Managing Brands Over Time Through Consistency, Change, and Revitalization
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This document discusses managing brands over time and the long term effects of marketing on brand equity. It covers how consumer response changes based on past, current, and future marketing activities. It also discusses brand planning matrices, brand life cycles, maintaining brand consistency while allowing for some change, protecting and leveraging sources of brand equity, and strategies for revitalizing brands such as packaging changes, brand ambassadors, repositioning, entering new markets, acquiring new customers, and retiring brands. The key is identifying the right balance between fortifying and leveraging existing brand equity over the long term.
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Plus de LeRoy J. Ebert MCIM Chartered Marketer (UK), MBA (AUS)
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Managing Brands Over Time Through Consistency, Change, and Revitalization
- 1. Leroy J. Ebert DipM MCIM, Chartered Marketer, MSLIM Manager Marketing and Business Development – Logiwiz Ltd. Presentation Developed as Course Material for the SLIM Diploma in Brand Management MANAGING BRANDS OVER TIME
- 2. Understanding The Long Term Effects Of Marketing On Brand Equity Consumer response to PAST marketing activities Brand Knowledge Consumer response to CURRENT marketing activities CHANGED Brand Knowledge Consumer response to FUTURE marketing activities
- 3. Chernatony – Mac William brand planning matrix QB Toyota Nissan QA Ferrari Rolls ROYCE QC Maruti 800 Cherry QQ QD Ambassador Representational Functionality HIGH HIGHLOW LOW
- 4. Chernatony – Mac William brand planning matrix QB Alcatel QA Iphone, QC Bird QD Black berry Representational Functionality HIGH HIGHLOW LOW
- 6. Financial Implication Matrix C Long term positive net cash flow B Zero net cash flow D Short term high positive net cash flow A Negative Net Cash Flow LOW HIGH LOW HIGH Brand Investment Market Share
- 7. Maintaining Brand Consistency • Consistent marketing support the brand receives • Brand consistency is critical to maintaining the strength and favorability of brand associations • Brands with shrinking R&D and Marketing budgets run the risk of becoming technologically disadvantaged or even obsolete, out dated, irrelevant or even forgotten
- 8. Consistency and Change • Being consistent does not mean marketers cant do any changes • Old brands can link its roots to the modern communication in order to leverage residual brand awareness and
- 10. Protecting Sources Of Brand Equity • Identify key components of brand awareness that contribute to building brand equity
- 11. Fortifying Vs Leveraging • What are the activities that fortify brand equity • What activities leverage brand equity
- 12. Fine Tuning the Supporting • Product related performance associations: innovation in product, manufacturing, merchandising, extensions and new products. • What type of products fit this description • Non product related imagery association: for brands whose core associations are primarily non product related attributes and symbolic or experiential benefits, relevance in user imagery is critical. Non product related associations are easier to change
- 13. Revitalizing Brands • Packaging • Brand Ambassadors • New product launches • Re positioning
- 14. From Animal soap to a family soap
- 15. Expanding Brand Awareness • Identify additional or more usage opportunities i.e. Hameedia for new year • Identify new and completely different ways to use the brand i.e. milk maid recipe book which results in new uses
- 16. Repositioning The Brand • Nostalgic advertising can positively influence consumers • Intergenerational Influence • Heritage brands are considered to be trustworthy but boring, uninteresting
- 17. Changing Brand Elements • Change names shorten it i.e. KFC, FedEX, M&S • Packaging, logo’s characters. • Can you guess the brand from this ad?
- 18. Entering New Markets • Is a brand revitalization option • Target neglected segments • Gillette entering men’s market • ESPN entering movies market
- 19. Brand Migration Strategies Price High HighLow Fashion and design
- 20. Acquiring New Customer • Catch them young • Customers leave for natural reasons and for brand related reasons • Need more new that the number of customers that leave • Multiple marketing communication programs • Brand Extension & Sub Brand i.e. Jeep, Range Rover • New Distribution Outlets i.e. Sunglasses,
- 22. Retiring Brands • Retire or Milk • Reduce the product types which will reduce costs in manufacturing variants • Might bring the brand back to profit • If a sizable customer base is available, cut marketing efforts and milk the brand • Retire only if the brand cant be revitalized or re-launched • Last option
- 23. Content Extracted from “Strategic Brand Management” 3rd Edition Authors: Kevin Lane Keller M.G. Parameswaran Issac Jacob Presentation developed from SLIM Diploma In Brand Management Students Presentation developed by Leroy J. Ebert (17th May 2014)