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Marketing
The Brand Report Card
Most managers recognize the value in building and properly managing a brand. But few can objectively assess their brand's particular strengths and weaknesses. Most have a good sense of one or two areas in which their brand may excel or may need help. But, if pressed, many would find it difficult even to identify all the factors they should be considering.
To give managers a systematic way to think about their brands, Tuck School professor Kevin Lane Keller lays out the ten characteristics that the strongest brands share. He starts with the relationship of the brand to the customer: The strongest brands excel at delivering the benefits customers truly desire, he says. They stay relevant to customers over time. Pricing truly reflects consumers' perceptions of value.
Keller then moves on to consider marketing strategy and implementation: Strong brands are properly positioned. The brand stays consistent. Subbrands relate to one another in an orderly way within a portfolio of brands. Full ranges of marketing tools are employed to build brand equity.
Finally, he looks at management considerations: Managers of strong brands understand what the brand means to customers. The company gives the brand proper support and sustains it over the long term. And the company consistently measures sources of brand equity.
By grading a brand according to how well it addresses each dimension, managers can come up with a comprehensive brand report card. By doing the same for competitors' brands, they can gain a fuller understanding of the relative strengths of their own brands in the marketplace. |
