Tag Archives: marketing

Branding: It’s Mastering the Mind

Marketing is the battle for the customer’s mind – owning a share of mind. The process of strategic brand management is a two part exercise. The first part is getting into the mind by displacing something that already exists. The mind is like a dripping sponge and the only way to own a position is to replace a brand image that already occupies a share of mind.

Building a brand image is a long term proposition that requires an in depth knowledge of how the mind works. Words are the key to the mind and each word has either a positive, negative, or neutral value. So the process of building brand equity begins with the development of the right words to build a brand’s “unique value proposition”. That is what is: faster, better, or cheaper, than what already exists?

Obviously, Tesla has created a unique value proposition for their new model 3 that is reflected in the over 300,000 deposits of $1,000 each they have received so far from customers around the world for a car that will not be available for over a year, or more.

The second part of strategic brand management is maintaining and protecting that share of mind and growing the value of the brand with other customers. Brand equity is the value of a brand in the global marketplace. Some examples of the worth of a brand are: Apple ($154 Billion), Google ($83 Billion), Microsoft ($75 Billion), Coca-Cola ($59 Billion), Facebook ($53 Billion), etc.

Some classic examples of brands that have sustained and grown brand equity for many years are Nationwide Insurance (over 50 years) with their well known tune: “nationwide is on your side”. Peyton Manning, Nationwide’s current spokesman, only has to hum Nationwide’s infectious jingle for an instantaneous connection with customer’s minds. A competitor, Allstate, has another over 50 year old similar, but still effective slogan: “you are in good hands”.

Once you hear the familiar Intel “bing”, you don’t have to wait for the “bong” because it already has resonated. An over 100 year slogan that still resonates is Maxwell House Coffee’s: “good to the last drop”. And Wheaties: “breakfast of Champions”.

In conclusion, brand equity is made up of the intersection of the DNA of the brand with the DNA of the customer.

Step Three – What are we going to do it with?

Continuing with your business plan – the story about your business:

Step Three – What are we going to do it with?

Typically called – “The Marketing Summary” – this section/chapter identifies the products/services that the company offers, and their plans for each during this business plan period.

The format for this section is:

  • A description of the product/service, and the market(s) that it competes in.
  • Where the product is in its product life cycle (E,G,M,A).
  • How much it contributes to the profitability of the company.
  • The specific marketing strategies for this product/service.
  • Any plans for modifying this product/service to meet changing customer requirements, and by when.
  • Any concerns about competitive threats.

When completed this section should present a clear picture of where the company is in its life cycle and the individual products/services positions in their life cycles that support and contribute to the overall company life cycle position.

Ideally, this should be summarized in a table-like presentation:

Product  Life cycle position  Projected sales  Profit contribution

A                G                                    Yr 1 Yr 2 Yr 3         Yr 1 Yr 2 Yr 3

B                M

C                 A

D                E

Company        G

As you can see this simple presentation gives the reader a complete picture of how each product/service contributes to the total projected sales and profits of the company for each year of the business plan period, as well as where each is in their product life cycles, and the company as a whole.

In combination with the narrative for each product/service you have a complete presentation of “what we are going to do it with”.

Stay tuned for Step 4!

As always, send us your questions for Dr. Business to info@blitzteamconsulting.com.