A marketing professional might answer the question “How do you value a brand?” by using surveys, market share, and other metrics to measure what marketers call brand equity—a concept linked to financial value.
When to reposition a brand should be widely known and well accepted among marketing professionals, but it is not. Brand repositioning is necessary if one or more of these conditions exist:
Very often in developing brand strategy, marketers studiously consider the competition, but seldom consider the alternatives to their brand. They don’t have to be the same thing. In fact, sometimes the alternative to choosing the brand may be to simply “do without” or “do something else.” And if we’re honest with our desired customer, and ourselves, considering the alternatives may be a logical and even desirable course of action in some cases.
Differentiation is acknowledged by most as the goal that every marketer should be seeking. But the enthusiasm for the pursuit masks a common misunderstanding – in the context of brand strategy, different and difference are not one and the same.
Pharmaceutical companies make substantial marketing investments across the life cycles of their products to build brand power and value in the market. As a result, today’s major pharmaceutical companies have significant equity tied to their brands, making them valuable assets. Layer on positive consumer relationships, said asset takes on even greater value.
