Brand Building comprises of two wheels-
1. Driver Wheel
2. Driven wheel
Driven wheel consist of core product and its features.
It is defined in four levels-
a. Core Product/Services
b. Formal Product
c. Augmented Product
d. Potential Product
Core Product is made up of manufacturing cost and promotion and distribution cost.
In FMCG, product comprises of 80% of sales value whereas sales impact comprises of 20 % of value.
Formal Products are tangible benefits of the product like
-Features
-Brand Name
-Quality
-Packing
-Style
Augmented product comprises of facts and figures, images, services etc.
It consist of features and benefits like-
a. Services
b. Training
c. Maintenance
d. Presale/Post sale consultancy
e. Instructions
f. Software
g. Guarantees
Potential Products are those features and benefits which are in the form of aspiration, Lifestyle brand etc.
a. Reliability
b. Credibility
c. Responsiveness
d. Sensitivity
e. Flexibility
f. Name and Fame
g. Financial Services
h. Partnerships
Driver Wheel defines the promotional, advertising and distributional aspects attached with the product or service.
It comprises of –
a. Presentation
b. Demonstration
c. Displays
d. Public Relations
e. Promotions
f. Hoardings
Both the wheels must be synchronized with each other and absence of either of them leads to the product failure. If product features is good
but if it is not communicated properly then leads to confusion and ultimately to failure. While if product itself is not good and advertised
heavily may lead to initial success but finally it will fail.
New features must be added continuously to the wheel in order to keep the wheel rotating effectively. Whoever does it faster will be at the
top.
Principles of building successful brands-
1. Quality product meeting / exceeding functional needs.
2. Attractive wrap around to differentiate and enhance appeal.
3. Delight customer with additional products/services to augment basic appeals
4. Trial is the origin of brand building process.
5. Trial should lead to repeat buy.
6. Advertising, selling, promotion, PR, hoardings etc trigger the mechanism of repeat buy.
7. They start the wheel of usage experience and keep it turning.
WHEEL OF EXPERIENCE AND DRIVING WHEEL
BAJAJ PULSAR
HIGH POWER /
LOW FUEL
STURDY LOOKS
PRICING
QUALITY
GUARANTEE
STRONG
DISTRIBUTION
LOW MAINTENANCE
GOOD
COMPANY
IMAGE
BRAND
“PULSAR “
VARIANTS –
150/180/200/220/300 CC
CREDIBILITY
TAG LINE: “DEFINITELY
MALE”