Six best ways to use a brand

patek philippe

Brands are present in all businesses. They are customer’s point of view, the values that customer accepted from a product or a service. Some businesses might not intentionally use brands, but others use them very well. Below is the list how businesses can get the most out of their brands:

 

Premium pricing

A brand is one of the best tools to increase a price of a product. Using content to add competitive or unique soft values to the brand will increase the price of a product. Read more on Wikipedia.

 

Brand awareness

Brand awareness can be explained as customer’s memory of a product after the promotion has ended. Well designed and managed brand will have high brand awareness and will extend the sales after promotion stops. Higher brand awareness means more sales with less investment. Read more on Wikipedia and BEM daily.

 

Uniqueness and differentiation

Without a brand and a content many products would act as commodity, and customers would not see the difference between them. Read more on Wikipedia and BEM daily.

 

Planned obsolescence

A brand can support planned obsolescence of a product and therefore create new revenue streams over and over again. Read more on Wikipedia.

 

Extending the product life cycle

A brand can allow a company to sell products which lost technology relevance and have gained a new relevance through content. This is an opposite of planned obsolescence. Read more on Wikipedia.

 

Equity increase

A company which does not have a well designed and managed brand will be worth less. A company which has built a strong brand will be able to sell itself or its stock for a higher price. Read more about intangible assets on Wikipedia.

 

Patek Philippe is an example of a brand which uses premium pricing, brand awareness, uniqueness, and product life cycle extension. Also a big part of the Patek company equity will be the brand equity. See Thierry Stern, Patek CEO, present the Grandmaster Chime on Bloomberg.

Written by: Nikola Tosic
Publishing date: 3 May 2017