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What businesses can learn from ‘Star Wars’

14th December 2015

5 Top Tips to build a better brand

Powerful brands don’t just happen – they are developed through careful planning and extensive work. Take Star Wars, for example.  The epic space opera franchise – bought for $4.05 billion in 2012 by The Walt Disney Company – is an example of a truly powerful, global brand that has kept growing since 1977. This business model has yielded phenomenal financial rewards for Disney. In 2014, Variety magazine reported that Disney brands generated a record US$40.9 billion from Star Wars licensed merchandise in 2013.

And if you’re a fan, you are probably all too aware of the buzz surrounding the forthcoming release of the seventh instalment, Star Wars: The Force Awakens. Fans in LA are certainly getting into the pre-launch spirit, if you read the latest news reports.

So what can we learn from such successful brands like Star Wars? Well, a brand isn’t just a memorable name. It’s a set of differentiating promises that link a product or service to its customers.

It knows itself and communicates consistently, whether through advertising and packaging, or pricing and customer service policies. A successful brand generates consumer loyalty and long term financial return.

So with this in mind, here are 5 Top Tips to help you build a better brand:-

  1. Identify your strengths

Through international research and target market analysis, uncover potential sources of competitive advantage.

Determine which key benefits provide maximum relevance and differentiation for your product or service.

  1. Validate your advantages

Make sure your strengths are important to the market or a segment of the market.

  1. Brand compatibility

Brand compatibility requires knowledge about the customer, including factors such as their needs, mind-set (attitudes and/or lifestyle) and environment (media behaviour, purchase behaviour, geo-demographic descriptions).

Compatibility is best described as how good the match is between a brand’s value proposition (its unique differentiation) and the customer’s attitude and behaviours.

While customer value helps determine which customer to spend the marketing budget on, brand compatibility helps determine how to talk to the customer in a relevant way.

  1. Consistent message

To be successful, a brand must consistently provide quality and satisfaction.

  • It must meaningfully distinguish itself from the competition to create customer preference.
  • It must be relevant, convenient and easily accessible to its target audience.
  • It must appeal to their individual lifestyles, attitudes and beliefs.

Therefore it’s critical that the messages you send out about your brand be as predictable as the brand itself.

Consistent and cohesive use of your name, logo and message points will present your organisation in the same way to everyone.

  1. Deliver on brand promise

Keeping promises is more important than good intentions.

Authentic and demonstrable claims must link back to the brand promise and must be fulfilled.

The top-ranking brands consistently reflect a top-down commitment to investing in the brand as a long term strategic asset.

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