Anyone who does not include “profit” in their definition of a brand has never run a brand before. To me, a product is a basic commodity you sell. A brand creates a bond that leads to a power and profit beyond what the product alone can achieve.
If you want to succeed in brand management, you have to understand brand finance. After all, you are running a business. If you only like the activity of marketing, then you should become a subject matter expert, because if you cannot work the finances of your brand, you will not get promoted beyond brand manager.
There are eight ways you can drive brand profits
1️⃣ Premium pricing
2️⃣ Trade loyal consumers up to a higher price
3️⃣ Lower cost of goods
4️⃣ Lower marketing and selling costs
5️⃣ Steal competitive users
6️⃣ Get loyal users to use more
7️⃣ Enter into new markets
8️⃣ Find new uses for the brand
This type of thinking is in my Beloved Brands book, which I wrote as the playbook to help brand leaders build a brand that consumers love. You will learn how to think, define, plan, execute and analyze. We have a specific chapter on a Finance 101 for Marketers. To order Beloved Brands on Amazon https://lnkd.in/eF-mYPe or on Apple Books: https://lnkd.in/ekQ-n9X or on Kobo: https://lnkd.in/g7SzEh4