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Mktg sales week2_part2

  1. Week 2 Part 2
  2. Developing Brand Strategy
  3. ● A thorough understanding of the company’s CUSTOMERS, competitors, and business strategy. ● It’s the customer that drives a brand’s VALUE. ● Brand strategies need to be based on a powerful segmentation strategy, as well as in-depth knowledge of customer motivations. What Brand Identity Requires
  4. Establishing Consumer Based Brand Equity CBBE
  5. ● The differential effect that brand knowledge has on consumer response to the marketing of that product: ● Customers might be more accepting of a new brand extension for a brand with positive CBBE, less sensitive to price increases, and withdrawal of advertising support, or more willing to seek out the new product through new distribution channels. ● Brand equity as a BRIDGE: Consumer knowledge drives the differences that manifest themselves in terms of brand equity. Brand equity gives marketers a vital strategic bridge from their past to their future. ● Brands encompass past marketing efforts as collective investment in what consumers learned, felt, and experienced about their brands. ● Past brand efforts provide a map to the future. The CBBE Model
  6. ● According to the CBBE model, the following four steps represent fundamental questions that customers will ask about your brand: ● Who are you? (brand identity) ● What are you? (brand meaning) ● What do I think/feel about you? (brand response) ● What kind of association and how much of a connection would I like to have with you? (brand relationships) 4 Steps to Building CBBE
  7. ● Key to creating brand equity is creating a difference between your products and your competitors in your customer's ANMM. ● ANMM is a GREAT model to show how your and your competitor's brands exist in your customer's memory. ● Associative Network Memory Model: network of nodes (stored information) in our brains and links representing the strength of/ association between the information. Brand Knowledge - ANMM
  8. ●Brand image is the consumers’ perceptions about the brand, as reflected by the brand associations held in the consumer memory. Brand Knowledge
  9. Want to Buy a Motorcycle?
  10. • Short phrases that communicate descriptive or persuasive information about the brand. • Powerful branding devices… Slogans
  11. “To protect and to serve.”
  12. “Be all that you can be.”
  13. “The greatest show on earth.”
  14. “Don’t leave home without it.”
  15. “Think different.”
  16. “Melts in your mouth, not in your hands.”
  17. Sample Marketing Campaign: The Creative & Implementation
  18. You’re Not YOU When You’re Hungry
  19. Mazda SkyActiv Brand
  20. Mazda SkyActiv Brand
  21. Mazda SkyActiv Brand
  22. • Create unique aspects of the brand on one or more dimensions important to the customer (convenience, price, variety) Building a Brand
  23. B2B Branding
  24. • Where does your firm’s USP, what is its target market, position in value chain strategy for delivering superior value? • How does your brand fit in the organizational buying process? • Emphasize your corporate brand. • Build your brand around intangibles (expertise, trustworthiness, credibility.) • Distinguish your brand strategy from corporate communications. B2B Branding
  25. • Apply segmentation analysis. • Build your brand using multiple media (trade shows, professional journals.) • Top-down and bottom-up. • Educate entire organization on your brand strategy. B2B Branding
  26. People Are Brands
  27. People Brand
  28. People Brand
  29. Cause Based Marketing
  30. Cause Based Marketing
  31. Organizations Brand
  32. • Savvy customers • Brand proliferation • Media fragmentation – Cost – Clutter: 10-15 second spots join :30 & :60 spots – Fragmentation: Growth of independent stations & cable – Technology: VCRs, Remote controls, TiVo • Increased competition • Increased costs • Greater accountability by marketers to hit short-term profit goals Today’s Branding Challenges
  33. Brand Equity
  34. • You achieve different outcomes from the “added value” attributed to a product as a result of marketing the brand. • You can create value for the brand in many different ways. • Brand equity provides a common denominator for interpreting marketing strategies and assessing the value of a brand. • There are many different ways in which the value of a brand can be exhibited or exploited to benefit the firm. Brand Equity
  35. “…it is not factories that make profits, but relationships with customers, and it is company and brand names which secure those relationships.”
  36. • Designing and implementing marketing programs and activities to build, measure and manage brand equity. Four MAIN steps: – Identity and establish brand positioning – Plan and implement brand marketing programs – Measure and interpret brand performance – Grow and sustain your brand equity Strategic Brand Management
  37. The 4-Step Strategic Brand Management Process
  38. • Identify & establish the brand’s position: – The act of designing the company’s offer + image so that it occupies a distinct and valued place in the customer’s mind such that the potential benefit to the firm is maximized. – Determine what it is going to “REPRESENT.” STEP 1
  39. – Decide how to position it to consumers. – Create your brand’s superiority in the minds of consumers. – Convince consumers of the advantages or points of difference your brand has over the competition. – Remove any potential customer concerns @ possible product disadvantages (points of parity.) STEP 1
  40. Plan & implement brand mktg programs: – Create your product (brand) that consumers are aware of and which they have strong, favorable, and unique brand associations. Depends on 3 factors: • How you choose brand elements/identities that make up the brand and how they get mixed & matched • All of the marketing efforts and supporting programs and how the brand is built into them • All of the other connections indirectly transferred to or leveraged by the brand as a result of linking it to some other entity (like the company, country of origin, methods of distribution, or other brands) STEP 2
  41. Measure & interpret brand performance: – Best accomplished by using a brand audit: an examination of the brand to gauge its health, uncover sources of equity, and suggest ways to improve/leverage that equity. – Leverage a tool called the brand value chain, to trace the value creation process for brands, to better understand the financial impact of brand marketing expenditures and investments. – Design and implement a brand equity measurement system of research procedures designed to provide timely, accurate and actionable information for marketers to make the best tactical decisions. STEP 3
  42. Grow and sustain your brand equity: – Define the branding strategy to create guidelines about which brand elements to apply to its products/services: • Brand-product matrix • Brand hierarchy – Manage your brand equity over time: demands that you take a long-term view of all your marketing decisions by maximizing all your SHORT-TERM marketing mix actions (5Ps) – Manage brand equity across geographic boundaries, cultures and market segments • Factor into your brand different types of consumers in developing your branding and marketing programs. STEP 4
  43. For Discussion How does technology change the way marketers engage customers?
  44. The 7Cs to Building WORLD-CLASS Websites
  45. • The interface (website) is the visual and virtual representation to communicate the firm’s value proposition. • Provides significant information to existing and prospective clients. • Successful design is critical to answer questions, engage visitors, and create compelling online experiences. • Should attract target segment customers AND deter non-targeted visitors. The 7Cs
  46. • CONTEXT: Captures the aesthetics and functional “look and feel” of the website. • CONTENT: All the subject matter contained on the site. • COMMUNITY: A set of interwoven relationships built upon shared interests. Can create content or services that attract consumers to the website. • CUSTOMIZATION: a site’s ability to modify itself to– or be modified by– each user. The 7Cs
  47. • COMMUNICATION: the dialog that unfolds between the site and visitors takes 3 forms: – Firm to user (ex. email messages) – User to firm (ex. customer service request) – User-to-user (ex. instant messaging) • CONNECTION: All of the links between the website and other sites. • COMMERCE: the transactional capacity of the site. The selling of products, shipping, payment options, check out and order confirmation. The 7Cs
  48. IS Your Website Worth Visiting?
  49. 64 • Every Page Needs a Link to a Lead Form • Banner Advertising (Cost per Click vs. Cost per Acquisition?) • Multiple Languages • Success Stories, Testimonials, Case Studies • Custom Landing Page For Ea. Promotion • How Easy To Navigate? • Update Product Information Continuously The Chazin GroupYour Website
  50. 74 Hunter Or Farmer? The Chazin Group
  51. 76 Are you a TAKER or a GIVER? The Chazin Group
  52. 79 The Chazin GroupSeek New Markets
  53. 80 Be Focused, Set Goals, Hold Yourself Accountable, “Own” Your Career The Chazin Group
  54. 81 • How Long Does It Take to Follow Up on a Lead? Set a Company Policy • Ask All Leads: How Did You Hear About Us? • Use Campaign Specific Reference Codes • Apply Unique Tel #s For Each Campaign to Track Results • Utilize a Lead Capture/Management System The Chazin GroupProspecting
  55. 82 • Develop a Strategic Networking Plan For Identifying, Engaging and Converting Prospects • Create a BEST Customer Profile • The ABC’s of Selling (Always Be closing) Versus Relationship-Building • USP or UVP? • Launch a “Give to Get” Referral Strategy The Chazin GroupSeek New Markets
  56. 83 Where Are Your Referrals? The Chazin Group
  57. 84 • For Small Businesses New Business Comes One of 3 Ways:  50% Existing Relationships  35% Referrals  15% Advertising The Chazin GroupThe Power of Referrals
  58. 85 Expand Your Offerings The Chazin Group
  59. • Create Action Plan to Develop Apostles – Conduct needs assessment – Develop set of CUSTOMIZED solutions – Convince client to implement your recommendations – Review annually – Target of 12 Gaining Apostles
  60. • Three Steps to Gain Apostles: – Write down the names of your apostles – Write down what it takes to keep them – Write a list of clients to convert to apostles: • 2X the Actual # Current Apostles • Follow Actions From Previous Step • Convert 50% Per Year Until Magic 12 Gaining Apostles
  61. • Learn Your Prospect/Client’s Top Pain Points • What Challenges Do They Face • Deliver Value at Every Stage of the 4-Step Sales Process • Exceed Their Wildest Expectations • Empower Every Employee to do the Same • Account Penetration Strategy • Create Policy of “Standards of Care” Selling Best Practices
  62. • Follow Customer Conversations Online • Align Sales, Marketing, & Product Management • Touch Them Several Ways • Focus Your Presentations in Their Problems • Become More Visible: – Attend Shows & Conferences – Write Articles – Facilitate Roundtables Selling Best Practices
  63. 90 Negotiate for Success
  64. • Control Your Emotions and Ego • What’s Really Important Here • Weigh ALL Your Options • Are Your Being Fair & Reasonable • Focus on the Merits, not Conflicting Positions • Use OBJECTIVE Criteria, Not SUBJECTIVE Negotiate for Success
  65. • Objective Criteria Includes: – Precedent – Traditions – Cost – Market Value – Professional Standards – 3rd Party Opinions Negotiate for Success
  66. • Be Flexible, Adjust Your Tactics to the Other’s Tactics • Confront the Other Side When You Think They’re Playing a Game • Silence is GOLDEN$$$ • Never Threaten Unless The Threat’s REAL • Be Prepared to Walk Away Negotiate for Success
  67. 94 Partnerships Revisited
  68. 95 • Re-assess Your Relationship Terms • Investigate Your Partner’s Credit Worthiness • Identify/Execute M&A Opportunities Quickly • Pursue More Equitable Revenue Splits • Find New Sales Channels With Agents & Resellers • Learn All You Can About Your Partners • Barter For Service In Lieu of Payments The Chazin GroupPartnerships Revisited