Hello, I’m Jim Glover, That Branding Guy for Once a Day Marketing™. Today is Smart Monday and we are continuing our series reviewing Young & Rubicam model about brand equity, specifically looking at brand stature.
There are two components that comprise brand stature. One is esteem. The other is knowledge.
Esteem is whether or not your product or service is held in high regard in the marketplace. Is it best in class or not? With respect to its growth, is it growing in popularity or is it declining?
How knowledgeable are consumers about your product? Do they truly understand what your brand is all about and what it stands for?
As we discussed in my previous blog about determining brand strength, 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 to weaker component; differentiation, relevance, esteem or customer knowledge. If anyone of those areas is low, strengthen that component to strengthen your brand equity.
That concludes Smart Monday. Join us tomorrow for Strategic Tuesday. To discuss an online or face to face service engagement and enhance the marketing and branding for your organization, contact James Glover: (505) 501-1330 or email@example.com. I’m Jim Glover, That Branding Guy, for Once a Day Marketing™ and we’ll see you next time.
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