Hello Branding Geniuses and Marketing Rock Stars!
Today's post will be a bit different. For the next couple of weeks, I will be sending interview questions about building powerful brands to awesome consultant Tracey Nelson and sharing her answers here. Tracey is a recognized leader in the fields of brand management and brand extension. She has over twenty years of experience in senior strategic brand management and consulting positions for world-class multinational companies, including Polo/Ralph Lauren, FILA Sports and Turner Networks.
BJ Bueno:
How would you respond to Ries & Trout’s twelfth “Immutable Law of Branding”?
Tracey Nelson:
Law 12 of Al Ries and Jack Trout’s excellent book, The 22 Immutable Laws of Branding states that “…There's an irresistible pressure to extend the equity of the brand and it's a mistake. Instead one should create new brands to address new markets/products.” A superb rule, as it probably protects consumers from many ill-conceived product extensions!
However, there are multiple examples of successfully extended brands which support the addition of an amendment to that law: “…it’s a mistake if undertaken primarily for quick profit, rather than to extend the long-term equity of the brand and without objective research and strategic planning…”
Clearly, Ralph Lauren’s multi-billion dollar empire would not exist had we restricted the Polo brand to just ties. Nor would the Disney brand be the global force it is today had Walt stuck with one animated mouse. These two men were visionaries, but any brand team can certainly learn from them. They understood the relationship that their brand, at its core, had with its customer. Then they made sure that, as the brand extended into multiple product categories, it continued to deliver on its promise.
A simple concept, but one that requires research, objective evaluation and careful strategic planning.
BJ Bueno:
Thank you Tracey. More questions coming your way soon!
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