WEBVTT 1 00:00:01.950 --> 00:00:05.340 Hello and welcome to this week's video lecture, 2 00:00:05.340 --> 00:00:07.593 which is based on the brand. 3 00:00:07.593 --> 00:00:11.910 That will be the brand of your business, 4 00:00:11.910 --> 00:00:15.003 your organization, your product, your service. 5 00:00:17.790 --> 00:00:20.340 So, we're gonna talk about what is a brand, 6 00:00:20.340 --> 00:00:21.750 why it's important, 7 00:00:21.750 --> 00:00:24.870 some of the elements that go into a brand, 8 00:00:24.870 --> 00:00:28.623 and how to build brand equity. 9 00:00:33.150 --> 00:00:38.150 So, Crane talks about how it's the name, the symbol, 10 00:00:39.930 --> 00:00:44.700 design of these elements which identify who you are 11 00:00:44.700 --> 00:00:49.700 and differentiate them from the competition. 12 00:00:53.760 --> 00:00:58.020 I like to think of it as the public face of the business, 13 00:00:58.020 --> 00:01:01.680 or I think my favorite thing is your promise. 14 00:01:01.680 --> 00:01:04.710 What is the embodiment of the value that you offer? 15 00:01:04.710 --> 00:01:07.020 What makes you you, what makes you great? 16 00:01:07.020 --> 00:01:12.013 What can you promise that the consumer will get 17 00:01:12.896 --> 00:01:17.100 if they buy your product or service 18 00:01:17.100 --> 00:01:20.250 or support your organization? 19 00:01:20.250 --> 00:01:21.810 It's something of great value, 20 00:01:21.810 --> 00:01:24.630 both for you and the customer. 21 00:01:24.630 --> 00:01:29.130 It's an asset that must be managed and every firm has one. 22 00:01:29.130 --> 00:01:31.680 Whether they think they do or not, 23 00:01:31.680 --> 00:01:35.400 it might be neglected, which is not good. 24 00:01:35.400 --> 00:01:40.400 But in the same way that every organization has competitors, 25 00:01:41.250 --> 00:01:44.313 every business and organization also has a brand. 26 00:01:46.470 --> 00:01:50.340 So, here are some of the things that go into a brand. 27 00:01:50.340 --> 00:01:53.490 That's sort of, that's the center 28 00:01:53.490 --> 00:01:55.863 and these are various spokes. 29 00:01:59.250 --> 00:02:01.671 Well, why is it important? 30 00:02:01.671 --> 00:02:04.920 First, it lets you stand out. 31 00:02:04.920 --> 00:02:07.710 It clearly articulates your business model. 32 00:02:07.710 --> 00:02:09.060 What are your core values? 33 00:02:09.060 --> 00:02:10.440 What are your mission? 34 00:02:10.440 --> 00:02:13.923 And it can also draw and retain customers 35 00:02:15.990 --> 00:02:20.990 that if they understand and believe in your promise, 36 00:02:22.200 --> 00:02:26.880 they will continue to support you. 37 00:02:26.880 --> 00:02:28.000 And a strong brand 38 00:02:28.892 --> 00:02:33.892 can also create access to suppliers to, you know, 39 00:02:36.030 --> 00:02:40.649 someone's going to wanna sell to you if you're better known 40 00:02:40.649 --> 00:02:43.200 and have a better, stylish brand. 41 00:02:43.200 --> 00:02:47.910 More importantly, a distributor is gonna wanna buy 42 00:02:47.910 --> 00:02:52.910 from someone that has a strongly established brand 43 00:02:53.520 --> 00:02:55.650 and brings business to them 44 00:02:55.650 --> 00:02:59.253 more than sort of taking a chance on an unknown. 45 00:03:00.120 --> 00:03:03.300 As well as someone with a well-established brand 46 00:03:03.300 --> 00:03:08.300 will probably have better access to capital investment, 47 00:03:09.363 --> 00:03:11.643 credit and such. 48 00:03:14.460 --> 00:03:18.900 For the customer, it decreases risk, 49 00:03:18.900 --> 00:03:22.110 it increases trust, it makes them feel safe 50 00:03:22.110 --> 00:03:24.750 that they understand what they're getting, 51 00:03:24.750 --> 00:03:28.323 that they can believe the promise that you make. 52 00:03:30.300 --> 00:03:34.980 So, here are a number of elements that go into a brand 53 00:03:34.980 --> 00:03:37.413 and I will talk about each one. 54 00:03:41.250 --> 00:03:45.903 Here's another graphic that has elements. 55 00:03:47.400 --> 00:03:52.400 So, here you see the name is what you call yourself. 56 00:03:54.540 --> 00:03:58.997 The logo is the trademark, the symbol, 57 00:04:00.630 --> 00:04:05.630 a tagline, or a catchphrase. 58 00:04:06.030 --> 00:04:10.953 Certain graphics are well known with certain products. 59 00:04:15.540 --> 00:04:20.540 So, certain products are known 60 00:04:20.580 --> 00:04:22.720 for having distinctive shapes 61 00:04:23.730 --> 00:04:28.730 or colors or sounds or sense or tastes or movement. 62 00:04:30.750 --> 00:04:32.550 So, all of these things, 63 00:04:32.550 --> 00:04:35.730 some of them will apply to you, some won't. 64 00:04:35.730 --> 00:04:40.730 But together, these elements help to create a brand 65 00:04:42.180 --> 00:04:44.040 and make you better known 66 00:04:44.040 --> 00:04:46.563 and better articulate your promise. 67 00:04:48.750 --> 00:04:53.750 So, think about what are other examples of these. 68 00:04:53.820 --> 00:04:55.650 If you want to pause here and think 69 00:04:55.650 --> 00:05:00.650 and maybe jot down a few ideas. 70 00:05:04.380 --> 00:05:09.380 So, here are a few that I came up with, 71 00:05:12.270 --> 00:05:14.853 but there are many, many other examples. 72 00:05:18.810 --> 00:05:21.933 So, here are the characteristics of a good brand. 73 00:05:23.250 --> 00:05:28.250 It clearly communicates the value. 74 00:05:28.260 --> 00:05:31.380 It reinforces your position. 75 00:05:31.380 --> 00:05:36.150 It's consistent and unifying. 76 00:05:36.150 --> 00:05:40.380 So, you want things that are on brand, not off brand. 77 00:05:40.380 --> 00:05:44.970 So, thinking about that Apple is not likely 78 00:05:44.970 --> 00:05:47.880 to sell sort of cheap knockoff things, 79 00:05:47.880 --> 00:05:50.280 that they want things that are high value, 80 00:05:50.280 --> 00:05:54.900 like the rest of their product. 81 00:05:54.900 --> 00:05:57.360 So, think about what would be on brand 82 00:05:57.360 --> 00:06:01.083 and off brand for your business. 83 00:06:04.380 --> 00:06:08.460 It should build brand equity, that it should have value, 84 00:06:08.460 --> 00:06:11.010 it should be easily understood, 85 00:06:11.010 --> 00:06:13.503 and it should be sustained over time. 86 00:06:15.210 --> 00:06:17.790 So, that's the end of part one. 87 00:06:17.790 --> 00:06:19.410 Please go to part two. 88 00:06:19.410 --> 00:06:20.243 Thank you.