How to Conduct Effective Pricing Sensitivity Analysis for Your Brand in the GCC December 4, 2024 Author: Omar Abedin, Co-Author: Hamna Asghar …
November 18, 2024
1. It all starts and ends with the Brand Capsule. The true essence of a brand, distilled down to three or four words, with the help of our brand marketing consultant. Every true brand has a capsule, and we know many of them without even realizing that in fact, the words themselves represent the truth behind the brands. For example… ‘Nike’ owns “Just Do It!”. Or you may even make a gesture with your hand that resembles a tick mark, or swoosh… and that would be enough for someone to understand everything you need him or her to get about the brand. What about Coke? “Happiness”. Mont Blanc? “I’m a success!” It works the other way around, too. “The Safe Car” will always be Volvo. Remember, this does not mean that BMW, Mercedes, Lexus or other car manufacturers are not safe – it’s just that their brands stand for other things in the consumers’ minds… So, what is your capsule?
2. Arguably the most important element of a perception plan – its heart – is the Brand Positioning. This is how brands build their uniqueness and make clear how they stand out from their competition. The Brand Positioning, a critical focus of our brand strategy consultants, answers four major questions:
3. The product is the third piece of the perception plan – the tangibles that the brand delivers. Coke will always own the stylized font that its name is written in, the red colour in which it is written (called Coca-Cola Red!), even the shape of the bottle is instantly recognizable, even if the bottle is nothing more than a pile of broken shards… So – what are the tangible reflections of your brand?
4. The fourth piece of the puzzle in a brand’s perception plan is – it’s heritage. Where does the brand come from? Where are its roots? Until you are ready to embrace that which makes you different – and hence unique – you are missing out on a great opportunity to brand yourself even more strongly.
5. A critical – and sometimes ignored – piece of the Brand Funnel™ is the Brand Personality & Values. Think of your favourite brand. Now imagine that brand is a person, and about to walk through the door. What do they look like? Male or female? Old or young? Educated or not? Urban or rural? Give them a personality and values, just like you would a real person. Now, take a step back and look at your brand. What are the top three personality attributes that you display, or are well known for? What values do you hold dear? These are not superficial things we are trying to get to here… these are the bedrock of your brand’s personality, the things that you can not, or choose not to, live without. Go deep. These things make YOU… YOU.
6. So, looking at the areas above, we come to the Key Differentiators of a brand. These are the things that make any brand unique, and they can be drawn from any area of the above five. In fact, if any brand hopes to succeed in the long-term, it needs to know what those differentiators are, and learn how to leverage them to the max. So… what your key differentiators? Which of the five areas of the Brand Funnel™ make you unique?
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