June 10, 2013 at 8:46 AM
By James Glover
Once a Day Marketing
James Glover, That Branding Guy, provides the inspiration and ideas for you to market every day in his Once a Day Marketing video blog. Tune in daily to his short, entertaining and practical marketing and branding tips and watch your organization become more successful.
Once a Day Marketing™ featured video blog: Brand Stature Defined
Hello, I’m Jim Glover, That Branding Guy, for Once a Day Marketing™. Today is Smart Monday and we are concluding the series looking at the Young & Rubicam (Y&R) model around brand stature.
Y&R determined that there are two elements that make up brand stature, esteem and knowledge.
Esteem is whether or not your product or service is held in high regard in the marketplace. Is it best in class or not? With respect to its growth, is it growing in popularity or is it declining?
Knowledge relates to how much consumers know about your product. Do they truly understand what your brand is all about and what it stands for?
Brand stature is determined by multiplying esteem by the knowledge; the higher the score the higher your brand stature. For example, high esteem x high knowledge = high brand stature. Low esteem x low knowledge = low brand stature.
A good target goal would be to have high esteem and perhaps lower customer knowledge about your product. From a marketing perspective, you can always build that knowledge. Alternately, if customers have a lot of knowledge about your product but don’t hold your product in high regard then you have a different marketing challenge. You will have education them at to why there should be a greater appreciation for your product or service.
Once a Day Marketing™ positions brands to become #1 in the minds of target customers. Visit our website at www.onceadaymarketing.com. Contact James Glover at (505) 501-1330 or email firstname.lastname@example.org. Listen to Ask Those Branding Guys™ every Monday at noon (MDT) streaming live on SantaFe.com KVSF 101.5 FM.
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