RETAIL BRANDING

Def : Brand is the product’s essence, its meaning and its direction. It defines its identity in time and space.

Successful Retail Branding starts with:

• 1.      A clear definition of what the retailer stands for
• 2.      An identification of what the customers associate it with
• 3.      When customers think the brand is a reflection of them
• 4.      When the retailer is in the minds of the customer when he think of brand.

Brand

True branding effort

• 1.      Communication that inspires emotional reaction
• 2.      Customer Service
• 3.      How salespersons greet customers
• 4.      How fast product is shipped and delivered
• 5.      Involves every single contact occurring between any product and a human

• Role of Brand
• 1.      Successful Retail Branding ensures Stable long term demands
• 2.      Better margins
• 3.      Differentiation by way of creating long term association
• 4.      Adds value to the product
• 5.      Trust of fulfillment of service expectations
• 6.      Protection from growing competition
• 7.      Image as a company attractive enough to work for
• 8.      Negotiation with suppliers from a position of improved strength

Brand Loyalty

Brand or store loyalty will ensure

• ·         Positive disposal to the brand based on brand loyalty
• ·         Brand preference : Frequent utilization of the store over other stores
• ·         Brand allegiance: Continuous utilization of the store overtime 

Brand loyalty may be expressed for one or more brands

• 1.      Hard core loyalty : Buying one brand all the time
• 2.      Soft core loyalty : Buying a combination of two competing brands
• 3.      Shifting loyalty : Buying preference shifting from one brand to another
• 4.      Switchers: No loyalty to any one brand based on the deal given.

Positioning of brands Determined on the basis of

·         Product usage

·         Price

·         Price

For successful brand positioning Brand Managers should

• ·         Regularly assess the customer’s opinions
• ·         Clearly identify the target
• ·         Plan the brand
• ·         Differentiate the brand from others in the sub group

Differentiate the brand from others in the sub group

Personality of the brand

• ·         It is created by way of adding psychological values through
• ·         Packaging
• ·         Advertising
•     Other aspects of the marketing mix

Importance

• ·         Encourages customers to build a relationship with a brand
• ·         Gives strength to the brand
• ·         Ensures the staying power of the brand

Concept has two non-functional aspects of brands

• 1.      Brand image
• 2.      Brand identity

Brand image

• ·         Customers regard brands possess human-like characteristics
• ·         Customers experience brands as bundles of association
• ·         Customers see, hear, smell, taste and get gut feelings about different brands
• ·         This profile or essence is called brand image