1
00:00:01,950 --> 00:00:03,000
[Instructor] Hello, and welcome

2
00:00:03,000 --> 00:00:06,330
to the video lecture of this week,

3
00:00:06,330 --> 00:00:08,040
which is about the brand

4
00:00:08,040 --> 00:00:11,250
and how do you build and
how to sustain the brand

5
00:00:11,250 --> 00:00:15,003
associated with your
business or organization.

6
00:00:17,550 --> 00:00:19,890
Here's a rundown of what we'll be doing.

7
00:00:19,890 --> 00:00:22,650
We're going to first define a brand,

8
00:00:22,650 --> 00:00:24,300
why it's important,

9
00:00:24,300 --> 00:00:26,160
talk about the building blocks,

10
00:00:26,160 --> 00:00:29,310
the elements of a brand,

11
00:00:29,310 --> 00:00:34,310
and the goal of a brand,
which is to have value

12
00:00:34,350 --> 00:00:36,633
in and of itself, or brand equity.

13
00:00:40,560 --> 00:00:44,970
Here is what our textbook
author defines it as:

14
00:00:44,970 --> 00:00:47,490
it's the name, sign, symbol,

15
00:00:47,490 --> 00:00:50,070
or combination of these things

16
00:00:50,070 --> 00:00:53,070
which identify the product or service

17
00:00:53,070 --> 00:00:57,330
and differentiate them
from the competition.

18
00:00:57,330 --> 00:00:59,730
Here are a number of well-known brands.

19
00:00:59,730 --> 00:01:04,530
These are logos, and a logo
is not exactly a brand.

20
00:01:04,530 --> 00:01:07,080
It's actually one of the brand elements,

21
00:01:07,080 --> 00:01:10,803
but it's often the most
recognizable part of a brand.

22
00:01:15,930 --> 00:01:17,280
Others might define it

23
00:01:17,280 --> 00:01:20,880
as the public face of your business,

24
00:01:20,880 --> 00:01:23,280
but my favorite way of thinking about it

25
00:01:23,280 --> 00:01:26,310
is it's your promise.

26
00:01:26,310 --> 00:01:31,080
It's what you want to be
promising to your customers.

27
00:01:31,080 --> 00:01:33,120
It's the embodiment of value.

28
00:01:33,120 --> 00:01:36,390
It's what makes you you,
it's what makes you great.

29
00:01:36,390 --> 00:01:39,360
And as we'll see, it
has something of value

30
00:01:39,360 --> 00:01:44,360
for you and your customer.

31
00:01:44,730 --> 00:01:46,170
It's a powerful asset,

32
00:01:46,170 --> 00:01:48,000
something that you have to manage.

33
00:01:48,000 --> 00:01:50,910
And every firm has one.

34
00:01:50,910 --> 00:01:52,740
Every firm should have one,

35
00:01:52,740 --> 00:01:56,820
and it's really something that you need

36
00:01:56,820 --> 00:02:00,750
to develop and nurture and take care of

37
00:02:00,750 --> 00:02:02,703
and strengthen over time.

38
00:02:03,660 --> 00:02:06,060
Here is a graphic.

39
00:02:06,060 --> 00:02:11,060
This graphic describes some
of the parts of a brand

40
00:02:11,430 --> 00:02:15,153
and just for a visual representation.

41
00:02:19,290 --> 00:02:21,273
Why is a brand important?

42
00:02:23,100 --> 00:02:27,360
First of all, it has benefits for you,

43
00:02:27,360 --> 00:02:30,660
for the firm, for your
business organization.

44
00:02:30,660 --> 00:02:33,030
It differentiates you.

45
00:02:33,030 --> 00:02:36,120
It tells you what is
great, what is special,

46
00:02:36,120 --> 00:02:38,043
what is novel about you.

47
00:02:39,330 --> 00:02:42,187
It embodies your business model,

48
00:02:42,187 --> 00:02:45,720
your core values, the mission,

49
00:02:45,720 --> 00:02:50,220
and it can help to draw
and retain customers.

50
00:02:50,220 --> 00:02:53,940
And, in many cases, a strong brand

51
00:02:53,940 --> 00:02:58,530
also has the advantage
of giving you access

52
00:02:58,530 --> 00:03:03,530
to suppliers and channels that,

53
00:03:04,620 --> 00:03:08,490
all else equal, a supplier wants to sell

54
00:03:08,490 --> 00:03:10,230
to a business that they think

55
00:03:10,230 --> 00:03:12,840
is very well established,

56
00:03:12,840 --> 00:03:17,520
and distributors or market channels,

57
00:03:17,520 --> 00:03:20,520
hopefully for obvious reasons,

58
00:03:20,520 --> 00:03:23,820
are much more likely to sell a product

59
00:03:23,820 --> 00:03:25,860
that has a strong brand,

60
00:03:25,860 --> 00:03:27,600
that already has a market

61
00:03:27,600 --> 00:03:31,590
and that already has a loyal customer base

62
00:03:31,590 --> 00:03:36,590
so that, rather than them
doing a favor of you,

63
00:03:37,080 --> 00:03:39,600
of moving your product,

64
00:03:39,600 --> 00:03:43,860
you are actually bringing them business

65
00:03:43,860 --> 00:03:48,093
by bringing your customer base to them.

66
00:03:48,930 --> 00:03:51,780
And for many of the same reasons,

67
00:03:51,780 --> 00:03:56,080
a strong brand can give
you access to capital.

68
00:03:58,200 --> 00:04:02,670
An investor is going to be
more likely to invest in you.

69
00:04:02,670 --> 00:04:05,940
A bank is going to be more likely to sell,

70
00:04:05,940 --> 00:04:09,660
or give you a loan if
you have a strong brand,

71
00:04:09,660 --> 00:04:12,240
if you already have a strong presence

72
00:04:12,240 --> 00:04:14,370
in the the marketplace

73
00:04:14,370 --> 00:04:16,830
and have established yourself

74
00:04:16,830 --> 00:04:19,683
as a business that's
around for the longterm.

75
00:04:23,820 --> 00:04:28,820
It also has value to the customer.

76
00:04:32,340 --> 00:04:36,600
It decreases risk, increases trust,

77
00:04:36,600 --> 00:04:37,830
it makes them feel safe.

78
00:04:37,830 --> 00:04:40,770
It lets them know what
are they getting into.

79
00:04:40,770 --> 00:04:44,550
So if it's a promise,
then they can rely on,

80
00:04:44,550 --> 00:04:47,793
when they buy your thing,
your good or service,

81
00:04:47,793 --> 00:04:50,010
that they know what they're going to get.

82
00:04:50,010 --> 00:04:52,680
It's reliable and they understand it,

83
00:04:52,680 --> 00:04:55,950
that it's a clear understanding

84
00:04:55,950 --> 00:04:57,607
where they feel safe of,

85
00:04:57,607 --> 00:04:59,670
"I can buy this because I know

86
00:04:59,670 --> 00:05:02,907
that I'm going to get
what I am expecting."

87
00:05:07,080 --> 00:05:09,450
Here are a list of brand elements,

88
00:05:09,450 --> 00:05:13,290
and I'm going to go
through each one of these.

89
00:05:13,290 --> 00:05:15,210
So these you can think of

90
00:05:15,210 --> 00:05:16,770
as the building blocks

91
00:05:16,770 --> 00:05:21,453
or the components of a brand.

92
00:05:26,010 --> 00:05:27,660
So I'll go through each one.

93
00:05:27,660 --> 00:05:29,700
First is the name,

94
00:05:29,700 --> 00:05:34,320
which is basically just
the name of the company,

95
00:05:34,320 --> 00:05:37,950
the words that are used to identify it.

96
00:05:37,950 --> 00:05:41,010
The logo, which we we saw earlier,

97
00:05:41,010 --> 00:05:45,630
is the graphic representation.

98
00:05:45,630 --> 00:05:49,300
A tagline, so for those of you

99
00:05:51,060 --> 00:05:54,660
who can remember from the past,

100
00:05:54,660 --> 00:05:58,743
the quicker picker-upper is Bounty.

101
00:05:59,700 --> 00:06:03,100
Can you hear me now was one for Verizon.

102
00:06:06,690 --> 00:06:08,580
You can think about what is one

103
00:06:08,580 --> 00:06:12,093
for McDonald's right now.

104
00:06:13,920 --> 00:06:17,670
Graphics are shapes

105
00:06:17,670 --> 00:06:22,670
which help to identify it.

106
00:06:26,790 --> 00:06:31,053
Shapes are also very close to graphics.

107
00:06:32,040 --> 00:06:34,650
So those are, they're very close,

108
00:06:34,650 --> 00:06:38,430
but like the Coke bottle,
the Volkswagen Beetle.

109
00:06:38,430 --> 00:06:42,750
I guess in this case
the shape of the product

110
00:06:42,750 --> 00:06:46,593
rather than of the logo or graphics.

111
00:06:47,970 --> 00:06:51,570
Colors and sounds, here are examples:

112
00:06:51,570 --> 00:06:53,280
a certain group of products are known

113
00:06:53,280 --> 00:06:57,180
for distinctive colors or sounds,

114
00:06:57,180 --> 00:07:00,780
scents and tastes and movement.

115
00:07:00,780 --> 00:07:03,210
So let's go through,

116
00:07:03,210 --> 00:07:05,220
and on the next slide,

117
00:07:05,220 --> 00:07:06,570
I'm going to invite you

118
00:07:06,570 --> 00:07:09,420
to think about other examples.

119
00:07:09,420 --> 00:07:12,393
And we'll do this in class as well.

120
00:07:16,500 --> 00:07:18,330
So if you want to, pause it here

121
00:07:18,330 --> 00:07:22,893
and jot down or think
about other examples.

122
00:07:27,840 --> 00:07:31,083
So here are a few that I thought of.

123
00:07:32,280 --> 00:07:37,280
Heinz 57 got that name because of

124
00:07:37,470 --> 00:07:39,720
the number of products they sell,

125
00:07:39,720 --> 00:07:41,370
the Apple logo,

126
00:07:41,370 --> 00:07:43,860
we'll talk about what Motel 6's line are,

127
00:07:43,860 --> 00:07:47,340
the Nike Swoosh,

128
00:07:47,340 --> 00:07:51,346
the shape of Reese's Peanut Butter Cups,

129
00:07:51,346 --> 00:07:54,903
what color is UPS known for.

130
00:07:56,160 --> 00:07:59,790
The, you know, a jingle
goes into the sound,

131
00:07:59,790 --> 00:08:03,393
so the ESPN's "SportsCenter" sound.

132
00:08:05,100 --> 00:08:10,100
Anybody who drives by
Al's on Williston Road

133
00:08:10,770 --> 00:08:12,720
on the way to the airport

134
00:08:12,720 --> 00:08:15,844
knows that they have a
very distinctive smell.

135
00:08:15,844 --> 00:08:19,800
Certain products have
very distinctive taste.

136
00:08:19,800 --> 00:08:22,620
I think Frank's RedHot sauce

137
00:08:22,620 --> 00:08:26,430
doesn't really taste like anything else.

138
00:08:26,430 --> 00:08:29,400
And I had a harder time with movements,

139
00:08:29,400 --> 00:08:32,550
but in the Red Bull ads,

140
00:08:32,550 --> 00:08:36,060
the sort of movement of the wings,

141
00:08:36,060 --> 00:08:39,000
the Red Bull gives you wings.

142
00:08:39,000 --> 00:08:40,920
So that's also a tagline,

143
00:08:40,920 --> 00:08:45,920
but the way that the wings move

144
00:08:46,440 --> 00:08:49,803
seems like it's a distinctive
part of the brand.

145
00:08:54,060 --> 00:08:58,380
So here are the characteristics.

146
00:08:58,380 --> 00:09:02,640
So it should communicate
the distinctive value,

147
00:09:02,640 --> 00:09:05,640
it should reinforce the intended position,

148
00:09:05,640 --> 00:09:07,290
so it should be a good fit

149
00:09:07,290 --> 00:09:12,090
for the position and
clearly articulate that,

150
00:09:12,090 --> 00:09:17,090
and it should be consistent and unifying.

151
00:09:17,130 --> 00:09:21,820
So we'll discuss this in
class, but think about now

152
00:09:22,860 --> 00:09:27,780
do you think Apple is going to release

153
00:09:27,780 --> 00:09:31,650
like a really cheap phone
or a really cheap watch,

154
00:09:31,650 --> 00:09:34,260
so something that's way down

155
00:09:34,260 --> 00:09:38,040
on the commodity end of the scale,

156
00:09:38,040 --> 00:09:40,170
the low price,

157
00:09:40,170 --> 00:09:43,680
sort of bargain-basement product?

158
00:09:43,680 --> 00:09:46,800
Would they do that? Why or why not?

159
00:09:46,800 --> 00:09:48,810
And if they did do it,

160
00:09:48,810 --> 00:09:51,720
what might be a strategy
that they would use?

161
00:09:51,720 --> 00:09:55,293
So think about that and
we'll discuss it in class.

162
00:09:57,660 --> 00:09:59,970
Think about as well what would be

163
00:09:59,970 --> 00:10:04,970
an off-brand product or service

164
00:10:05,220 --> 00:10:09,480
that your business would choose not to do?

165
00:10:09,480 --> 00:10:12,840
So what's a thing that would
just not be a good fit,

166
00:10:12,840 --> 00:10:16,530
that wouldn't reinforce your position,

167
00:10:16,530 --> 00:10:19,470
that wouldn't be consistent

168
00:10:19,470 --> 00:10:21,720
with what you already do?

169
00:10:21,720 --> 00:10:26,720
So maybe UVM, who I think

170
00:10:27,000 --> 00:10:32,000
we've made our name as
being green and sustainable,

171
00:10:32,460 --> 00:10:35,670
having a class on fossil fuel extraction

172
00:10:35,670 --> 00:10:38,070
or how to externalize costs,

173
00:10:38,070 --> 00:10:41,370
like that would not be a product

174
00:10:41,370 --> 00:10:44,040
that we would hopefully offer

175
00:10:44,040 --> 00:10:46,830
because it would really go against

176
00:10:46,830 --> 00:10:50,130
and, in a way, taint our existing brand

177
00:10:50,130 --> 00:10:52,683
and our existing products.

178
00:10:56,070 --> 00:11:00,660
So a good brand should build brand equity.

179
00:11:00,660 --> 00:11:03,150
It should be easily understood,

180
00:11:03,150 --> 00:11:05,460
so, again, this is a clear promise

181
00:11:05,460 --> 00:11:08,730
and they know what they're
getting themselves into.

182
00:11:08,730 --> 00:11:11,130
And it can be sustained over time,

183
00:11:11,130 --> 00:11:13,830
so a good brand, if you invest in it,

184
00:11:13,830 --> 00:11:15,720
if you tell a good story,

185
00:11:15,720 --> 00:11:18,000
if you have a clear promise

186
00:11:18,000 --> 00:11:21,243
that this should stand the test of time.

187
00:11:24,990 --> 00:11:28,560
So we will do a number of these in class,

188
00:11:28,560 --> 00:11:30,899
but I want you to think about,

189
00:11:30,899 --> 00:11:34,620
as you see these brands,
what do they stand for?

190
00:11:34,620 --> 00:11:36,420
What is their promise?

191
00:11:36,420 --> 00:11:38,100
What do you know that you're getting

192
00:11:38,100 --> 00:11:41,520
when you buy one of these products?

193
00:11:41,520 --> 00:11:43,110
So I'm just gonna flip through each one

194
00:11:43,110 --> 00:11:44,970
and what we'll go through class.

195
00:11:44,970 --> 00:11:47,970
Feel free to pause it and jot down ideas

196
00:11:47,970 --> 00:11:50,820
so you're ready to discuss it in class.

197
00:11:50,820 --> 00:11:55,820
But here's one, here's another one.

198
00:11:59,460 --> 00:12:01,800
What do you know what you're getting

199
00:12:01,800 --> 00:12:04,263
when you get this on a product?

200
00:12:07,410 --> 00:12:09,270
What are these folks known for?

201
00:12:09,270 --> 00:12:11,643
What are you getting? What's the promise?

202
00:12:14,070 --> 00:12:19,070
And ponder this and this.

203
00:12:22,920 --> 00:12:26,400
Here are three well-known Vermont brands.

204
00:12:26,400 --> 00:12:28,020
Well, what are they known for?

205
00:12:28,020 --> 00:12:29,340
What's the promise?

206
00:12:29,340 --> 00:12:31,020
What do you know that you're getting

207
00:12:31,020 --> 00:12:33,603
when you're buying something
from each of these?

208
00:12:36,990 --> 00:12:41,280
I wanna spend just a little
bit more time on the name,

209
00:12:41,280 --> 00:12:43,980
which is the first of the brand elements

210
00:12:43,980 --> 00:12:46,410
and maybe the very first
thing that you consider

211
00:12:46,410 --> 00:12:48,450
when you're developing a brand.

212
00:12:48,450 --> 00:12:51,543
So what should you name your business?

213
00:12:54,210 --> 00:12:59,210
And then what other brand
elements go along with that?

214
00:12:59,670 --> 00:13:02,430
And you'll notice that many businesses

215
00:13:02,430 --> 00:13:04,890
are named after their founders,

216
00:13:04,890 --> 00:13:08,490
such as Ford and Calvin Klein.

217
00:13:08,490 --> 00:13:10,653
Can you think of any other examples?

218
00:13:17,010 --> 00:13:21,030
So here are some
suggestions for a good name,

219
00:13:21,030 --> 00:13:24,270
that it should suggest
the benefits and function,

220
00:13:24,270 --> 00:13:27,840
that Home Depot is somewhere
where you buy hardware

221
00:13:27,840 --> 00:13:30,330
and things to work on your home.

222
00:13:30,330 --> 00:13:34,450
Best Buy hopefully offers a good product.

223
00:13:36,090 --> 00:13:39,480
It should fit the image.

224
00:13:39,480 --> 00:13:41,400
There should be no legal restriction.

225
00:13:41,400 --> 00:13:46,170
So, certainly, if I start to sell

226
00:13:46,170 --> 00:13:49,980
a soda called Coca-Cola

227
00:13:49,980 --> 00:13:52,680
or anything that sounds
anything like that,

228
00:13:52,680 --> 00:13:54,900
I'm going to be getting a letter

229
00:13:54,900 --> 00:13:58,537
from their legal team very fast saying,

230
00:13:58,537 --> 00:13:59,940
"Don't do that."

231
00:13:59,940 --> 00:14:04,353
It should be easy to
pronounce and remember.

232
00:14:05,670 --> 00:14:07,650
It can have emotional appeal.

233
00:14:07,650 --> 00:14:10,960
Like, here's an example
of Grandma's cookies.

234
00:14:16,260 --> 00:14:20,700
Maybe other family members may not have

235
00:14:20,700 --> 00:14:24,000
such a positive emotional appeal,

236
00:14:24,000 --> 00:14:27,990
but grandma seems like
that's on pretty safe ground,

237
00:14:27,990 --> 00:14:30,720
hopefully for most of us.

238
00:14:30,720 --> 00:14:32,820
And it should translate well.

239
00:14:32,820 --> 00:14:36,990
So especially if you're
going to sell it overseas,

240
00:14:36,990 --> 00:14:39,600
make sure that it isn't anything

241
00:14:39,600 --> 00:14:44,340
like confusing or contradictory

242
00:14:44,340 --> 00:14:48,510
or offensive in a language
where you hope to sell.

243
00:14:48,510 --> 00:14:50,943
And I don't know if it's actually,

244
00:14:54,870 --> 00:14:57,240
I've heard that this really isn't

245
00:14:57,240 --> 00:15:00,990
a completely true story,

246
00:15:00,990 --> 00:15:05,820
but the idea that Chevy
had a car called the Nova,

247
00:15:05,820 --> 00:15:09,330
the N-O-V-A, and when
they tried to sell it

248
00:15:09,330 --> 00:15:12,480
in a Spanish-speaking country,

249
00:15:12,480 --> 00:15:15,952
it says no va, which means it won't run

250
00:15:15,952 --> 00:15:18,423
or it won't go, which is a bad name.

251
00:15:19,350 --> 00:15:21,690
But anyway, it's more of an example

252
00:15:21,690 --> 00:15:26,430
than a sort of truthful story.

253
00:15:26,430 --> 00:15:30,670
But I think hopefully you get my point.

254
00:15:36,630 --> 00:15:39,750
So I want you to think about brand equity.

255
00:15:39,750 --> 00:15:44,280
So here I'm thinking the word
equity has many meanings.

256
00:15:44,280 --> 00:15:46,830
Some is it means fairness.

257
00:15:46,830 --> 00:15:50,880
So like gender equity or racial equity.

258
00:15:53,100 --> 00:15:55,890
That's not what I'm speaking about here.

259
00:15:55,890 --> 00:15:57,720
I'm speaking in terms of value.

260
00:15:57,720 --> 00:16:00,210
Like if you get a home equity loan,

261
00:16:00,210 --> 00:16:03,390
it means that there's value in your home

262
00:16:03,390 --> 00:16:07,860
that you could sell your home right now

263
00:16:07,860 --> 00:16:12,860
for more than the amount
of your existing mortgage.

264
00:16:13,590 --> 00:16:15,060
So you've built up equity

265
00:16:15,060 --> 00:16:18,243
and sometimes a bank will
let you borrow against that.

266
00:16:19,260 --> 00:16:21,590
But you can think of it here

267
00:16:21,590 --> 00:16:26,250
as what is the value that the
brand adds to the product?

268
00:16:26,250 --> 00:16:28,413
What does that brand name,

269
00:16:30,840 --> 00:16:33,573
what does it do for the product?

270
00:16:34,500 --> 00:16:39,060
So it is sort of the sum of the value,

271
00:16:39,060 --> 00:16:42,390
the trust, the perceived value, et cetera.

272
00:16:42,390 --> 00:16:44,670
And one way that you
could maybe measure this

273
00:16:44,670 --> 00:16:47,970
is how much more are people willing to pay

274
00:16:47,970 --> 00:16:51,000
for a branded product?

275
00:16:51,000 --> 00:16:56,000
And we see that on the
grocery store shelf.

276
00:16:56,280 --> 00:16:58,230
So you'll see a box

277
00:16:58,230 --> 00:17:03,230
of Kellogg's Raisin Bran, say,

278
00:17:03,360 --> 00:17:06,590
and then you'll see a box of Hannaford's

279
00:17:07,770 --> 00:17:11,460
or the sort of local,
they're like house brand.

280
00:17:11,460 --> 00:17:14,910
And they are basically made
from the same ingredients

281
00:17:14,910 --> 00:17:17,310
in the same factory,

282
00:17:17,310 --> 00:17:22,140
in the same way, same recipe,

283
00:17:22,140 --> 00:17:26,100
but one of them receives

284
00:17:26,100 --> 00:17:30,270
a lot of marketing support, one does not.

285
00:17:30,270 --> 00:17:31,740
So you can think about that,

286
00:17:31,740 --> 00:17:33,990
that the extra price that you pay

287
00:17:33,990 --> 00:17:36,243
is what you're paying for the brand.

288
00:17:41,760 --> 00:17:45,870
So these are the strategies.

289
00:17:45,870 --> 00:17:49,140
So you wanna forge strong, favorable,

290
00:17:49,140 --> 00:17:51,480
unique consumer associations.

291
00:17:51,480 --> 00:17:54,153
And here are the four steps.

292
00:17:58,470 --> 00:18:00,780
So, first, you wanted
to develop awareness.

293
00:18:00,780 --> 00:18:03,780
You want people to know that you exist

294
00:18:03,780 --> 00:18:08,250
and to associate it with the attributes

295
00:18:08,250 --> 00:18:12,030
and the benefits and the promise

296
00:18:12,030 --> 00:18:15,570
that your product or service brings.

297
00:18:15,570 --> 00:18:18,150
So think about how did you become aware

298
00:18:18,150 --> 00:18:22,593
of these entities and
we'll discuss it in class.

299
00:18:26,190 --> 00:18:28,320
Next is the meaning.

300
00:18:28,320 --> 00:18:29,880
Well, what does it stand for,

301
00:18:29,880 --> 00:18:33,510
both what is sort of its practical value

302
00:18:33,510 --> 00:18:38,280
and what sort of like imagery
or abstraction goes along?

303
00:18:38,280 --> 00:18:40,860
And, basically, what is the promise?

304
00:18:40,860 --> 00:18:43,173
What are you getting?
What are you known for?

305
00:18:47,040 --> 00:18:50,160
Here are two well-known products

306
00:18:50,160 --> 00:18:52,890
that Vermont are known for,

307
00:18:52,890 --> 00:18:56,310
that we're known for having
outstanding maple syrup

308
00:18:56,310 --> 00:18:58,440
and outstanding cheese.

309
00:18:58,440 --> 00:19:01,653
So both we want them to think,

310
00:19:01,653 --> 00:19:05,910
"Oh, this is high quality, it's superior,"

311
00:19:05,910 --> 00:19:08,850
as well as sort of the feeling

312
00:19:08,850 --> 00:19:11,520
that you get from the state of Vermont,

313
00:19:11,520 --> 00:19:14,850
this beautiful state with its mountains,

314
00:19:14,850 --> 00:19:16,710
its farms, it's clean,

315
00:19:16,710 --> 00:19:20,070
it's, you know, pro environment.

316
00:19:20,070 --> 00:19:25,070
And like, hopefully, people will associate

317
00:19:25,140 --> 00:19:28,593
those emotions with
these products as well.

318
00:19:32,400 --> 00:19:34,884
Then, we hope for a response,

319
00:19:34,884 --> 00:19:39,840
that they try it, they buy it,

320
00:19:39,840 --> 00:19:42,810
they like it, and they'll buy it again,

321
00:19:42,810 --> 00:19:44,910
and in the long run,

322
00:19:44,910 --> 00:19:48,030
they become that sort of loyal customer

323
00:19:48,030 --> 00:19:50,883
who are the backbone of your business.

324
00:19:55,890 --> 00:20:00,890
And in an ideal world,
it will begin to resonate

325
00:20:01,200 --> 00:20:04,350
that people will have an active loyalty,

326
00:20:04,350 --> 00:20:06,300
they'll have a psychological bond,

327
00:20:06,300 --> 00:20:07,297
that they'll be known, like,

328
00:20:07,297 --> 00:20:12,297
"I am a Mac user," or,
"I'm a Ford driver,"

329
00:20:12,540 --> 00:20:14,188
that they really sort of start

330
00:20:14,188 --> 00:20:17,670
to identify with that.

331
00:20:17,670 --> 00:20:20,040
One way of thinking about it is

332
00:20:20,040 --> 00:20:24,597
do people wear your logo on clothing?

333
00:20:24,597 --> 00:20:28,170
You know, so you see
Harvey Davidson shirts,

334
00:20:28,170 --> 00:20:29,973
you might see Apple shirts,

335
00:20:30,810 --> 00:20:33,390
but where they really start to identify,

336
00:20:33,390 --> 00:20:36,210
like, "This is my product.

337
00:20:36,210 --> 00:20:41,210
I am a loyal Harley motorcycle rider

338
00:20:41,334 --> 00:20:44,973
and I have shirts and, you know,

339
00:20:46,980 --> 00:20:50,727
leather jackets that
have their logo on it."

340
00:20:54,240 --> 00:20:56,310
Another way of thinking about this

341
00:20:56,310 --> 00:21:00,150
is know, like, and trust.

342
00:21:00,150 --> 00:21:04,230
So, first, we want them to know us,

343
00:21:04,230 --> 00:21:07,050
know that we exist, know
that we are out there,

344
00:21:07,050 --> 00:21:09,307
and then that they want us to like us.

345
00:21:09,307 --> 00:21:11,190
"Hmm, that was good.

346
00:21:11,190 --> 00:21:13,020
I like that, I bought their thing,

347
00:21:13,020 --> 00:21:16,110
it worked well, it was
what I was hoping for,

348
00:21:16,110 --> 00:21:17,850
it made me happy," et cetera.

349
00:21:17,850 --> 00:21:21,150
And finally, trust, "I can trust

350
00:21:21,150 --> 00:21:24,600
that, next time I buy
it, I'm going to like it.

351
00:21:24,600 --> 00:21:25,980
I know what I'm getting.

352
00:21:25,980 --> 00:21:28,137
They keep their promise."

353
00:21:33,570 --> 00:21:36,423
So I wanna show you these in class.

354
00:21:37,560 --> 00:21:40,893
Please watch these and
we will discuss them.

355
00:21:44,220 --> 00:21:45,870
This is what we did:

356
00:21:45,870 --> 00:21:48,450
what's a brand, why it's important,

357
00:21:48,450 --> 00:21:51,843
and we talked about brand
elements and brand equity.