you need a powerful BRAND IDENTITYConsumers attach real value to their relationships with their branded products and services. Creating a brand identity that inspires this kind of loyalty requires commitment. Your brand identity is your vehicle for differentiating yourself from the competition. A successful brand is instantly identifiable, and it also confers added value to a product or service. Consumers’ opinion about a product is shaped by their view of the brand; this is what drives sales, loyalty and supports premium pricing. Think of the value of Starbuck’s brand. Consumers will pay over £3 for a coffee when a cheaper alternative is often available. Starbuck’s brand communicates reliability and quality; consumers will pay a premium for this.
How to Create a Powerful Brand Identity?
A well-crafted brand identity is more than the visual images on the advertisements. Marketing of a brand needs to directly relate to your business strategy and mission statement. Large organisations do not always get this right. You might recall that The Gap changed their logo back in 2010 (see figure 1, below). The design itself was unpopular with consumers, but what was worse was the fact that the redesign said nothing about the brand. It did not appear to communicate anything new to consumers about the aims or values of the company.
Use the ‘marketing mix’ wisely
The ‘marketing mix’ used by marketers influences a brand’s identity and position. TV commercials, print media, online advertising and social media are all important aspects a successful marketing campaign. Compare the Market’s ‘meerkat’ adverts were one of the most effective marketing campaigns of recent years. UK-based Compare the Market is an online aggregator of car insurance offers. They were the fourth largest firm in a competitive marketplace. To make their brand stand out, Compare the Market designed a Russian meerkat, Aleksandr Orlov, to be their mascot in a series of TV commercials.