Branding is very important aspects of any business because it gives identity to company and its products for example every person is different and have unique personalities similarly companies differentiate their products through branding. The brand I have selected to analyses for this assignment is GoCompare.com. I have selected this company because it has always displayed very catchy adverts on television and it will be interesting to analysis the brand using theoretical models. Gocompare.com was first launched back in November 2006 by Hayley Parsons. The main difference from competitors was to display more detailed quotes rather than just prices stacked together. It found big success in very short time and in 2013 it is estimated to worth over 450 million express, 2013.
The main turning point for Go compare was in 2009 when they launched their first advertising camping. they used a character called Gio and he was so annoying that it caught the public's attention and from this point on the brand just rapidly grew and the company has spread the brand awareness to wider audience.
There are many different definitions of brands out there and they all try to establish what exactly is a brand and how it can be used. According to the de chernatony , 1998 defining a brand in one word is very difficult and he used 12 phrases to broaden the definition of brand. Those themes include:
• Legal instruments
• logo/ company
• Shorthand/ risk reducer
• identity system/ Image in consumer minds
• Value system
• adding values
• evolving entity
Go compare is well recognised brand because of extensive advertising. some of the major competitors of Go compare are money supermarket, compare the market and confused.com they are all offering same service. but what sets it apart is that it managed to get people talking about the brand and create extensive brand awareness. It has a logo but it is more known for the Gio character played by opera singer in the adverts and it represents the image in consumers mind. Despite having many competitors it is continuingly growing because people can simply trust a company which they have heard about.
De chernatony 12 themes show how many benefits there are for branding for example it adds value to the company and it sets the company apart by showing the personality of company and it tries to establishes relationship with customers. on the other hand there are some drawbacks for example one of the biggest disadvantage is that companies have to spend allot of money and Go compare advertising budget in 2013 was 40 million. one of the other disadvantages of the brand is you get positive and negative attention for instance Many people found it to be very annoying and almost 2000 complaints were received by ASA Macleod (2013). But despite being annoying number of visitors to Go Compare increased by 20% Metro (2011).
The insurance industry is very competitive and it is legal...