A great brand is best defined by the equity and positioning it holds in the marketplace. Brand equity is defined by the price/value relationship it maintains among a specific target audience. Once a brand’s equity is established in the market, its positioning and image must reinforce that price/value relationship over and over again. It is critical to maintain a consistent message over time that reinforces those attributes of a brand that consumers value.
A brand should also not extend beyond its defined equity and positioning. A great brand must deliver on its stated commitment to responsibly fulfill a specific consumer need or desire. The brand’s packaging, promotion, advertising, and positioning in the market need to support that commitment. While it's relatively easy to “refresh/update” a brand using repackaging or close-in line extensions, the real challenge lies in making it relevant over time to your target consumer.
