Brand Equity when people aren’t buying due to price, features, or convenience. If people are price shopping, your Brand Equity needs work.
- The 4 Ps are how you deliver on your brand strategy. The 4Ps are still a relevant framework. If someone starts talking about new Ps or some other such nonsense, run away. They don’t know what they are talking about and are likely going to cost you money and sales.
- Marketing is an investment in your business. Investing in your brand pays off over time, but it is hard to measure the long-term benefits so short-termism often wins out. The challenge is that sales promotions work, at first, but they are easy for the competition to steal, they teach people to buy at certain times, and they kill your profits.
What else would y’all like to see me include?
Or, is there something that y’all want to know more about?
Let me know.
Dave
FREE Price Session on August 15th at 1 PM.
Few things I shared this week: