Brand power

by Tony Fannin, president, BE Branded

The power of brands is far from exact science. It’s more of an art. Though it’s not a tangible asset, the economic effects are real. There are various methods and tools to “measure” brand and its power and affect on the marketplace. In today’s environment, your brand does not stand isolated. It’s effected in by your competitors and other market pressures. It’s often said that if you’re in the middle, you become roadkill. This chart will help you visualize how detrimental it is to be “average”.

The brand power chart helps companies understand the position they are in compared to their competitors and the unique forces that each position must face as challenges. There are 4 levels of brands:

Brand power

Elite brands – They are flagship brands, icons. No one is outrunning them. They can move forward with minimal effort. Stable. Efficiencies are gained through superiority. They have to spend less on “catch-up” strategies. The pressure is to work harder, even though there is no preceived threat. They have to push themselves and not get hubris.

Above average brands – Though not icons, they are extremely powerful. These brands must work the hardest. They must contend with the power of the downward force exerted by the Elite brands. The must struggle to just maintain their market status without the resources of the Elite brands. Then they must content with the forces from below who are trying to squeeze them out of their market positions and take it for themselves.

Average brands – These are somewhat stable, but not powerful. They are neither gaining or declining. They just exist. The danger is eventually, they become irrelevant and disappear. They get great amount of pressure from the Above average brands and the Below Average brands.

Below average brands – These brands have the most to gain and little to lose. They are at the bottom of the market. Their advantage is that it takes less effort to move up a level than any other brand position. These brands can afford to take larger marketing risks because of the huge upside and minimal downside.

Understanding where your brand is will help a you develop the right marketing and advertising strategies. It also helps you to be objective when facing your current circumstances and market situation. When you know what you’re up against, it’s easier to focus your efforts and not just “shotgun” them at everything that moves.

www.bebranded.net
317-797-7226

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About Be Branded

Tony Fannin is of President of BE Branded, an integrated marketing firm who helps clients BE Somebody to their customers. If you aren't somebody, then you are commodity.

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