I recently heard an audio summary for Brand Relevance by David Aaker, a Haas marketing professor. The focus of the book was the distinction between brand relevance and brand preference. The key is that by differentiating from other brands and making yours the only relevant one, preference does not matter anymore (you have your own category).
The four steps to achieving this according to the book are the following:
- Generate new concepts (for brands)
- Evaluate them
- Create barriers to entry
- Manage the brand
Brand Preference vs. Brand Relevance Models
- Brand preference is about cheaper, faster, and better.
- Brand relevance is about creating new categories where there is no competition.
- Competitor set minimal
- Definition of category with clear differentiation
- Value proposition that changes the relationship
- Loyal customer base which is economically viable
- Natural barriers to competitors
- Disruptive innovation
- Discover unmet need
- Can be obvious but with technical hurdles
- Can be dormant with investment that seems too high
- Can also be a non-obvious need
- Ask customers
- Suggestion box
- Follow market trends
- Is there a market?
- Can we compete?
- Can it endure?