We are back with our Friday recommendations to keep learning and progressing in this amazing journey. Today we want to recommend Brand Premium, by Nigel Hollis, Executive Vice President and Chief Global Analyst at Millward Brown, and published by Palgrave in 2013.
Brand Premium sets out in detail the components that all brands should keep in mind if they want to avoid risks and become a Premium Brand. It also includes several studies, which confirm that salient brands with purpose achieve a higher market share, are more likely to gain market value in the future and are able to increase their prices up to 70 percent over the competition. We can affirm then that there is a positive correlation between meaningful brands and sales volume, and also the price paid by consumers.
Premium Brands can therefore set a higher price, both in the market of products and services and the stock market. In this sense, business success can be achieved by leveraging the brand’s tangible and intangible assets. It is about earning the loyalty of all stakeholders by building a unique and strong emotional link and aligning it with the functional elements of the company.
If you want to reed more about Premium Brands and differentiation strategies, you can buy the book here:
You can also read the summary we have prepared for you to read in our section Sharing Knowledge. In the course of all the meetings and activities held by Corporate Excellence about innovation and brand management, we had the great opportunity to interview Nigel Hollis, member of our Advisory Board, about how to build meaningful, salient brands. We would like to use this post to share our conversation with Hollis regarding this issue. Click here to watch it.