A power brand is a name or an identity that has extremely high recall value and awareness among the consumers. these are the type of brands that sell themselves. These products do a brand name of themselves which is quite distinct from the parent company. in essence, they don’t need the support of other brands.
Consider the example of laptop computers. While you may recognize Lenovo as a laptop brand you may not necessarily recognize Yoga as a sub-brand of Lenovo. on the other hand, most of the people even if they are not the users of Apple computers will recognize Macbook as a brand. Therefore we can say that Macbook is a power brand.
Components of power of a brand
Any brand is the sum total of how it is perceived by the consumers. Usually, a set of different factors contribute to the brand name. It may include different features like the name, design, logo, symbol, and other features associated with the product. In order to understand it better, let us divide the brand power in terms of four different dimensions.
| Dimension | Meaning |
| Brand weight | The brand weight is defined as the influence of the brand has over the market category. |
| Brand breadth | The breath essentially refers to the market penetration that the brand has. |
| Brand depth | This dimension symbolizes the customer’s loyalty and their proximity to the brand |
| Brand length | The brand length talks about the sub-brands or extension of the original brand present in the market. |
Now let us try to understand each of these with some real-life examples. Firstly, when we talk about the brand weight let us consider the same case that we have considered earlier. the brand weight of MacBook laptops is significantly higher compared to the Yoga brand from Lenovo. It is because Macbook has a higher influence over other competitors compared to Yoga. On the other hand, brand Thinkpad is also under Lenovo their brand power. it is because Thinkpad has shaped how business laptops are perceived for almost the last three decades.
Secondly, let’s talk about brand breadth. The brand breadth for certain products may be higher compared to others. One of the greatest examples of brand breadth is Coca Cola. On one hand, you may find it at different kinds of stores across the world. On the other hand,, you cannot escape from the Coca-cola advertisements. Thirdly we talk about brand depth. This type of brand’s power talks about the loyalty from the customers. you will find I had fans of a certain brand of automobiles. Finally, we come to brand length. Brands such as Colgate have got a lot of extensions. when you check out the toothpaste as a store you will find there are different varieties of toothpaste from the same brand Colgate. This represents the brand length.
How to increase the power of your brands?
Making a power brand is not very different from regular brand management. The product’s brand value needs to be created and nurtured over the years. Here are some of the steps that can be used to develop a powerful brand:
- Always have a vision in mind. The greatest product in the market is driven by vision. if you want to be the Band-Aid of the XYZ product segment you have to solve a particular problem that the customer in that segment faces.
- Develop a robust branding strategy. A good branding strategy is driven by the vision and has and goals in mind. Goal-setting exercises can be helpful in setting realistic and achievable goals.
- You can also use techniques like brainstorming to come up with ideas to enhance the power of your brand.
- Always keep listening to the customer. Listening to the customer in the initial days is paramount. However, this does not mean that you will stop listening to the customers after your brand takes off.
- Connect at a personal level with your consumers. You need to inspire them, entertain them, and move them to stay relevant.
- Set bold targets for your brands. We are often limited by the target that we set. While we set audacious targets for sales, we are reluctant to set an ambitious target for our brands
What are the benefits of power brands?
- Power brands increase the value created from the products. These brands have got a higher recall value and higher sale they can generate much higher revenues while maintaining profitability.
- Power brands help sell you other products that are not power brands. Usually, power brands bring in most of the revenue. Nevertheless, they may also bring in extra revenue in the form of the sale of other allied products under the same umbrella.
- These products also enhance loyalty towards the firm as a brand. A happy Lexus customer may buy another product from Toyota in the future.
- The power brands may also help in product extension. It is a common strategy to first establish a product in the market. Once its brand is established then the firm may extend the product offerings.