Posts Tagged ‘new product launch’

VI. Monetizing Your Successful Brand

Tuesday, January 25th, 2011

Part VI of an extended exploration of nature and value of “Branding” and practical discussion of how to create, strengthen and extract greater value from your ‘Brand’

The foundation of successful branding – whether you’re a start-up entrepreneur or leader of a corporate marketing department – is a solid business strategy, solidly executed:

– An offering that promises to satisfy the needs and expectations of your customers

– An organization that consistently delivers the values and experiences you promise 

Creating a successful brand requires investing ample time, $$$ and effort in building and maintaining the excellence of your business.

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While communication is the first priority of start-up and new product branding, the brand-building imperatives of established companies are more varied:

1.  To nurture, strengthen and protect the reputation you’ve already earned

2.  To use your good name and reputation to deepen relationships with customers you already have

3.  To open doors to new markets and to successfully launch new products.

In this part of the product life cycle, four tools are key to strengthening your brand and expanding its influence and value-creating power:

Foresight:  Anticipating, and developing innovations to answer your customers’ evolving needs and changes in the marketplace. 

Execution:  Consistent, trouble-free performance that is focused on keeping a step ahead of your customers’ evolving needs and preferences

Communication:  Messaging which explains and reinforces the value and satisfaction that your products deliver, and the benefits that your company brings to the large community.

Diligence:  Protecting your brand from decision within your company that would dilute or neglect the reputation your have earned, and from outsiders who would misuse your products and good name.     

You’ve invested in building the value of your brand and the reputation that stands behind it.  They’re your guarantee to deliver what customers have come to value and expect.  You’ve earned that trust, now here are ways to monetize your brand equity:

– By charging a premium price – National brands of canned tuna are almost always more expensive, for an essentially identical product

– Through greater market share – Coke and Pepsi dominate the grocer’s soft drink shelf, although there are plenty of other fizzy cola brands 

– Through easier access to new customers and new markets – New consumer electronics?  Sony and Apple have a big head start over any new competitor.

– By launching new products, more quickly and with lower risk