In this morning’s Media Post Marketing Daily, there was a story about “brands making a comeback,” penned by Sarah Mahoney. The article cites a study by Brand Keys with regard to how important brands are in the apparel business; significant because of the way consumers abandoned brands, for a time, focusing instead on things like cost.
Implications: When I finished this story, I was left with the idea that brands are still important, but they’re not the same brands that were important four or five years ago. Brands that are associated with things like status or prestige have lost ground to those brands that reflect common sense, durability, and value for the dollar (and by that, I don’t necessarily mean “cheap”).
More importantly, the story hints at the idea that brand awareness is simply not enough. Robert Passikoff, the founder and president of Brand Keys, is quoted as putting it this way: "Everyone is aware of brands like The Gap," he says. "It just isn't important to them."
Just because people are aware of you doesn’t mean they won’t ignore you. Your target consumers must associate your brand or identity with a value proposition they consider important or attractive.