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Week 8: Reinforcing, revitalising and retiring brands (1. Explain the…
Week 8: Reinforcing, revitalising and retiring brands
2. Describe the brand revitalisation options to a company to improve brand awareness and brand image
- If brand has fallen or even completely disappeared, a revitalisation strategy may be required to return it to prominence
- Returning to their roots to recapture lost sources of equity
- Identifying and establishing new sources of equity
- Expanding brand awareness
- Breadth of brand awareness is a concern for fading brands, as consumers tend to think of the brand in very narrow ways
- Need to expand the depth or breadth of brand awareness by improving consumer recall and recognition of the brand during purchase/consumption settings
- Starting point would be to increase usage, can easily change brand salience and awareness
- Increase usage by increasing level of consumption (how much) or frequency of consumption (how often)
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- Improving brand image
- Need to create a new marketing program to improve the strength, favourability and uniqueness of brand associations
- Changing the brand elements
- Brand elements may be changed to indicate a brand has taken a new direction
- But brand names are hard to change
- Can drop names/combine into initials to make it easier to be recalled
- Enter new markets
- Reach out to new consumer groups
- Abandon old consumer groups to target a new consumer group
- Repositioning the brand (when image is fading)
- Reposition the brand to establish more compelling PODs
- Overtime PODs are no longer strong, compared to comp so need to reposition them
- Remind consumers about brand benefits they might have taken for granted
- Link back to nostalgia. longing for the past, heritage of the brand
- Reposition to establish a POP if they are no longer POPs
1. Explain the important considerations in reinforcing brand equity over time
- We reinforce brand equity by marketing actions that consistently convey the meaning of the brand two consumers in terms of brand awareness and brand image
- Protecting sources of brand equity
- Should always look for potentially powerful new sources of brand equity
- Top priority should be to preserve and defend those that already exist
- Because these key sources of brand equity are of enduring value, they withstand the test of time
- Fortifying vs leveraging
- Marketers always face trade-offs, should they:
- Fortify and further contribute to brand equity or capitalise/leverage on existing brand equity by reducing advertising expenses
- Higher price premiums
- Introducing brand extensions
- Maintaining brand consistency (most impt)
- Consistency in the nature and amount of marketing support the brand receives
- Consistency is vital to maintaining the strength and favourability of brand associations
- Does not mean brands don't change, but need to maintain their brand meaning overtime
- Change features, creative strategy, price, alter brand elements, but strategic position should remain consistent
- Fine tuning
- Fine tuning existing marketing program, when their marketing tactics are no longer making desirable contributions to obtaining /strengthening brand equity
- Brand meaning can be enforced, depending on the nature of the brand associations that are tied to the brand
- If brand focuses on product related perf type associations, then product innovation is the key to maintaining/enhancing brand equity overtime
- So they can focus on their product design/merchandiseing
- Also impt not to change products too much, especially when the brand meaning is wrapped up in the product design or make up
- If brand focuses on non-product related imagery associations (new ad campaigns)
- Have symbolic/experiential benefits
- Relevance in use and user imagery is critical
- Often easier to change than product-related associations
- Marketing communications can aid a change in user imagery
- Too many re-positions can blur brand meaning
3. Discuss the strategic options for brand retirement
- Some brands are just not worth saving, their sources of brand equity may have essentially dried up or damaged
- Consolidate into a stronger brand
- Creates stronger brand, cut costs and focus marketing efforts
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- Reduce the no. of product types (package sixes or variations)
- Reduce the cost of supporting the brand and allow it to out its best foot forward so it can more easily hit profit targets