The Wall Street Journal reports today that Budweiser and Bud Light continue to experience market share declines in the United States. The chart shown here documents the eroding share over the past six years for the Bud Light brand. The main Budweiser brand also has experienced share decreases over this time. The article attributes the declines to the growing appeal of craft beers and imports. The article makes me wonder about Budweiser and Bud Light's brand promise. What is it, and has it been updated effectively for the current market environment. What is Bud selling these days, and has it positioned itself appropriately amidst the heightened competition from craft brews and imports?
Consider the concept of a brand promise. What is a brand promise? Hinge Marketing describes it as "the tangible benefit that makes a product or service desirable." Workfront defines it as " a value or experience a company’s customers can expect to receive every single time they interact with that company." Workfront argues that a highly effective brand promise has five attributes: simple, memorable, credible, different, and inspiring.
Does Bud Light have a brand promise that meets these five criteria? Has it updated that brand promise for the current competitive situation and to meet today's customer needs and desires? It's not clear to me that they have figured out how they should position themselves in this current environment.
What's an example of a brand promise that does meet these five criteria? How about Ritz Carlton? Their brand promise is quite compelling: "Ladies and gentlemen serving ladies and gentlemen."