Hello, I’m
Jim Glover, That Branding Guy, for Once a Day Marketing™. Today we are looking at an essential component
of brand stature.
The Y&R Brand
Asset Model addresses brand stature and brand strength, two critical components
of a Power Brand. (I recommend you take
a moment to study more about the Y&R Brand Asset Model.)
Esteem is
the key component of a power brand that assess whether or not the brand is held
in high regard by customers and/or potential customers; the higher the esteem,
the greater the Brand's stature. Like
personal reputation, the more positive the brand reputation the better it is
liked or even loved by customers. This
is the emotional side of branding.
The second
component of brand stature is knowledge. Are consumers knowledgeable about your
product? Are you enabling them to truly
understand what your brand is all about and what it stands for?
To determine
brand stature you don’t necessarily have to go through the steps that Y&R
did. You do want to consider the esteem
multiplied by the knowledge; the higher the score the higher your brand
stature.
A good
target goal would be to have high esteem and perhaps lower customer knowledge
about your product. From a marketing
perspective, you can always build that knowledge. Alternately, if customers have a lot of
knowledge about your product but don’t hold your product in high regard then
you have a different marketing challenge.
You will have to help them understand why there should be a greater
appreciation for your product or service.
It is
important to understand brand stature so you can focus your marketing message
to enhance the weaker component: esteem or customer knowledge. If anyone of those areas is low, strengthen
that component to strengthen your brand equity.
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a Day Marketing™. All rights reserved.