Case Studies on Brand Management: How to Break the Clutter
The late nineties witnessed a plethora of brand proliferation across categories either in the form of introduction of new brands or brand extensions. On the contrary, the market for product and services, though grew revenue –wise, became more competitive, particularly in the developed world, like US, Japan, Europe, etc. The pressure to differentiate and concomitant absence of differentiating factors that would allure customers, gave a significant jolt to the revenue growth path of the companies. Companies that had gone rampant on brand extension found their portfolio unmanageable. Very often, different value price segments give birth to different brands, without being clearly differentiated. Moreover, with an exploding number of communication vehicles, it has become increasingly cumbersome to break the clutter. With rising advertising cost and fragmented viewership, traditional brand management has started embracing the otherwise different communication vehicles like event marketing, viral marketing, product placement etc. But, however different the methods may be, the crux of branding exercise remains the same. Branding from its inception remains an interface between buyers and sellers. Brands effectively perform the function of reduction for buyers like reduction of search, evaluation time, reduction of perceived social, psychological and financial risks, whereas for sellers, brands perform the role of facilitator like identifying and re-identifying products, introduction of new products, premium pricing by enhancing the level of differentiation. The essential of brand management boils down to creating the brand identity and communicating it effectively. When the brand over a long period delights customers, it transcends into a Meta brand.
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Naveen Das