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Branding offers many benefits to customers
and manufacturers alike. Customers like brands because
they offer identification, speed the purchasing process
and decrease purchasing risks. Customers get additional
functional and emotional value from branding attributes for
which they are willing to pay a price premium.
Companies profit from the revenue generated
by added values, increased awareness, and faster adoption
rates. Companies benefit from cost savings gained from loyal
customers, lower advertising, and lower product launch costs.
Communicators convey information easier with brand images.
Sales people have no problem selling their branded products
to end-users or winning favorable distribution conditions.
Brand Value Cycle
Highest brand value of a product is created
by following a 6-step process based on the
brand value cycle:
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Qualitative and
competitive market research to select necessary brand
attributes.
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Name selection and
product positioning strategies lead to the birth of a
brand.
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Awareness advertising
and trial stimulating promotion lead to brand awareness
and associations.
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Product and customer
satisfaction evaluation as well as repeat business
promotion and reminder advertising increases quality and
value perception.
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Internalized brand
attributes lead to perceptions of quality, value, image,
trust, and ultimately brand loyalty.
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Positive brand
evaluations are used in the launch of brand extension.
Brand Value Action Plan
Steiner Marketing's Brand Value Action Plan
addresses all steps in the brand value cycle. The
Brand Value Action Plan first assesses the situation and
determines critical factors, then develops a
strategy and improvement plan and finally helps implementing
it.
Get Your Questions Answered
If you have any questions about improving
your brand value, give us a call or
send us an email.
We will be happy to answer your questions.
Other Marketing Strategies from Steiner Marketing
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