Brand Premium How Smart Brands Make More Money
Why do consumers pay a premium price for a brand? Is it better quality, the look and feel, or is it the brand's social standing? Author Nigel Hollis believes the answer to all those questions is "yes." Yet the vast majority of brands today trade on past e
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Also by Nigel Hollis The Global Brand (2008)
BRAND PREMIUM How Smart Brands Make More Money
Nigel Hollis Chief Global Analyst Millward Brown
brand premium Copyright © Nigel Hollis, 2013. All rights reserved. First published in 2013 by PALGRAVE MACMILLAN® in the U.S.—a division of St. Martin’s Press LLC, 175 Fifth Avenue, New York, NY 10010. Where this book is distributed in the UK, Europe and the rest of the world, this is by Palgrave Macmillan, a division of Macmillan Publishers Limited, registered in England, company number 785998, of Houndmills, Basingstoke, Hampshire RG21 6XS. Palgrave Macmillan is the global academic imprint of the above companies and has companies and representatives throughout the world. Palgrave® and Macmillan® are registered trademarks in the United States, the United Kingdom, Europe and other countries.
ISBN 978-1-137-27991-0 ISBN 978-1-137-51038-9 (eBook) DOI 10.1007/978-1-137-51038-9 The Library of Congress has catalogued the hardcover edition as follows: Hollis, Nigel. Brand premium : how smart brands make more money / Nigel Hollis, Chief Global Analyst, Millward Brown. pages cm ISBN 978–1–137–27991–0 (alk. paper) 1. Brand name products. 2. Branding (Marketing) 3. Product management. I. Title. HD69.B7H6463 2013 658.8⬘27—dc23
2013008881
A catalogue record of the book is available from the British Library. Design by Newgen Knowledge Works (P) Ltd., Chennai, India. First edition: October 2013 10 9 8 7 6 5 4 3 2 1
Dedicated to Gordon Brown
Contents
Foreword
ix
Acknowledgments
xi
Preface PART I WHAT’S IT ALL ABOUT? 1 How Marketing Adds Financial Value to a Business
xiii 1 9
2 How Brands Influence Purchase Decisions
25
3 What Makes Your Brand Meaningfully Different?
39
4 Linking Meaningful Difference to Financial Outcomes
53
PART II CREATING A MEANINGFULLY DIFFERENT BRAND
69
5 Clarity of Purpose
71
6 Effective Delivery
83
7 Resonance
95
8 Differentiation
105
9 Defining a Meaningfully Different Experience
121
PART III AMPLIFYING A MEANINGFULLY DIFFERENT BRAND
131
10 Findability
133
11
145
Credibility
12 Vitality
155
13 Affordability at a Price Point
171
vii
viii
Contents
14 Extendability
183
15 Make the Most of Your Brand
193
Notes
207
Index
219
Foreword
I can trace my digital footsteps back to a flurry of emails between Nigel and me in March 2010, when this whole adventure kicked off. We had decided that we should do more to share our wider learning about brands with our clients. In particular, we wanted to use this broader knowledge to tackle the specific challenges and opportunities of individual brands. We have always believed that we should be helping businesses, not just through the application of findings from a single piece of research, but by harnessing all of Millward Brown’s accumulated learning. Over 40 years, we have collected data in over 70 markets and across thousands of brands; we discuss brands with marketing people and work with their agencies every day of the year. More than this, we tie what we know to financi
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