Building Brand Equity – Fila, Essay Example

According to Keller (2001), there are six main building blocks of brand identity. They are designed to create a unique connection with customers; salience, performance, imagery, judgements, feelings and resonance. Further, brand identity and equity building is a four-step process, which will be illustrated by the strategy described below. The four main steps of building brand equity are answering the following questions:

– Brand identity

– Brand meaning

– Brand responses

– Brand relationships

In order to create strong brand identity, meaning, responses and identity, there is a need to establish an advanced branding strategy.

1. Creating brand identity – FILA

In order to define the brand, the company needs to use advanced communication methods within the media. Press releases, social media applications would be the best domain to communicate brand identity. The tennis was the main feature of the brand’s 100^th Anniversary media campaign in 2011, and therefore, the identity of the sports and fashion brand needs to be developed around this theme, too. Similarly to the street dance campaign, the company should focus on communicating its young and fresh approach to sports and healthy lifestyle using a roadshow. Media campaigns should feature the innovations of the company’s tennis equipment and clothing designs, interviewing some young managers of the brand to create a strong identity. The target market of the campaign would be the 20-35 years old young professionals, who enjoy new approaches to sports and a healthy lifestyle.

Tools: print ads in magazines, road show, press releases, media campaigns

Budget: $50.000

2. Brand meaning

The meaning of the brand needs to be determined through media campaigns and social responsibility strategy communication. Building a campaign that promotes healthy lifestyle and provides free equipment, programs for disadvantaged young people would be a good approach to create a well defined meaning of the brand. The meaning of the brand is also often defined by customers based on the appearance of the stores. Therefore, the review of interior design needs to be reviewed, too. Brand personality people can relate to is usually well communicated through retail store design. The purchase and usage situations need to be involved in the shop design, as well as the sponsorship campaigns.

Tools: sponsorship, social responsibility campaign, shop interior design, sales corners

Budget: $100.0000

3. Brand Responses

Customers’ judgment of the brand often define the popularity of the company and its market share. Therefore, in order to increase the brand responses, social approval needs to be sought. Today, social media is the best approach to getting feedback from customers and the target market, therefore, it is important that FILA creates an advanced, fresh looking and appealing, warm and fun social media campaign. The campaign would make more potential customers accessible through applications than any other type of advertisement. Responding to customers’ needs, moving and expanding sales corners would also be recommended

Tools: Social media campaigns, sales corners expansion

Budget: $5000

4. Brand Relationships

Creating an identity of the brand is often done by associating the company with a well-known event, company, value or cause. This approach has been proven to work for many companies wanting to build a strong brand identity. Sponsoring Thai professional athletes, local schools and tennis events in the area will help the company create brand relationships and connections. Building on the popularity of sports events, FILA will be able to communicate its brand to target markets. Building co-promotion campaigns with well-known and trusted retailers can help the company gain active engagement from customers. Membership discounts can also be introduced, creating a sense of community through the FILA brand would also result in higher rate of behavioral loyalty. (Keller, 2001, p. 19.)

Tools: co-branding, retailer campaigns, discounts, membership, sales events

Budget: $10.000

References

Keller, K. (2001) Building Customer-based Brand Equity. A Blueprint for Creating Strong Brands. Marketing Management, July/August, 15-19.