Unit 2
Implementing and planning of Brand Marketing Programs
Brand elements are the entities in the brand which defines the whole existence of a particular brand. It is also known as the identity of a brand.
2.1.1 Meaning
- Brand elements are aspects that makes a brand to be recognizable and differentiable.
- Brand elements is also referred as Brand Identities.
- These elements are things like brand names, logos, jingles, slogans, packaging, and so on.
- A strong brand has elements that are easy to identify and differentiate the product from its competitors.
1. Brand Identity- Brand identity is the noticeable elements of a brand, such as color, logo, and design that classify and distinguish the brand customer’s minds.
2. Brand Extension- It is the impression of going beyond ones origin and exploring new ideas.
3. Brand Positioning- This element describes how a brand distinguishes from its rivals and where, how, it stands in customer’s minds.
4. Brand Image- It is the idea of the brand that the public develop in their minds. The automatic like to the brand’s identity and people.
5. Brand Equity- Brand Equity refers to the added value that a customer attaches with the brand that is exceptional from all the other such brands available in the market.
6. Brand Gap- Brand Gap is the difference between what a brand assures to deliver through its message and what it actually delivers.
7. Brand Differentiation- It means how a brand shine out in the market from other brands.
8. Brand Experience- It’s is an amalgamation of everything that a consumer goes through while buying and using that brand.
9. Brand Personality- It is very much alike the persona of human beings. It is certainly a personal or emotional qualities that we link with a particular brand.
10. Brand Communication- It is the communication that a brand conveys through numerous sources like brochures, advertisements, brochures, hoardings and punch lines
2.1.2 Criteria for choosing Brand Elements
1. Memorable
2. Meaningful
3. Likable
4. Protectable
5. Adaptable
6. Transferable
Following are the detailed meaning behind these brand elements
- Memorable- It means how easily a brand can be recognized and recalled at the time of both purchase and consumption.
E.g.: The image of a cougar in puma brand.
2. Meaningful – The brand elements should always be expressive and signifying of something about the brand. The essentially he important criteria are that it should provide overall data about the nature of the Category and its product.
E.g.: Dairy milk suggests that its product contains milk in the chocolate
3. Likable- The brand elements need to be amusing, stimulating, flamboyant, and not essentially always directly connected to the product. An unforgettable, expressive, and pleasant brand element makes it easier to build brand recognition and brand equity
4. Protectable- A brand should be lawfully registered so, it can be protected globally for competing with other brands. It should dynamically defend trademarks from other unauthorized competitors.
5. Adaptable- The brand elements should be bendable so as to keep it updated to maintain and boost importance and meaningfulness.
6. Transferable- It is the degree to which brand elements of the current product can be used for making new products. A marketer is required to keep in mind that it should be able to enhance brand equity through geographical boundaries, market segments, and brand extensions.
2.1.3 Types of Brand Elements
- Logos- Logos are the name of the product to help it differentiate from other brands.
- Slogans- These are the short expressions that communicate vivid or convincing information about the brand
- Characters- A distinct type of brand representation, which takes on human or real life characteristics.
- Symbol- It is a sign that represents the company
- Packaging- Conveyance of pertinent and required facts to help the consumers figure out the characteristics of the product in an attractive form.
- Mascots- It is a unique symbol, either original or animated.
- URLs- It is the address of the website of a brand which is the short form for ‘Universal Resource Locator.
- Jingles- They are the melodic messages about the brand written in rhythmic form possibly rhyming in a catchy music.
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A marketing strategy that gives importance to the significance of a steady, unified, multi-dimensional brand experience for the consumer is known is integrated marketing.
This essentially means that each marketing strategies through Internet, television, radio and in person is offered in an intensively similar style that embeds the ultimate message by the brand in the consumer’s mind.
This impressive way of marketing is becoming increasingly popular due to the increasing media fragmentation which is now normal with the consumers.
With the enormous number of brands trying to make their presence known through social media and other advertisements, those who have embraced integrated marketing stands out extensively.
2.2.1 Development of the integrated plan
Consumer’s understanding towards the brand and their approach towards the product, competitor’s product positioning, and their attitude towards various technological advancements, combined together, makes the base of an extensively finest plan, thereby, attempting to reach the potential customers.
The marketing team should reflect how to implement their integrated marketing campaign, they should know their focus and its identity on priority. The next step is to determine design, messaging, product performance experience and the customer service. Getting a clarity on these aspects can help build a powerful plan to identify the best suited platform and strategies to leave a marketing impact on the consumers.
Ways to do Integrated Marketing?
- Promote advertisements across various media
- Detailed and specific targeting of audience
- Prioritizing the data and accountability when running the campaigns
- Direct communications to the consumers in a pleasing way
2.2.2 Role of Marketing Managers
Marketing managers looks after all the activities within a company’s advertising, marketing, and promotional section. They create brand strategies and growth plans, assess customer’s need, and twist marketing plans to frame a perfect one for the success of the company.
2.2.3 Role of Social Media Managers?
Role of Social Media Managers is to develop and plan the integrated social media marketing and community marketing strategies, to observe style guidelines, and monitor brand reputation through an active and interactive connection and preference analyzing of the consumers.
2.2.4 Role of marketing coordinators
A marketing coordinator systematizes and implements the daily tasks of personalizing a brand across all marketing platforms. Typically responsible for coordination and communication with all the employee who work together to make a fruitful integrated marketing campaign, it is the marketing coordinator who substantially know the brand and its importance in and out.
Key takeaways:
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Marketing personalization, also known as personalized marketing, individual marketing or one-to-one marketing, is the essentially related to using data to convey brand messages at an individual prospect. Personalization can be considered a significant component to upsurge both income and consumer’s base because it allows a business to segment its customers and target them consequently
Targeted marketing classifies an audience likely to purchase services or products, and thereby, promotes those services or products to that audience. Once these key groups are recognized, companies develop marketing campaigns and specific products for those preferred market segments.
2.3.1 Experiential Marketing
Experiential marketing is a marketing method that generates experiences between brands and consumers. Experiential campaigns use an activation to bring brands to life and communicate directly with the target audience.
Example: Volkswagen- Piano Staircase.
Volkswagen turned a subway staircase in Stockholm, Sweden into a massive piano when nobody was looking. Each step produced the sound of a different piano key as people ascended up and down the stairs. The campaign was a part of "The Fun Theory," which suggests people are more likely to do something if it looks enjoyable.
2.3.2 One to One Marketing
One-to-one marketing is marketing technique that interacts directly with a customer. Businesses who use one-to-one marketing believe that modified, custom-made marketing messages are more likely to stand-in better customer loyalty.
The main objective of one-to-one marketing, alike every other marketing is to make a sale. One to one marketing connects directly to the consumer. It is a CRM strategy that emphases on personalized interactions.
It is a type of direct marketing in which a salesman, or a tele caller communicates directly with somebody. This person is somebody the company targets deliberately.
Example: Hair salons and caterers provide specific services and products based on each client’s requirements and needs.
2.3.3 Permission Marketing
Permission marketing is a procedure of advertising where the audience is given the option to receive promotional messages. Typical forms of permission marketing: opting into getting updates as part of an email list.
This sales approach includes marketers gaining permission from potential customers before sending them email marketing messages. It is one of the more effective forms of communication because consumers are in control of the messages they receive.
Key Takeaways:
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A product strategy summaries a company's strategic idea for its product offerings by asserting how they will get there, where it’s going, and why they will succeed. It allows you to focus on a definite target market and feature set, instead of attempting to be everything to everyone.
Every excellent product strategy is encompassed of three parts: Vision, Goals, and Initiatives
Vision: Vision designates the market landscape, who the consumers are, their need, and how you plan to deliver a unique offering.
Goals: Goals are quantifiable and outline what you want to achieve in the subsequent quarter, year, or 18 months
Initiatives: Initiatives are the high level efforts that will aid you to achieve your goals.
2.4.1 Perceived Quality
It can be well-defined as the consumers’ opinion about the whole quality or appearance of the product or service or the brand itself considering the purpose of use as against its substitutes.
If it is a product, the consumers consider the following seven features for assessment
1. Performance
2. Reliability
3. Specifications
4. Features
5. Durability
6. Fit and Finish
7. Serviceability
For an instance, let’s consider an example of a refrigerator:
1. Performance- The performance quality of the refrigerator
2. Reliability- Is it going to perform the same like the present performance in the next few years?
3. Specifications- The frequency of the need to service the refrigerator.
4. Features- The various list of attractive facilities the refrigerator has. Like a freezer mode for the whole fridge.
5. Durability- The life span till it can actually last.
6. Fit and Finish- The overall look and design of the product
7. Serviceability- The efficiency of the servicing facility of the refrigerator.
2.4.2 Relationship Marketing
Relationship marketing is about creating long term relationships with consumers. Instead of trying to boost an one-time sale, relationship marketing attempts to nurture customer loyalty by giving exemplary products and services.
Implementing a Relationship Marketing Strategy:
1. Prioritize Customer Service in Your Relationship Marketing Strategy
2. Promote Engagement via Content Marketing
3. Match Your Social Media campaign Tactic to Your Audience.
Implementing a Relationship Marketing Strategy:
1. Keep Email Marketing at the top of the mind for greater customer retention
2. Device a Loyalty Program
3. Use Relationship Marketing to absorb about the audience through surveys.
4. Select Customer Service as priority in your Relationship Marketing Strategy
5. Promote customer engagement through Content Marketing
6. Match the Social Media Approach with your Audience
Key Takeaway:
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A pricing strategy takes into attention, the ability to pay, and segments, present market situations, competitor pricing, trade margins and input costs. It is aimed at the definite customers and against competitors.
2.5.1 10 major types of pricing strategies
- Competition-Based Pricing Strategy- Also known as competitive pricing or competitor-based pricing, this type of pricing strategy focuses on the current market rate for a company’s product or service, it doesn’t take into consideration the cost of their product or consumer’s demand.
- Cost-Plus Pricing Strategy- A cost-plus pricing strategy focuses solely on the cost of producing your product or service. It’s similarly known as markup pricing as businesses who acquire this strategy “mark up” their products built on how much they’d like to profit.
- Dynamic Pricing Strategy- Dynamic pricing is also recognized as surge pricing, time-based pricing or demand pricing. It’s a bendable pricing strategy where prices vary based on market and customer demand.
- Freemium Pricing Strategy- A amalgamation of the words “free” and “premium,” freemium pricing is when businesses offer a simple version of their product expecting that users will ultimately pay to upgrade or access more features. Different from cost-plus, freemium is a pricing strategy usually used by SaaS and other software companies. This strategy is chosen because free trials and limited memberships offer a “peek” into a software’s full functionality and also build reliance with a probable customer before purchase.
- High-Low Pricing Strategy- A high-low pricing strategy is when a business initially sells a product at a great price but drops that price when the product lowers in novelty or relevance. Discounts, year-end sales and clearance sections are examples of high-low pricing in action, hence the motive why this strategy may also be termed a discount pricing strategy.
- Hourly Pricing Strategy- Hourly pricing, also well-known as rate-based pricing, is usually used by freelancers, consultants, contractors, and other individuals or laborers who offer business services. Hourly pricing is basically trading time for money. Some clients are uncertain to honor this pricing strategy as it can incentivize labor instead of effectiveness.
- Skimming Pricing Strategy- A skimming pricing strategy is when businesses charge the top possible price for a new product and then reduce the price over time as the product starts becoming less popular. Skimming is dissimilar than high-low pricing in that prices are dropped gradually over time.
- Penetration Pricing Strategy- Compared with skimming pricing, a penetration pricing strategy is when corporations enter the market with a tremendously low price, efficiently drawing attention (and revenue) away from higher-priced competitors. Penetration pricing isn’t maintainable in the long run, however, and is classically applied for a short time.
- Premium Pricing Strategy- Also famous as premium pricing and luxury pricing, a prestige pricing strategy is when corporations price their products high to present the image that their products are of high-value, premium or luxury. Prestige pricing emphases on the perceived value of a product rather than the actual value or production cost.
- Project-Based Pricing Strategy- A project-based pricing strategy is the contrary of hourly pricing, this method takes a flat fee per project alternative of a direct exchange of cash for time. Also, it is used by consultants, contractors, freelancers, and other individuals or laborers who offer business services.
2.5.2 Setting Prices to Build Brand Equity
Pricing is just as significant to brand equity as other differentiators, because it is a source of identity and meaning. A solid pricing strategy can have an optimistic effect on brand equity, while a deprived strategy can do the contrary. The numerous types of pricing strategies comprise discounted, premium pricing or competitive pricing, cost-based pricing, penetration pricing or introductory, average low pricing and bulk pricing or bundle. Finding the right pricing strategy is extremely important for the brand equity of your business.
Key Takeaways:
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Marketing Channels are defined as ‘sets of interdependent organizations involved in the process of making a service or product available for usage or consumption.’ Channel Strategy comprises the management of intermediaries such as wholesalers, distributors, retailers, etc.
Types of channel strategies:
1. Direct
2. Indirect Channels
2.6.1 Direct Channel
In a direct channel, a producer sells the product directly to a consumer without the help of intermediaries (middlemen). In a direct channel, channel, a manufacturer tries to reach the consumers through the following:
a. Company owned stores
b. Online retail
c. Telemarketing
Direct channel of distribution eliminates the costs of sales commission and discounts which have to be offered to the intermediaries to generate business. It also allows the manufacturer to have direct contact with the consumer and the ability to answer questions and provide better customer service.
2.6.2 Indirect Channels
In an indirect channel, there are one or more middlemen (intermediaries) between the manufacturer and the consumers. Indirect channels may be classified as the following:
- Manufacturer – Retailer – Consumer
- Manufacturer – Wholesaler – Retailer – Consumer
- Manufacturer – Agent – Wholesaler – Retailer – Consumer
Key takeaways:
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Promotion strategies are necessary to get the brand noticed by the community and appealing new customers. There are plentiful ways to promote a product or a service. Some of the ways of
- Personal Selling –
a. Salesmen
b. Showrooms
c. Exhibitions
d. Trade shows
2. Public Relations –
a. Media introductions
b. PR Events
c. News/media releases
3. Advertising –
a. Magazines/newspapers
b. Television
c. Radio
d. Outdoor ads
- Digital Marketing
a. Company websites
b. Social media – Facebook/Twitter
c. Blogging
d. Mobile phone promotions
e. You tube
2. Sales Promotion
a. Coupons
b. Discounts
c. Referral Programmes
d. Loyalty incentives
3. Direct Marketing
a. Mail orders
b. E-mail
c. Telemarketing
d. Point of sale displays and signs
Developing Integrated Marketing Communication Programs
6 Steps in the IMC Planning Process
Step 1: Know your target audience
Step 2: Develop a situation analysis
Step 3: Determining marketing communication objectives
Step 4: Determining your budget
Step 5: Strategies and tactics
Step 6: Evaluation and measurement
Key Takeaways:
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Linking a brand with entities (things with independent existence) which are already known to the customer. As there is a link amid the brand and the entity, the associations are a part of the entity become valid to the brand.
Various ways of leveraging secondary brand associations:
Companies
Countries
Channel of Distribution
Co-branding
Characters
Events
Companies- It is a great source of brand equity as it may evoke a sense of affiliation, benefits and relationship
Countries- This means that products are sold on the basis of the country of their origin.
Channel of Distribution- In this, the retailers are able to create an image of their store in the minds of the customer. Retailers create these associations through the products and brands they stock in the store.
Co-branding- Also known as brand alliance, it take place when two or more prevailing brands are joint into a joint product or are marketed together in some way or the other. E.g. Axis bank credit card co-branded with Flipkart. It is important to reminisce that both the brands should have equivalent brand equity, otherwise it will not work.
Characters via licensing- Licensing creates contractual arrangements whereby firms can use the names, logos, characters, characters, etc. to make their own brands for some fixed fees. A product license agreement between the two parties allows one party to sell the other’s merchandise.
Events- The products are sold through exhibitions or promoted through sponsorships
Key Takeaways:
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References:
- Marketing Management by Philip Kotler and Kevin Lane
- Brand Marketing by Kirti Dutta
