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‘Your brand is what other people say about you when your not in the room’
( Jeff Bezos. CEO and founder of Amazon ) The power of branding in America You cannot measure the importance and power of branding too highly when it comes to your marketing strategy. Branding is the total of the interaction of your customers’ experiences with a well known product such as IKEA, Coca Cola and MacDonalds. Branding is powerful because it helps you stand out from your competitors, helps your engagement with customers and importantly adds value to your marketing strategy. Branding elevates your image by creating a unique image and a strong message to your customers. This embeds an element of trust and reputation. It perceives value to a product which customers are willing to pay a premium for, for example, Ferrari, which people aspire to. It shows very strong branding by using a unique shade of red along with the emblem of the ‘Prancing Horse’ You can see it coming and you instantly know what make it is. Subsequently value for money is important from financial services to high street supermarkets. Tesco is a good example , portraying easy access and competitive prices attained through strong consistent branding. It has allowed the company to diversify without changing its branding, offering Financial Services, Banking as well as mobile phones. This leads us into branding change. Why change? If you are repositioning or redefining your brand. This may be because;- You may be extracting your business from a negative situation.
- You may have a confusing or a non distinctive brand in your market place.
- You may have outgrown your brand and need to upgrade it .
- Vincent Damon Furnier to Alice Cooper
- Demetria Gene Guynes to Demi Moore
- Ilynea Lydia Mironoff to Helen Mirren
- Eilleen Regina Edwards to Shania Twain
- Marion Michael Morrison to John Wayne