Here is very little consistency in people's understanding, or usage, of brand terminology. For clarity, we offer the following definitions:
1. A Product
Is something that is produced to function and exists in reality.
2. A Brand
Has meaning beyond functionality and exists in peoples minds.
3. Product Quality
Has major influence on Brand Qualities.
4. Brand Qualities
Are the thoughts, feelings, associations and expectations created by a Brand Identity.
5. Brand Identity
Is the way in which a brand is expressed visually and verbally.
6. Branding
Is viewing every customer related activity as part of the branding process and managing it accordingly. Everything a company does that affects its customer, affects the value of its brand.
7. Marketing
Means making it easy and motivating people to buy your product--through product design, pricing, packaging, distribution, advertising, etc.
8. Brand Marketing
Is pushing beyond product benefits to fulfill a strategic core promise. It means looking past the tangible to the intangible, accommodating buyers' practical needs while resonating with their deeper feelings.
9. Brand Strategy
Means deciding which brands are going to be used to deliver which products and services to which customers. (This may involve usage of global brands, umbrella brands, megabrands, subbrands, flanker brands, brand extensions and brand families.)
10. Brand Equity
Is the present value of the future combined purchases that are a result of the preference created, or the premium paid, for a brand's products.
Why do we want a brand?
All brands start by speaking to the needs and aspirations of an audience. The aspiration is the brand identity: that's a projection of how the brand wishes to be perceived by its target audience (as opposed to the brand image, which is the way the brand is, currently perceived).
Knowledge and appreciation of this core concept will allow the steward of the brand to develop the mission, build and nurture the market, maintain the brand philosophy, strategy, overall look and feel of the brand and, of course, the logo. What is the audience going to be satisfied with or disappointed by with the message coming from the brand? What is going to help build a strong brand identity (what would weaken it)? How can the aspirations for the brand identity be reached?
Who's Minding the Store?
The brand steward, usually senior executive from the parent company, must protect and cultivate the immutable core of the brand (about 50%) in order to ensure that the brand remains strong. The steward manages the part of the brand that must remain fluid (the remaining 50%) in order to keep the brand relevant and exciting. Typically we see a freshness and evolution in the brand's advertising and packaging, that's the part of the brand that is constantly evolving. The steward is responsible for overseeing the advertising agency's efforts to promote the brand, to develop brand segmentation internally (that is, the sub-brands) and to direct the packaging of branded products. The overall responsibility of the brand steward is to keep the brand on course and profitable.
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