What is a Brand? Brands and Branding

Jeff Bezos, the CEO of Amazon said that ‘Your brand is what people say about you when you’re not in the room.’ Let’s examine what we mean by the terms brand and branding. Watching this video is worth 3 Management Courses CPD Points*. 🔎 See below for details Marketing for Managers This video is part of course module number 8.3.1 Program 8: Managing Customers & Clients Course 3: Marketing for Managers Section 1: Brands and Branding Other videos in this section include: 🎬 What is Brand Management?    • What is Brand Management? The Role of a Br...   🎬 What is a Brand Strategy?    • What is a Brand Strategy?   🎬 What is a Brand Marketing Plan?    • What is a Brand Marketing Plan? And How to...   LESSON NOTES In 1955, anthropologist Burleigh Gardner and behavioral scientist Sidney Levy published ‘The Product and the Brand’ in the Harvard Business Review. It talked about the nature of the brand being separate from that of the product itself. What matters, they argued, is the customers’ perceptions of the brand; the ‘brand image’. Your brand is how customers perceive your business. It’s the sum of hundreds of interactions, both digital and human. Branding consists of all the marketing and communication you use to influence this perception. How you influence people will depend on your product, audience, channels, and objectives. Arguably, in many cases, customers buy a brand not a product. This is certainly true of loyal customers, and branding is about building customer loyalty for the brand. Brand Awareness The extent to which consumers can identify a brand under various conditions. There are two types of brand awareness: Brand Recall: ability to recall a brand as a source of a particular type of product or service. It is stronger than… Brand Recognition: how easily the consumers can associate a brand with a logo, slogan, color scheme, or other visual elements, without seeing the name. Brand Equity The strongest brands lead their markets. With enough brand equity, loyal customers will buy new products just because of the brand. The value of a brand, from its reputation. It’s important because customers often trust (or not) the brand over their perception of a particular product or service. High brand equity allows a business to increase prices. Brand Loyalty The feelings of attachment customers form with a brand mean they are likely to purchase repeatedly from a specific brand – sometimes without exploring alternatives. Compare this with customer loyalty, which involves customers choosing a product or service because of its quality. Brand loyalty means they will buy a product or service based only on their loyalty to the brand. Brands go Bad There is a downside to branding. The stronger the public awareness of and emotional attachment to your brand, the harder it will fall, if something goes wrong. RECOMMENDED EXERCISE 1. Does your employer have a brand? How would you characterize it in terms of quality and luxury, modernity and technology, reliability and durability, sustainability and eco-friendliness, fun and quirkiness (2 MC CPD Points) 2. Pick three brands you use in your home. How would you characterize each of them, in the same terms? How do the brand owners create these associations, with color, symbol, words, music? (6 MC CPD Points) DOWNLOADS Free Resources 🧰 CPD Tools - https://gum.co/MC-CPD Paid resources 🧳 Management Courses Onboarding Kit - https://gum.co/MC-ObK ($3) RECOMMENDED READING 📖 Branding: A Very Short Introduction https://geni.us/gGPWw8 📖 Branding For Dummies https://geni.us/cO4oPC 📖 The Brand Gap https://geni.us/cureu6 📖 Building a Story Brand https://geni.us/getCcr1 📖 Designing Brand Identity https://geni.us/DxzHwI6 ⭕️ Links to our book recommendations are affiliated through Amazon Managers Need a Basic set of kit to do your job well. Here are my top recommendations: https://kit.co/MikeClayton/manager-s-... (the links are affiliated) MANAGEMENT COURSES CONTINUING PROFESSIONAL DEVELOPMENT (CPD) POINTS You can record your Management Courses CPD points on our free, downloadable CPD record log. 📓 Download it at: https://gum.co/MC-CPD Each video has two levels of MC CPD points. For this video: If you simply watched the video, record 3 MC CPD points If you also carried out all of the recommended exercises, score a total of 11 MC CPD points #Marketing #ManagementCourses #Branding