What is the relationship between a product and its brand?

What is the relationship between a product and its brand?

Rebranding

What’s in a brand?

“A brand is a name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers” (American Marketing Association).

“A set of assets (or liabilities) linked to a brand’s name and symbol that adds to (or subtracts from) the value provided by a product or service…”

“Simply put, a brand is a promise. By identifying and authenticating a product or service it delivers a pledge of satisfaction and quality.”

“A brand is the most valuable real-estate in the world, a corner of the consumer’s mind.”

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What is the relationship between a product and its brand?

In very simple words, a product is what you sell, a brand is the perceived image of the product you sell, and branding is the strategy to create that image.

http://www.thebrandingjournal.com/2015/10/what-is-branding-definition/

ERA Real Estate

Evolution of a brand

A Basic Checklist to Evaluate Your Brand

Does your brand relate to your target audience? Will they instantly “get it” without too much thought?

Does your brand share the uniqueness of what you offer and why it’s important?

Does it reflect the brand promise that you are making to who you are targeting as well as to your internal audience?

Does your brand reflect the values that you want to represent as a customer?

Now….

6

Setting the stage….

2009 to 2014

Renovated brand from inside out: With feedback and input from brokers,technology, tools and systems were introduced,enhanced or retired.

Growth: five of the six largest companies in the ERA system joined during this time

Brand Promise: As the industry evolved, ERA evolved, all the while defining and redefining the brand promise

Marketing Input

While much has changed at ERA Real Estate over the years, the public’s perception of the brand was no longer consistent with all the changes that had taken place. To complete the transformation and create a visual cue to take a new look at the new ERA Real Estate, the brand introduced a refreshed identity to better align with a revitalized brand.

According to Chris Trick, senior vice president of marketing and product development for ERA Real Estate, the more modern and contemporary look provides a new take on the brand’s iconic roof symbol and clearly communicates the upward direction and positive momentum of the brand.

“New” creates opportunity

ERA Real Estate’s new identity capitalized on the internal momentum to capture the attention of brokers, agents and consumers.

Supports:

recruitment of agents

conversion of new companies

Acquisition of customers

Legacy brand plays on old & new

“As the real estate industry continues to evolve, ERA Real Estate’s legacy of innovation will inform everything we do.”

Chris Trick Senior Vice President of Marketing

ERA Real Estate

Brand Support

Increased media spend for the year in order to maximize the momentum and excitement of our new identity

Stipend for new yard signs and building signs

Transition period of six months

Need to be affected by an issue to be interested or care. Atlanta is next spot for a nuclear power plant. Rate of foreclosures increasing. Tuition is increasing.

11

Customer Buy-In Critical

According to Barbara Schmidt, president of Jack Gaughen Realtor ® ERA in Harrisburg, Pennsylvania,“ERA Real Estate has always been on the cutting edge; the reimaging allows us to make that statement in a bigger way.”

According to Doug VanNortwick, broker/owner of ERA Sellers Buyers & Associates/Pargin Realty ERA – El Paso, Texas and Albuquerque, New Mexico, “The reimaging gives me the opportunity to reach out to agents and say, ‘Did you hear what we are doing?’”

Integrated Plan

Three audiences:

Internal customers

Annual conference

Trade

Trade publications

Trade shows

Consumer:

13

Proof Points

Strategic M&A support for existing ERA-affiliated brokers led to significant expansion in current and new markets; in many cases, ERA brokers doubled or even tripled the size of their companies.

In addition to increasing the ERA footprint and adding yard signs across the country, the brand’s focus on productivity has made an impact as well: In the last five years, the number of highly productive ERA-affiliated independent agents has increased 25 percent.

ERA-affiliated franchisees’ average tenure with the brand is nearly 20 years.

Increased footprint of new companies increased referral pipeline for entire network

the pipeline of franchise sales prospects increased 50 percent YOY.

Trade Outreach

PR efforts served to support and amplify marketing and advertising at the national and local level, to create momentum internally with brokers and agents and generate excitement and awareness with consumers. Results to date include:

Secured five speaking opportunities for president and CEO

Connected face to face with 20,000 industry influencers, thought leaders and targeted media at industry events such as Inman, RIS Media, National Association of Real Estate Editors, AREAA, NAHREP, NAR and The Power is Now

Secured 20 placementsrelated to key messages in real estate trade publications, targeted small business outlets, and marketing outlets

Continued consumer focus from previous years, positioning the brand and our brokers as thought leaders offering unique insights and “news you can use” for homebuyers and sellers.

Combined trade and consumer outlet impressions total approximately 550 million to date

Reimaging-related coverage appeared in all of the major trade publications.

Laser Focus

Every opportunity was vetted by asking “Will this drive growth for the brand?”

Trade Media Coverage

Inman News articles reported on the launch of the new logo, the launch of the media campaign, president and CEO Charlie Young’s insights on the importance of a brand, and tips from an ERA broker on how to attract Millennials.

RIS Mediareported on the launch, featured an ERA broker in a June cover story about the value of ERA Real Estate’s leadership and networking opportunities, included insights from another ERA broker on growth and profitability in today’s changing real estate market, and published a byline from Charlie Young titled “Four Ways to Remain Relevant.”

The Power Is Now, an online real estate publication, featured another byline by Charlie Young, titled “ERA Real Estate on the Home Front.

Eight11.com, an influential real estate blog run by Tracy Weir, published an articlethat hit all of our key messages perfectly so we furthered its reach through an online syndication push and sponsored post campaign.

REALTOR Magazineshowcased two ERA brokers who aligned with our Millennial key message: a member of our Young Leaders Network and a veteran broker who is pioneering an innovative agent succession program that focuses on up and coming agents. In addition, Chris Trick, SVP of marketing and product development, will be featured in an upcoming piece about branding.

Consumer Media Coverage

We also targeted small-business related outlets to showcase the ERA value proposition.

Huffington Post Small Businessran a feature on Ann Davis and Stephanie Bellanova, ERA Central Realty mother/daughter owners. They discussed the value of ERA Real Estate support and its technology tools, reinforcing brand relevance and value proposition.

Yahoo! Small Business Advisor’s article “Defining Your Brand’s DNA” describes how ERA broker Denise Strother defines company culture and the ERA brand in her organization.

Marketing Verticals

1 to 1 Media, Branding Source, Marketing Research Association and AIM also reported on the campaign, including insights from Chris Trick, SVP of marketing and product development.

Consumer Media

High profile outlets showcased president and CEO Charlie Young as well as ERA broker/owners and sales professionals on topics ranging from finding the right mortgage, the best basement renovations, how to market a house, first-time homebuyer tips and how to interview a real estate agent.

A selection of outlets included, US News and World Report, ParadeMagazine.com, MarketWatch and HuffingtonPostWeddings.

Internal Messaging aka The Blue Sheet

FAQs

Internal Messaging aka The Blue Sheet

Internal Messaging aka The Blue Sheet

Blogs

The Tipping Point looks at the factors that contribute to these idea epidemics and tries to answer the questions:

Why is it that some ideas or behaviors or products start epidemics and others don’t?

And what can we do to deliberately start and control positive epidemics of our own?

Trade Marketing/Sales Collateral

Trade Marketing/Sales Collateral

Advertising Campaign

Advertising Campaign

Advertising Campaign

In-flight Video

Results

Just six months after the launch, agent counts system-wide increased for the first time in several years

The franchise sales pipeline of new prospects increased significantly.

550 million consumer impressions

Face-to-face contact with 20,000 industry influencers

Pull Through – One Year Later

Connectors

The author illustrates this example by making a list of the 40 people you would call your friends, excluding family and co-workers.

For each person, work your way backward until you can ID the person responsible for setting in motion the series of connections that led to this friendship.

He found that 30 of his 40 friends were the result of one person, a guy named Jacob.

In essence the author’s social circle was not a circle at all, it is a pyramid and at the top is Jacob. He further asserts that his social circle is not really his, either – it is Jacob’s.

In this instance, Jacob is seen as a connector, a person with a special gift for bringing people together, people with a knack for making friends and acquaintances.

Message Development

So now we know who we have to reach.

The next step is figuring out what to tell them.

How do we develop messages to reach our intended audiences?

Message Development

Let’s go back to a question from our first class: How does PR differ from journalism?

The A+ answer is that they differ in objective, scope and audience.

What is the objective of PR?

Message Development

To persuade!

Definition: trying to change a belief, attitude or behavior through a planned message

Used to:

Change or neutralize hostile opinions

Crystallize latent (there but not fully expressed) as well as positive attitudes

Conserve/reinforce favorable opinions

Persuasion

So how do we persuade?

One of the oldest topics in communication is called rhetoric.

Aristotle was the first person to define components of rhetoric, the art of using language effectively and persuasively.

Other types of persuasion

Appealing to self-interest, understanding lifestyles, attitudes and beliefs.

Answer these questions/objections:

How can my life be made easier

How can I be a better person

How can I get a good deal

Appeals that Move People to Act

Make more money

Save money

Save time

Avoid effort

More comfort

Better health

Cleaner

Escape pain

Gain praise

Be popular

Be loved/accepted

Appeals that Move People to Act

More enjoyment

Satisfy curiosity

Protect family

By stylish

Have beautiful things

Satisfy appetite

Be like others

Avoid trouble

Avoid criticism

Be an individual

Be safe

Be secure

Homework

Select a prominent rebranding campaign and provide an analysis using the HBS approach.

1-2 pages typed

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