As the first project of second year is concerned with branding and over the summer period we were asked to read and conduct research in branding further. We were asked to read 3 chapters from 2 different books; Brands the New Wealth Creators and Wally Olins: The Brand Handbook. Both of these were insightful and useful especially the number of real brands that were used as examples allowed me to connect and understand the concepts more.
Chapters 1&2 (Brands: The New Wealth Creators)
I have chosen a few key points I gathered when reading both these chapters:
- Companies used brand to mark and distinguish their products
- Legal Systems have recognised the importance of brands, hence the introduction of intellectual property (trademarks, copyright &patents)
- Branding today is concerned with assembling and containing mixed vales both tangible and intangible.
- Power Brand are brand which are well adapted.
- Power Brands are able to survive and flourish in their areas, they are well priced products with good quality for the consumer.
- It’s important to promote a set of good attributed and values.
- Brands are valued assets if they are kept in good shape and maintained to offer the consumer the values they want.
- If these values change the likelihood is that consumers will turn to other brands offering the vales that the brand once promised.
- Extending a Brand further has two different outcomes. It can increase the current brands values, or it can dilute the appeal of the brand. Extending a brand is risky.
- Brands which are able to appeal internationally are another assets to the brand owner.
- Creation of a new brand is one of the hardest things to do.
- 17/20 new brand fail most commonly due to not offering the consumers anything different.
- Branding is a creative process. However, most brands seem to be concerned with being the same as others to fit into the market place rather than being distinct. ‘To be distinctive, to refuse to follow the herd takes courage – and it can be highly rewarded.’
Chapter 3 (The Brand Handbook)
Important points I noticed included:
- A brand needs to have a core idea which is shown through everything that the brand does and creates.
- Visual identifiers for the brand are very important the most important being the symbol or logo.
- The 4 elements product (makes and sells), environment (physical or brand experience), Communication (how organisation speaks about itself and brand) & Behaviour (how they deal with employees and outside world) all have a key role to play in showing the core idea of the brand.
- All 4 of these elements can sometimes be more or less equal but sometimes one of them is more prominent dependant of what the brand is for.
Hart, S., Murphy, J.M. &Interbrand (1998). Brands: The new Wealth Creators. Basingstoke: Macmillan.
Olins, W. (2008) Wally Olins: The Brand Handbook. London: Thames & Hudson.