Battle of the Brands
By Jay Flowins
After releasing my first blog last week entitled “The Power of the Brand” I got a lot of feedback and questions about building a Brand that can possibly become a household name. In order to become a “household name” your Brand will have to Battle with other Brands. When Battling with other Brands you need to know where you stand in the eyes of the consumer. You will have consumers that dislike your Brand, are indifferent to your Brand, and are loyal to your Brand. So, this blog will focus on Brand Aversion, Brand Parity, and Brand Loyalty.Throughout this blog I will define and break down the differences between Brand Aversion, Brand Parity, and Brand Loyalty.
Brand Aversion is the complete opposite of Brand Loyalty. Brand Aversion is caused by a bad experience a consumer has had with your Brand. Brand Aversion can also occur from bad press, lack of marketing, or from launching a bad product. Once a consumer has a bad experience with your brand they will more than likely do everything in their power to avoid doing business with your Brand. In order to avoid Brand Aversion you have to monitor your target market and receive feedback on your Brand. If you receive negative feedback, take that information and use it to make your Brand or Product better. If you wait too long to adjust to the feedback of consumers your Brand will have a bad reputation and your business will fail. The best solution to having a bad reputation or bad product is to re-Brand your company. Re-Branding can be done in a variety of ways. One of the easiest ways to re-Brand yourself is to change your name.
Brand Parity is when consumers view your product as being equal to your competitors. For example, when you are in search for a gas station you may not have a specific preference of what gas station you would like to fill up at. You might not fill up at a gas station with low quality gas but you might have in mind a list of gas stations you deem to be equal in quality and you’ll fill up at which ever one pops up first. That’s Brand Parity. When Brand Parity is present I encourage you to create a marketing strategy that separates you from your competition. If you do not separate your company from Brands that are perceived as equal to yours your company can suffer if your competition lowers their price or has a sale. So, instead of the consumer driving to the first gas station of their choice, its possible for them to drive past the Exxon to get gas from Shell because Shell is cheaper at the moment. If this happens too often you can be at risk of transitioning into Brand Aversion because of your price being higher than what people are willing to pay for your Brand. If you separate your Brand from your competitors consumers won’t mind paying more for your Brand.
When you separate your Brand from your competitors you will see your Brand Loyalty increase. Brand Loyalty occurs when you’ve created a marketing strategy that persuades consumers that your Brand is superior to that of your competitors. Your loyal consumers will invest in your company no matter what the cost, and will share their experiences with your Brand with everyone they come in contact with. Brand Management is still important in this stage.You still have to gather feedback from consumers and use that to adjust your Brand to maintain your superior status.If you allow bad press or marketing campaigns from your competitor to draw away your loyal consumers it can hurt your business and the consumers perception of your Brand.
Knowing where you stand amongst consumers is the key to managing your Brand and giving your company the upper hand when Battling other Brands. Receiving consumer feedback is the easiest way to find out how consumers perceive your Brand or your Product. Being more interactive with your consumers can also benefit your Brand and move your consumers into being loyal to your Brand. For the next few weeks I will release blogs about Brand Management, Brand Equity, Brand Awareness and more. If you need help with avoiding Brand Aversion or increasing your Brand Loyalty follow me on Twitter @Jayflowins, and email me at ConsultJayflowins@gmail.com.