What is a Brand?
A brand can be defined as the sum of all information about a product, service, or company that is communicated through a name and related identifiers.
- Brands signal information to key stakeholders, including customers, prospects, shareholders, and investment analysts
- These signals are used in decision making as a "short cut" in processing information
- In a "noisier" world, brands will become more important
What is Brand Equity?
Brand Equity equals Strategic Awareness plus Perceived Quality plus Singular Distinction (BE = SA + PQ + SD).
Strategic Awareness is the presence of the brand, a process that moves travelers from being unaware about America's Byways to recognition to recall to top of mind to dominance making America's Byways their only choice.
Perceived Quality is the promise of the brand. Travelers equate America's Byways with a consistent, quality experience. They trust they are making the right decision to drive on a National Scenic Byway or All-American Road.
Singular Distinction is the positioning of the brand so it is a choice one can make without reservation, in effect the only choice, given the value of qualities and attributes implied by the brand name and reflected in choices in a competitive marketplace, i.e. the ability of a brand to "shift demand" (travelers will choose America's Byways over Readers Digest or AAA scenic drives)
- While brands exist as objective entities, brand equity resides only in the minds of consumers and key influencers
- Brand equity is measured relative to existing and future competitors
- The level of brand equity varies among segments and can be positive or negative
What is Brand Strategy?
Brand Strategy is a method to capitalize on the value of brands to achieve profitable growth (i.e. positive economic impact on byway communities).
- Focus is long term
- Must be closely linked to business strategy
Sources:
David A. Shore, PhD, Associate Dean and PricewaterhouseCoopers Director, Harvard University
Mercer Management Consulting, Chicago, IL
Prophet Brand Strategy, Inc., Chicago, IL
