Marka Discovers the Importance of Branding (Part I)
“Yet the name is also a reminder of our storied past,” Marka noted. “Rebranding doesn’t have to mean flushing our old brand down the aqueduct.”
“Correct me if I’m wrong, but ‘Fire Classic’ involved a similar rebranding effort,” Brandy said, twirling strands of long auburn hair.
“That’s right. We weren’t willing to give up on our original product despite straw-thin profit margins,” Marka explained. “So ‘Fire’ became the classic brand, while ‘RapidFire’ was positioned as the hip fire aimed at newer markets. A brand involves name and products—what else?”
“What isn’t in a brand?” Brandy asked rhetorically. “Before I get into more detail, you might want to help yourself to another grog.”
“Fill ’er up,” Marka said with a sigh, anticipating the challenging branding questions that lay ahead.
Today’s FIRE! Point:
Your brand should derive from your company’s USP and core competencies. Identify what makes your business unique and base your new brand development off this idea. When you want to appeal to a different customer base, enter a new product line, or publicly demonstrate a change in the way your company does business, a rebranding effort may be necessary to shift marketplace perception of your company.
Next week: Our branding talk continues with a discussion of logos, slogans and brand consistency in communications and customer service.
FIRE! in Action
Coors Banquet Spurs Sales by Returning to “Classic” Brand Image
A popular “cowboy” commercial and the launch of “classic” yellow cans helped return the beer to its rugged brand roots. The result was a 7.6% sales increase in 2008, a year when Budweiser and Miller Genuine Draft were left in the red.