WEBVTT 1 00:00:00.870 --> 00:00:02.700 Welcome to part two. 2 00:00:02.700 --> 00:00:06.843 Welcome to part two where we will conclude the, 3 00:00:08.190 --> 00:00:09.783 my understanding of brand. 4 00:00:13.170 --> 00:00:16.500 So think about what does each of these brands stand for? 5 00:00:16.500 --> 00:00:17.760 What's the promise? 6 00:00:17.760 --> 00:00:20.160 What is on brand for these? 7 00:00:20.160 --> 00:00:21.600 And what is off brand? 8 00:00:21.600 --> 00:00:22.590 What would they offer? 9 00:00:22.590 --> 00:00:23.730 What would be a new thing 10 00:00:23.730 --> 00:00:26.280 that they would offer under their brand? 11 00:00:26.280 --> 00:00:28.500 What would be things that they would not offer 12 00:00:28.500 --> 00:00:30.483 because it would be off brand? 13 00:00:31.440 --> 00:00:33.930 So I'm going to show you a few logos 14 00:00:33.930 --> 00:00:35.973 and think about what they might be. 15 00:00:40.200 --> 00:00:42.453 What's the brand of Walmart? 16 00:00:43.530 --> 00:00:45.153 What's the brand of Nike? 17 00:00:46.770 --> 00:00:48.663 What's the brand of Starbucks? 18 00:00:49.500 --> 00:00:52.563 What would they offer new, what would they not offer? 19 00:00:54.990 --> 00:00:58.770 Here are three well-known Vermont brands. 20 00:00:58.770 --> 00:00:59.970 What are they known for? 21 00:00:59.970 --> 00:01:01.500 What's their promise? 22 00:01:01.500 --> 00:01:02.910 What's on brand for them? 23 00:01:02.910 --> 00:01:05.163 What's not on brand for them? 24 00:01:08.670 --> 00:01:09.503 So, 25 00:01:13.860 --> 00:01:16.320 a brand is, again, 26 00:01:16.320 --> 00:01:19.170 very often identified with their name, 27 00:01:19.170 --> 00:01:22.050 with logos, with colors and languages, 28 00:01:22.050 --> 00:01:24.720 and the other brand elements. 29 00:01:24.720 --> 00:01:28.053 Many are named after their founder, like Ford. 30 00:01:30.960 --> 00:01:33.690 And think about what would be a good name. 31 00:01:33.690 --> 00:01:36.090 Here are some, some ideas. 32 00:01:36.090 --> 00:01:39.693 That it should suggest what it is. 33 00:01:40.530 --> 00:01:44.790 Distinctive, fits your image, 34 00:01:44.790 --> 00:01:49.790 easy to pronounce and remember, having emotional appeal, 35 00:01:50.370 --> 00:01:52.803 and something that translates well. 36 00:01:55.440 --> 00:01:59.460 So thinking about brand equity, it is the, 37 00:01:59.460 --> 00:02:02.400 the equity in terms of value, 38 00:02:02.400 --> 00:02:06.553 not in, not the, not like something being equitable 39 00:02:09.822 --> 00:02:13.572 as in fair, but it adds value to your company 40 00:02:17.070 --> 00:02:22.070 that it benefits the consumer by creating trust. 41 00:02:23.370 --> 00:02:28.370 And it's measured by will someone buy a brand name product. 42 00:02:33.840 --> 00:02:37.623 So the brand should be carefully 43 00:02:39.360 --> 00:02:43.410 crafted and nurtured. 44 00:02:43.410 --> 00:02:46.140 And there's four main steps here, 45 00:02:46.140 --> 00:02:47.590 and I'll go through each one. 46 00:02:48.690 --> 00:02:53.250 First you want it to, you want consumers to be aware of it 47 00:02:53.250 --> 00:02:57.363 and to associate it with the promises. 48 00:02:59.340 --> 00:03:01.710 And think about how did you become aware 49 00:03:01.710 --> 00:03:03.843 of these two entities? 50 00:03:06.900 --> 00:03:08.970 Next, what does it stand for? 51 00:03:08.970 --> 00:03:13.680 Both the functional value of what does it practically do, 52 00:03:13.680 --> 00:03:18.680 as well as sort of the imagery, the abstraction, 53 00:03:19.230 --> 00:03:23.940 maybe the prestige, the fashion, what it's known for. 54 00:03:23.940 --> 00:03:26.973 And again, what is the promise here? 55 00:03:29.670 --> 00:03:32.370 The meaning can be both like thought, 56 00:03:32.370 --> 00:03:35.130 like it's value and it's quality, 57 00:03:35.130 --> 00:03:38.910 as well as emotion, like nostalgia. 58 00:03:38.910 --> 00:03:43.327 So you can see some Vermont branded products here 59 00:03:44.670 --> 00:03:49.670 that reinforce and build on the brand of the overall state. 60 00:03:50.970 --> 00:03:54.690 And what would be things that would not be very well, 61 00:03:54.690 --> 00:03:55.980 that would be off brand, 62 00:03:55.980 --> 00:03:59.763 that if you called them a Vermont product. 63 00:04:01.770 --> 00:04:03.840 What would be other things 64 00:04:03.840 --> 00:04:07.290 that would be on brand 65 00:04:07.290 --> 00:04:09.633 maybe that aren't being offered now? 66 00:04:14.340 --> 00:04:17.340 The response is that you want them to try it, 67 00:04:17.340 --> 00:04:19.533 to buy it, and to buy it again. 68 00:04:21.390 --> 00:04:26.190 And hopefully you gain this resonance 69 00:04:26.190 --> 00:04:28.410 where they are actively loyal, 70 00:04:28.410 --> 00:04:32.343 where they will wear your logo, your brand. 71 00:04:33.180 --> 00:04:35.880 That they'll pay you for a shirt 72 00:04:35.880 --> 00:04:39.810 or a hat that has your brand on it, 73 00:04:39.810 --> 00:04:42.840 where they personally identify. 74 00:04:42.840 --> 00:04:46.053 And here are a few examples of these. 75 00:04:48.990 --> 00:04:53.130 Another model, which we'll also talk about more, 76 00:04:53.130 --> 00:04:56.160 is to know, like, and trust. 77 00:04:56.160 --> 00:04:58.590 That they know that you exist, 78 00:04:58.590 --> 00:05:00.780 they like you and they trust you. 79 00:05:00.780 --> 00:05:05.400 So the key of a good brand is that it establishes this trust 80 00:05:05.400 --> 00:05:09.150 that they're going to keep getting what they like 81 00:05:09.150 --> 00:05:10.503 and know about you. 82 00:05:12.780 --> 00:05:15.630 So this is what we talked about. 83 00:05:15.630 --> 00:05:18.060 We talked about a brand, why it's important. 84 00:05:18.060 --> 00:05:20.310 We talked about brand elements, 85 00:05:20.310 --> 00:05:22.560 and we talked about brand equity, 86 00:05:22.560 --> 00:05:27.360 and why having a good brand is of great value 87 00:05:27.360 --> 00:05:31.713 and has equity for the firm or the organization. 88 00:05:33.240 --> 00:05:34.073 Thank you.