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WRITE-UP

Marketing for brands

TARIQUE AFZAL
An American essayist, philosopher and poet, Ralph Waldo Emerson, once said "What you are shouts so loudly in my ears I cannot hear what you say.” I feel that this famous quote aptly describes the current branding and marketing scenario in Bangladesh.
In 1988, almost $50 billion changed hands in exchange for some well-known brands. The importance of brand name can be seen in the instance where American food and tobacco manufacturer, Philip Morris, bought Kraft for $12.9 billion, or more than four times the book value for the tangible assets. An estimated $11.6 billion was for goodwill. After the acquisition, Philip Morris substantially increased its intangible asset base and commenced systematically amortising its assets.
But what makes a strong brand? A strong brand is one that creates the right brand image and implies things about the products or services being marketed under the brand and it is immediately recognisable and is not lost in the marketing communication. It should also be short, sharp and concise and be easily
remembered. In today's competitive marketplace, more small to medium enterprises are investing in the development of a brand, which communicates effectively with their target audience.
To begin with, brand equity represents the marketing effects uniquely attributable to the brand and the added value endowed to a product or service as a result of past investments in the marketing activity for a brand. Brand equity serves as the bridge between what happened to the brand in the past and what should happen to the brand in the future. It relates to the fact that different outcomes result from the marketing of a product or service because of its brand name or some other brand element that if that same product or service did not have that brand identification.
To tackle the aspects of brand equity a model called the 'Customer-based brand equity (CBBE) model' can be integrated. The model incor porates recent theoretical advances and managerial practices in understanding and influencing consumer behavior. It helps answer the
two most frequently asked questions, that is, what makes a strong brand and how to build a strong brand?
The CBBE model provides a unique point of view as to what brand equity is and how it should best be built, measured, and managed.
In today's highly competi-
tive world, companies strive hard to beat customer expectations and marketers are at work, setting the right level of expectations and shaping customer experience.
A positive brand value is created if customer experience exceeds expectations. Many companies start small but built a solid reputation with the customer along the way and in (he process; the name of the company evolves into a strong brand. A good example of this is the Intel's Pentium processor, Cisco's Catalyst Router. The product is a market leader and customers remember the company brand more than the product brand, which is what we count. This statement sets the customer
expectation.
Similarly, customers expect bargain prices at Wal-Mart and Starbucks coffee has a special meaning to its customers because to them, Starbucks means excellent coffee served in a warm, relaxing and pleasing environment. A clear brand identity sets the right level of expectations by the customer.
In the banking arena, retail
operations stands out as the best possible way to enhance brand values in real terms.
The following pointers ought to be incorporated into any modern retail equation
I believe that the product's Unique Selling Points (USP) should be incorporated through retail branding. This is a way to carry value propositions, which the customer appreciates and has competitive edge. The major task that is left is to align propositions both internally and externally and within all the levels of operations, so that consumers can make the best of what is being offered. Another key is to monitor what the competition is doing. This will adjust and readjust the bank's value propositions to 'stand out strong' in the market place.
Another aspect of the modern retail equation is the cultivation of relationships listening to learn. This is to ensure that all potential bank customers receive any special services, which they may qualify for. This must be done in order to retain the client retention monitoring with respect to customer life cycle arc to be reported upon on regular
basis, according to the dynamics of the situation.
Banking on brand strength, which translates to strong customer relationships is penultimate to provide for a seamless total solution pack age. This is to assist the customer realises his or her dreams through out the life cycle. Another brand strength criterion is the salesmen ship of cross selling whereby the total force is trained to handle the multifarious products of the bank, to offer the customer personal banking services from one desk.
'Customers do not buy products, customers buy relationships,' this is a popular phrase in marketing. To build a strong brand, organisations must work on enhancing customer experiences that results in a higher level of customer relationship. All this will even tually result in a strong brand. If you observe any popular brand today, you will see that the company promoting that brand has succeeded in build ing a strong relationship with its customers.
The writer is the head of consumer banking. Bank AIFalah Limited.