Image From Media Portal by Porsche
In the last post, we defined brand-value in the automotive market as a strong alignment of strategy, deep customer insight, and brand control. Now, we are briefly focusing on how total brand value is built. Auto brands with the right intentions innovate with the purpose of delivering customer value and leadership, faster, better, and more completely than competitors.
So, how do the top auto brands deliver value to their customers?
They connect with consumers, commanding greater loyalty. They become appealing by joining high brand strength with high brand stature (consumer esteem and knowledge of brand). The result is high earning now and the greatest potential to generate future value.
To understand brand value and its impact we are comparing Porsche and Toyota.
Now, these two brands are strong on the fronts of differentiation, relevance and stature. Toyota and Porsche cater to two different markets, mass-market for Toyota, and luxury for Porsche, yet both are distinctive enough to be first-of-mind. Porsche is clearly in the luxury market, known for their iconic design, expense, and high-performance sports cars. Whereas, Toyota is most popularly known for its practical and economic value.
To be distinctive, these brands need to deliver value by understanding the needs and desires of their consumers. Here are some points of difference these brands focus on to retain loyalty, brand awareness and drive sales:
Despite being in different markets, both focus on being the best by making their points of parity their points of difference. In other words, they take expectations that make them legitimate competitors in their markets and use it as their competitive advantage. Listening to their target markets and understanding their attitudes, aspirations, and benefit sought provides Toyota and Porsche with presence and relevancy that establishes lasting brand value among their consumers.
Stay tuned for the third part of this article next week, which will explore how two different auto brands listen to the voice of their customer to deliver energized differentiation. For more information, please contact us at firstname.lastname@example.org.
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