I was recently reminded of the inherent value of a brand name when my son asked me about a curious logo (depending on your age, you may remember a certain amphibian that had gone from prominent to passé, and from there to wholesale obscurity buried in a much larger product portfolio, only to be resuscitated by new owners as an upscale brand). But why would anyone pay for an established, albeit out of favor brand?
As I explained to my son, leveraging an existing brand is easier and cheaper than introducing a new brand – although that does not mean that it doesn’t come with its’ own challenges. Weighing the economic efficiency offered by an existing brand platform against the established audience expectations can help you to clarify the true value of, in this case, repurposing an existing brand.
- Is the brand attributes consistent with your new product offering?
- Is there any overlap, whether in your intended audience or the distribution network that will provide you with any efficiencies?
- Do brands matter within your product space?
Whether working with a client in an early stage technology market or in a more mature sector, it is always helpful to understand the relationship between the intended audience, the brand and the end product/service. Think about when the old Packard-Bell name was bought and utilized years later for a low-end line of PC’s.
Until that line of branded low-quality PC’s failed. Simply having a brand that people have heard of isn’t the same thing as having a quality offering and a brand that is perceived as valuable by your audience. The closer the correlation between your audience’s objectives and the top-level brand attributes associated with your brand, the more valuable the brand – and the more mileage we can get with it on your website.