March 9, 2010 at 2:55 PM“A Strong Brand Commands a Premium”
I read an article in the Globe and Mail the other day which made an impression on me for a couple of reasons. Kids and advertising: Mommy, that's my bestest (sic) brand referenced a study in the journal Psychology & Marketing which found that children as young as three illustrate an “emerging ability” to use ads to judge which products will be the most “fun” and make them popular. This, despite the fact they are unable to read at this stage in their life.
I remember my first child around the age of three stating “You can do it, we can help” every time we either said the word Home Depot® out loud or saw their logo – whether on signage, in print or television ads. This wasn’t a fast food brand that she was buying into: just a corporate tagline that was entering her little world on a frequent and consistent basis.
Of course, extrapolating this to Ugroup Marketing clients – usually start-up and growth stage companies in telecom and software sectors – is the power of branding. “A strong brand commands a premium”, wrote David Aaker, noted brand specialist and author. He’s right. While it is easy for smaller companies to shy away from “expensive branding exercises,” all successful companies will eventually see the need to formalize their brand strategy. Understanding the essence of corporate and related product brands, communicating that to all stakeholders and ensuring employees deliver on the brand promise (with every stakeholder touch point) is the ultimate goal. An effective brand is something all employees can rally around. It will help differentiate you against your competitors. If the Pyschology & Marketing study is correct, it may even sow the seeds of relationships with your next generation of customers.
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