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December 29, 2005
How Branding Works
Building a brand is a process that takes time. Research shows that objective product quality alone does not explain the reason for customers selecting or not selecting a product; other factors are involved. Though you can reduce the time it takes to establish a new brand, sustained repurchase, a sign of loyalty, is gained over time. When positioning a product, remember that a brand image resides not so much in the product itself, as in perceptions. Also remember that your branding efforts might actually destroy your product if you fail to live upto the promise. Brands convey an identity, a set of associations and an image that goes beyond functions or performance of the product. Most important, brands raise expectations - people perceive a reduced risk (in terms of quality variations) when opting for branded products or services. CRM Today reports:
(There is a lesson) In David Ogilvy's deathless phrase: 'The consumer is not a moron. She is your wife!' Over the years, she has been sufficiently educated to know that store brands or cash-and-carry sales are excellent value for money. The frills absent in the store brands are irrelevant to the use of the product, so that when push comes to shove, she can afford to do without them.
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