Hidden Meaning Behind Word BRAND every marketer should know
BRAND = Brand Objective + Brand Reach+ Brand Audience + Brand Need + Brand Demand
B = Brand Objective
R = Brand Reach
A = Brand Audience
N = Brand Need
D = Brand Demand
BRAND for me is not merely word, for me it is an acronym which holds 5 essential elements of marketing as mentioned above.
Before I work on any brand management or if I am consulting for a brand, I follow all the 5 key marketing elements hidden in the word ‘BRAND’.
In this article I have explained all the 5 elements of ‘BRAND’
B = Branding Objective
Brand Objective is the Reason for the Brand’s Existence. It is the Vision, Mission or Goal of the brand. Brands should not only be clear with their brand objective but make sure they are consistently pursuing them.
Make sure your Brand Objectives are S-M-A-R-T
S = Specific
Specific here means clear, we should be clear in our objective and also link it with clear outcome.
M = Measurable
An objective without any measurement is just like walking on the road without knowing the destination, it should have some destination, it should have some measurable result to track the progress. It is impossible to know if we have accomplished the objective unless it is measured.
A = Attainable
Objective should be realistic. We all should have that belief that we can achieve the objective. We have the skills and expertise required to achieve the objective and we know what is the process of doing that and it can be done by taking small steps towards the goal.
R = Relevant
Make sure we have the required resources to start, continue and complete the objectives. We have enough resources to work consistently towards the objectives.
We have to see whether we have the 5M’s of management i.e. Men, Machine, Material, Money and Method.
Also it is very important to choose the relevant method to reach the objectives and we should keep on tracking and measuring the results to ensure that we have adopted the relevant method.
T = Time Bound
Time is the most important resource when we are working towards the objective because if the objective outcome is not achieved within the time frame then the result achieved will be of no use, it’s like passenger has reached the station but has missed the train.
Branding Objective may vary from Brand to Brand, some common objectives can be:
- Building brand identity and recognition
- Product or Brand offering visibility
- Brand Awareness
- New Product Launch
- To Retain Existing Customers
- Increase trust among the customers
- Market Penetration
- Attract Investors
- Increase Sales
And Many More
Learning: Different objective will involve different marketing and promotional activity, so before you go ahead fix your branding objective and then proceed….
Brand Objective = S + M + A + R + T
R = Reach
Brand Reach: Business Reach depends on two important factors:
- Market Reach
- Brand Reach
Market Reach:Is estimated number of potential consumers who could see your communication, which does not mean each and every person will see your communication. This defines the reach of that advertising medium.
For example, if you want to buy a commercial spot on television, the market reach is the number of people who might watch that channel in which your ad airs.
Brand Reach:Reach can be defined as the number of people who have at least once seen brand promotion or advertisement. More the reach more effective result you will get from advertisement. It is very important to do remarketing.
This is the 1st and most important element when we work on the branding. Without the reach there is no meaning of audience, message, communication and response.
Market Reach is directly proportional Brand Reach
Brand Reach = Right Audience X Time X Platform
Once we are ready with the Right Audience and have also selected right medium to get maximum reach, we should work on the consumers need satisfaction, service and support.
Knowing your audience is key to do branding, first we talk on Brand Audience and Then Brand Reach
A = Audience
Brand Audience: Right audience is the specific group of people who will buy your product or service. It is the same group of people you want to reach and want them to see all your communication. It is the same group of people for whom you are in the market. These are the same group of people who will respond to your communication.
Being highly specific while knowing or choosing your target audience is very important for effective marketing and to review the marketing activity. To be specific, brands should divide its target audience into smaller, more manageable groups based on common ground they share or may be similar characteristics they possess.
Target Audience = Geographic Attributes + Demographic Attributes + Psychographic Attributes + Behavioural Attributes
Once we are ready with the audience profiling, we should work on the Business reach to select right medium and to plan remarketing.
N, D = Need and Demand
If you don’t care about customers’ need, don’t expect them to care about your products. The sooner you face it, the better you’ll perform.
Products have 5 levels, which are known as ‘customer value hierarchy’, with each level adding more customer value. The most basic level is the whether the product is able to fulfil the need of consumers or not and if yes then at what degree can it fulfil the need of consumers.
In marketing, consumer preference and habits research plays very important role and such a study can determine the extent to which the product should be manufactured, altered, modified or adapted to meet exactly the existing need or want of the consumers. The study can also enable us to devise a new product exactly needed in the market.
This study will also tell us whether to continue with this business or should look some other option.
Intelligent market analysis and research can help us to know the taste, colour, size, shape, style, performance and such other specific features on the basis of customer needs and preferences. On the basis of such reliable information about customer need, a brand can bring out a tailor-made product having all the elements in exact tune with the needs, wants, and demand of customers.
Demand generation is an umbrella strategy that uses various marketing programs to capture the attention of prospects and customers, intended to educate and excite them.
We have derived 5 important formulas which has to be implemented and reviewed at any point of time while marking your brand planning and execution.
1. Brand Objective = S + M + A + R + T
2. Target Audience = Geographic Attributes + Demographic Attributes +Psychographic Attributes + Behavioural Attributes
3. Market Reach is directly proportional Brand Reach
4. Brand Reach = Right Audience X Time X Platform
5. Demand = Want + Ability to Buy + Willingness to Buy