Retail Brand Management

RETAIL BRAND MANAGEMENT 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  A clear definition of what the retailer stands for  An identification of what the customers associate it with  When customers think the brand is a reflection of them  When the retailer is in the minds of the customer when he thinks of the brand True branding effort  Communication that inspires emotional reaction  Customer Service  How salespersons greet customers  How fast product is shipped and delivered  Involves every single contact occurring between any product and a human

RETAIL BRAND MANAGEMENT Role of Brand Successful Retail Branding ensures        

Stable long term demands Better margins Differentiation by way of creating long term association Adds value to the product Trust of fulfillment of service expectations Protection from growing competition Image as a company attractive enough to work for Negotiation with suppliers from a position of improved strength

RETAIL BRAND MANAGEMENT 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 

Hard core loyalty : Buying one brand all the time

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Soft core loyalty : Buying a combination of two competing brands

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Shifting loyalty : Buying preference shifting from one brand to another

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Switchers : No loyalty to any one brand based on the deal given.

RETAIL BRAND MANAGEMENT Positioning of a brand Determined on the basis of 6. 7.

Product usage Price

For successful brand positioning Brand Managers should  Regularly assess the customers opinions  Clearly identify the target  Plan the brand  Differentiate the brand from others in the sub group Brand Differentiation X Brand Segmentation = Brand Position

RETAIL BRAND MANAGEMENT Personality of a 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

Hence brand personality has developed as a term.

RETAIL BRAND MANAGEMENT Brand Propositioning Propositioning 

Combination of positioning and personality

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Allows brand to emerge from the fuzziness of competition

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Simple proposition assures success. Customers understand

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Concept has two non-functional aspects of brands 1. Brand image 2. Brand identity

RETAIL BRAND MANAGEMENT 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

When a brand image is developed  Customers do not judge the image in relation to others  They adopt best in-class processes  Customers benchmark with world class services  Customers expect stores to deal with their customers as per world class standards

RETAIL BRAND MANAGEMENT Brand Identity 

Central concept in promoting a brand

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Comprises durability, coherence and realism embodying personality of the brand

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Sends out signals which the consumers decode and interpret in terms of image

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Identity is the solid enduring concept of the brand

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It is not subject to idealism, fickleness or opportunism