Brand Strategy: Do You Know Your Brand?
By Abhinav Arora The brilliant Michael Porter wrote as the first line of his seminal work Competitive Strategy that "formulating competitive strategy is relating a company to its environment." Within this vision, your brand is that component of the competitive strategy for your product which relates it to the buyer. It is the component that makes it identifiable to the buyer and allows it to be differentiated from its competitors. At this point, it may be tempting to reduce a brand down to its advertising campaign or maybe even the colors/logo/design aspects. After all, a well-done, comprehensive marketing campaign can implant a desired image and visual differentiation within a consumer's mind. However, this understanding of brand is tactical in nature. An image planted will not survive the test of time, requiring regular booster shots in the form of campaigns as life support. Developing a sustainable brand for your product requires more triggers than just the campaign and is an exhaustive exercise encompassing product attributes, touchpoints, existing company brands and industry attributes, touchpoints, existing company brands and industry attributes.
- Product Attribute
- Existing Company Brand
- Industry Attributes
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