A GUIDE TO EXCELLENCE IN RETAIL BRAND MANAGEMENT
Traditionally, branding has not been a top priority for most retail CEOs. But the times, they are a-changing, and leading retailers are starting to discover their brands as a potential source of competitive advantage. Typically, this leads them to ask two kinds of question:
- How do consumers perceive our stores and our brand?
- How can we use brand management to improve our business performance?
BrandMatics, a comprehensive brand management approach developed by McKinsey & Company, provides the answers to these questions. The approach has been successfully applied in retail, as well as in other industries. In this chapter we will walk you through the most important BrandMatics concepts and analyses, including the brand diamond and the brand funnel. We will also look at how several best-practice retailers have mastered the art of consistent end-to-end brand delivery.
The brand diamond helps retailers map the attributes of their brand in a structured and comprehensive way
In the consumer's mind, a retailer's brand is the focal point of a wide range of perceptions about the retailer. To get to the heart of your brand image and create a fact base for targeted improvements, you need a robust understanding of how and why the brand influences your customers. The relation between brand perception and consumer behavior has been thoroughly researched by practitioners as well as academics. ...