Brand Strategy With Mark Ritson
Mark Ritson answered some of the burning questions, specifically around understanding your market and establishing your brand strategy, the U and the E elements of my tuned framework. I asked him about business strategy positioning and brand strategy, what he thinks of Byron Sharps views on differentiation and distinctiveness, whether you can really own a particular attribute and how his brand strategy dealt with in the type of company Mark consults with and I also wanted to know Mark's views on brand purpose. I think you'll enjoy this episode.
In this episode Mark explained:
It makes a lot of sense to talk to lawyers now and spend a bit of money on them because you know putting it in brand managers terms there's nothing worse than investing two years and 5 million quid and a significant amount of company resources into building brand equity on it to discover that the name that you've created is no longer tenable because you didn't check so you know I think that's absolutely your advice is correct for rebrands and also product naming I would not have lawyers anywhere near the rest of the branding process for reasons you may or may not want to go into but in this one area I totally agree
It's very rare there are exceptions again where marketing or customers or anything above a basic net promoter score would ever feature in the decision making of the company they're interested in the product they're interested in sales profit and then ultimately in share price and I know it sounds funny but I mean this and I'm not speaking from a place of ignorance the thing about most boards is this they're dumb enough to not follow the money all the way to its origin so they follow it to sales they follow it from the product they follow it to profit they just don't go back all the way to the customer itself and how the customer thinks and feels and I can't explain that but I can tell you that that's an absolute reality of not every you know large boardroom but most
I wouldn't separate brand or marketing strategy, the difference between the two is purely based on organizational structure. And one of the great lessons of brand and all marketing planning is you do it 12 months at a time, you know, the beat of any organization's financial year, quarterly, and you plan in 12 months increments.
Volvo had a relative significant strength in terms of perceptions of safety, but there were other automotive brands, if you control the size, etc, that also had goods that you know, it wasn't as if if we had a five-point Likert scale, Volvo was a five or a 4.6 from the market and every other brand was you know, 2.3 in the data never looks like that.
In one of the 100 cases, your purpose is really your position in the marketplace? In the other 99 cases, it's total hogwash. And it's the wet dream of brand managers who are ashamed to sell things, and don't really like going to dinner parties in North London and admitting that they sell coffee or beer, or God forbid, petroleum. So they invent something that makes them sound better
I think one of the great lessons is to is absolutely to bed in your name and bed in your strap line and not to mess around with them I think there's some you know I think there's a terrible tendency of marketers to change and alter and update these things when in reality the customer hardly notices so I would absolutely say we are guilty in the marketing of changing things too often on a whim when in reality we should maintain them
Mini MBA in Brand Management by Mark Ritson - https://mba.marketingweek.com/brand-management/
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