Brand Analysis Report

Lucinda Kittel
Feb 26, 2021
6 min read

A small snippet taken from a Brand Analysis Report I developed for The Electric Chair Barbershop (TEC).

Introduction

This report was developed to identify issues related to TEC’s current marketing approaches, where brand equity was in a jeopardized state. These issues were identified primarily using the 6 Ps from the marketing mix theory. This theory also contributed to identifying possible opportunities for TEC to increase their level of brand equity with a variance of short – term and long-term ideas. Some of which, were applied when considered recommendations to overcoming these issues to build on brand equity. Thus, three recommendations were made regarding relevant theories and frameworks used in class. These recommendations were developed in the form of several marketing campaign ideas where their anticipated success is shown using a SMART goal framework and a timeline that demonstrates precisely the intended actions in order of releasing each campaign idea and the campaign's intended duration

Situation Analysis

According to (Heckes DJ, 2018) the target market is the group to which marketing efforts are made. This is the group of individuals to which The Electric Chair Barber Shop wants to promote their services, to provide profit for the company. TEC stands as a very reputed brand that caters well to its current customers on the market. The customer base of TEC includes predominantly young males who perceive themselves as stylish beings. The customers of TEC can maintain a stylish appearance and socialise thanks to TEC’s ability to provide high-quality cuts and extremely friendly barbers. The customers can enhance their self-confidence by involving themselves in TEC’s barbering services. Thus, TEC needs to determine its customers’ needs to then implement innovative marketing strategies to fulfill their demands, therefore leading to greater chances of success (Cheng Annie & Peng Norman et al, 2015).

In the current egoistic society, Barbershops are remaining a growing trend, expected to become a $26 billion industry within this year of 2020, which increases the competitive intensity of TEC (Hagertty Kyle, 2017). Demand from customers has been presented in the form of increase in market size. Customers are what make- up TEC’s target market, therefore through developing a target market and competitor analysis. An acceptable brand name should evoke a mental image of a relevant product attribute or an essential imagery aspect (Dahlen Micael & Lange Fredrik et al, 2009). However, TEC’s primary communication objective is brand recognition. Therefore, the main focus of the brand name is that it is different, distinct, and unusual (Dahlen Micael & Lange Fredrik et al, 2009). These communication objectives can be achieved by utilizing the marketing mix. The marketing mix is made up of multiple factors that provide a range of communication methods that can be used separately or together to deliver communications and marketing strategies (Dahlen Micael & Lange Fredrik et al, 2009). According to (Išoraitė Margarita, 2016), these factors are also referred to as actions and solutions that contribute to meeting customers' needs and achieving the company’s marketing goals as a whole.

The marketing mix model below has been constructed to display each contributing factor that goes into The Electric Chair Barber Shop, and areas to be implemented or improved.

Problem Identification - Problem 1

There are various dimensions for measuring brand equity. However, in this instance, brand equity has been measured through understanding brand knowledge, which comprises of brand image and brand awareness (Ming-Hsiang Lee & Ching-Chi Lee et al., 2011). A brand mantra can be considered as a non-product attribute, as it can be defined as an external aspect of the service. TEC’s current brand mantra can be seen here, up against its current competitors. However, with a lack of brand knowledge, brand awareness, and brand image, there is a missed opportunity for full recognition of the meaning behind TEC’s current brand mantra. It has been identified through research conducted for a previous report , where TEC’s brand elements were discussed in the form of a table (see here) which lead into to the dimensions of the brand knowledge framework by (Keller Lane Kevin, 1993).

By developing a table as seen below, it is evident that TEC lacks consistency across marketing communication channels that are in conjunction with the 8 secondary sources of brand knowledge, to which only some remain relevant. TEC is in a position of decreasing brand equity and purchase intention. TEC does not implement enough concerted marketing efforts that are uniquely attributed to the brand (Mahasoa Karobo, 2016). Concerning the lack of marketing efforts, it is also evident that TEC has not implemented marketing programs, which could provide them with linking powerful and unique associations to the customer's memory of the brand (Ming-Hsiang Lee & Ching-Chi Lee et al., 2011).

To see problem 2 & 3 please request via the contact tab

Recommendation (To problem 1)

Strategic

Considering TEC’s current position in the market, there is an opportunity to build greater brand awareness amongst the group of individuals TEC want to reach, and potentially increase the price of both services and products to gain greater revenue. The objective would be to implement a campaign using communication in the form of select distribution channels that TEC is not already utilising as seen in the table developed for problem 1. This campaign will be directed at individuals who identify as male and are attracted to the idea of enhancing their self-confidence and can be easily influenced by different communicative approaches such as celebrity endorsements, social influencers, or sporting events. The communicative efforts would be decided while prioritizing costs that align with its competitors.

Tactical

A campaign that involves a variety of distribution channels would help increase brand awareness and strengthen brand equity. The best direction in developing such a campaign, is through brand architecture theory (week 9, slide 24). This theory considers the brand's vision and helps determine the brand's long-term potential, as TEC could gain brand awareness and increase brand equity by 40% within a year. TEC would initiate new and existing brand elements to apply to their services for maximising brand equity. This is where the term brand architecture comes in, as it relates directly to brand awareness, and is used for improving customer understanding and communicating similarities and differences between individual products (Junior Santos Sousa Carolino Elisio, 2018). It is also a tool used to motivate the use of the brand image (Junior Santos Sousa Carolino Elisio, 2018). Thus, it is useful In maximizing the transfer of equity to and from the brand to individual products and services (Junior Santos Sousa Carolino Elisio, 2018).

In understanding the theory, TEC should implement co-branding in essence of the brand extension method, in which they would collaborate with ‘Main Supply co.’ to create a new product that would carry both the parent brand name and TEC’s brand logo. This campaign could incorporate celebrity endorsers and social influencers in correspondence with the channels of distribution. TEC will enjoy shadow endorsement from the high-quality credential of main supply as each packaging will carry the main supply logo. The main supply logo will be synonymous with premium quality hair care and products. An example between ‘Loreal Men Expert X BarberClub’ represents what this campaign could look like, which can be seen below.

To see recommendations to problem 2 & 3 please request via the contact tab

Measurement & Timeline

According to (Keller Lane Kevin, 1993)there are two basic approaches to measuring customer-based brand equity that is in correlation with the three recommendations mentioned above. The indirect approach and Direct approach. The indirect approach attempts to assess potential sources of customer-based brand equity by measuring brand knowledge (Keller Lane Kevin, 1993). However, in considering the direct approach, it is focused on measuring customer-based brand equity more directly by assessing the impact of the brand knowledge on consumer response to different elements of the brand's marketing program (Keller Lane Kevin, 1993). These two approaches are best used together when measuring customer-based brand equity. Thus, each recommendation made above will be measured using the direct and indirect approach. Firstly, using the indirect approach, it is required to first measure brand awareness in order of then measuring the overall brand knowledge (Keller Lane Kevin, 1993). (Keller Lane Kevin, 1993) states that this can be done by asking customers directly their conditional expectations for attribute, benefit, or attitude associations. It also includes identification, which can be assessed by examining how consumers may respond to brand recall (Keller Lane Kevin, 1993).

The uniqueness of the brand is also a fundamental part of measuring the success of the brand by comparing the characteristics of the current brand with those of the competing brands (Keller Lane Kevin, 1993). According to (Keller Lane Kevin, 1993), In considering the direct approach to measuring customer-based brand equity, the most suitable method would be the “blind” test. This test involves consumers evaluating TEC based on a description, examinations, or actual consumption experience, whether it be with or without brand attribution (Keller Lane Kevin, 1993).

A SMART goal framework has been developed in conjunction with direct and indirect approaches to measuring customer-based brand equity for the three recommendations mentioned. Smart goals are written using the following guidelines being specific, measurable, achievable, relevant, and time-based (Lawlor B. K. & Hornyak J. Martin, 2012).

The table that I have created below incorporates both long and short-term goals within a six-year action timeline. Using this method, TEC can clearly envision what their brand marketing endeavors could look like within 6 years from now. This timeline also shows the stages TEC would need to go through to reach their overall goal of increased positive customer-based brand equity and brand knowledge.