From the videos What Is a Brand? and Understanding Why Brands Are Important (TRANSCRIPTS ATTACHED), answer the following:

  • What is your favorite brand?
  • Name and describe five brand touchpoints using one touchpoint for each phase of the consumer buying process.
  • Explain why these are important to support the brand in each phase of the buying process.
  • Search the Strayer University Library or Internet for an article that supports your discussion on brand touchpoints and post the link in your discussion, using SWS formatting, for everyone to readWHAT IS A BRAND:

    What is a brand?

    Selecting transcript lines in this section will navigate to timestamp in the video

    – Are you a trustworthy person?

     

    Who says so?

     

    Okay, so you have friends and colleagues that say

     

    you’re trustworthy, but why do these people say so?

     

    I’m willing to bet it’s because you told them you were

     

    going to do something, and you did, over and over.

     

    You made, and kept, your promises.

     

    And because of that, you now have a brand reputation

     

    as someone people can count on.

     

    You may not have realized it, but you’ve understood

     

    the basics of branding all along.

     

    Simply put, a brand is a promise.

     

    It’s a promise you make to consumers

     

    when they do business with you.

     

    Now that definition may surprise you because most people

     

    think of a brand as a logo or a product’s name.

     

    It’s neither.

     

    Let’s do an experiment.

     

    I’m going to show you just two lines on the screen,

     

    and when you see them, I want you to say

     

    the first word that comes to mind.

     

    Ready?

     

    Now if you’re like most people,

     

    these two curved lines reminded you

     

    of the golden arches of McDonald’s.

     

    Even people who don’t go to McDonald’s

     

    will instantly associate this logo with the company.

     

    How can just two hand-drawn lines,

     

    that aren’t even the right color, by the way,

     

    cause you to recall a global billion-dollar fast food chain?

     

    Let’s take the experiment one more step.

     

    Close your eyes and think about a McDonald’s restaurant.

     

    Can you just taste those marvelous french fries?

     

    Can you see a Big Mac and other food items?

     

    Do you sense what’s going on inside the restaurant,

     

    with all the families, the parents playing with their kids,

     

    enjoying the time together?

     

    This is McDonald’s brand promise,

     

    those emotional feelings and cravings

     

    that are triggered when you think about McDonald’s.

     

    The brand logo and the brand name are not the brand itself.

     

    Rather, they are the visual cues to trigger

     

    that locus of emotions that the brand promises you.

     

    Let me share with you Four Keys

     

    to Building Successful Brands.

     

    First, your brand must be authentic,

     

    in that it’s truly tied to who you are as a company,

     

    meaning your values and core purpose.

     

    If these aren’t tightly linked,

     

    your promise is less believable.

     

    Your brand must be relevant,

     

    meaning that it promises something that’s important

     

    to consumers, and that they perceive your brand

     

    delivering that promise better than the competition.

     

    You must keep your brand promise consistent

     

    across every touchpoint you have with your customers.

     

    Why do people see you as trustworthy?

     

    Because you’re consistent.

     

    It’s the same for brands.

     

    If you lack consistency, you won’t build true loyalty.

     

    And finally, you and your organization

     

    must have a total commitment to keeping the brand promise.

     

    Your leadership and all of your employees,

     

    the ones who deliver your brand experience to consumers,

     

    must live the brand, support it,

     

    and continue to invest in it.

     

    If you’re working to create a brand,

     

    start by thinking of the brand promise.

     

    What experience do you want your customers to have

     

    when they encounter your brand?

     

    As you think about the brands you currently work with,

     

    ask yourself, is the promise you’re making the right one?

     

    Because once you make a promise, you gotta keep it.

    Understanding why brands are important

    Selecting transcript lines in this section will navigate to timestamp in the video

    – Why are brands important?

     

    Let’s take a look at one of the best brands

     

    in the world, Coca Cola.

     

    The total market value of the company is

     

    around $175 billion, but one asset in particular makes up

     

    about 75 billion of that, and it’s not the secret recipe.

     

    It’s the brand.

     

    Brands are both a strategic as well as a financial asset.

     

    A strong brand creates customer loyalty,

     

    and that increases the value of your company,

     

    value which can grow if you continue to invest in the brand.

     

    There are many other benefits of brands.

     

    Brands allow you to set higher prices

     

    for your products and services.

     

    People associate higher quality to branded products,

     

    and they’ll pay more than for a generic version,

     

    even when the two products are identical.

     

    Why? Because they trust the branded product more.

     

    Brands make and keep their promises.

     

    Once your product is branded,

     

    you typically earn a higher market share

     

    while lowering your cost of sales.

     

    Loyal customers don’t need to be marketed to as much.

     

    With an established brand,

     

    it’s easier to launch new products.

     

    When consumers see the brand’s logo on a new product,

     

    they instantly associate the brand promise

     

    to that new product from day one.

     

    There are other benefits of brands

     

    than just the marketing advantages.

     

    For example, studies show that companies

     

    with great brands have lower employee turnover.

     

    Popular brands help companies recruit the most talented

     

    and passionate employees.

     

    Brands create status and esteem for your company

     

    in the minds of industry leaders, community leaders,

     

    the media, and financial markets like Wall Street.

     

    But despite all these benefits, it may not make sense

     

    for you to create a brand.

     

    There are certain business situations

     

    where it would be a waste of money.

     

    For example, in completely new markets

     

    where there are very few, if any, customers,

     

    you’d be smarter to invest your resources

     

    in growing awareness and interest in the category first.

     

    If you’re already the market leader

     

    with most of the market share,

     

    creating a brand probably won’t pay off.

     

    If you’re in a highly fragmented industry,

     

    with hundreds or even thousands of small competitors,

     

    a brand may not be able to reach enough customers

     

    to make it worthwhile.

     

    If your business is such that you have only a handful

     

    of customers, perhaps even one customer like the government,

     

    branding won’t do much.

     

    Take a look at your situation before you jump right into it.

     

    But if your business depends on creating loyal,

     

    repeat customers, a strong brand is the surest way to do it.

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