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Brand Power

We're living in a new brand world where strong brands have become one of the most important assets in business today. But why?

Brand choice defines individuals. Do you drink Coca-Cola or Pepsi? And if you're a fan of the former, but the restaurant where you're dining only serves the latter, do you go for a water instead? That's brand loyalty. And it's running rampant.

Do you drive a Honda? A BMW? A Hummer? What about your computer: Apple or Microsoft? Even browser choice can say a lot about a person: Internet Explorer or Mozilla Firefox? And what about the superstore you choose? Target or Wal-Mart? We've left behind the world of Jungian archetypes like the hero and the wise man to explore a world of brand archetypes like "the woman obsessed with Coach bags" or "the guy who only wears Pumas" or "the couple that does all their grocery shopping at Whole Foods."

Does your company's brand have that kind of power? Does it definitively create an image and a feeling in the minds of consumers? And do those consumers choose your brand because they want to say something about themselves to the rest of the world?

Strong brands are easy to identify – Harley-Davidson, Nike, McDonald's – but it's considerably more difficult to put your finger on just what gives a brand its power and how you can measure its effectiveness.

It's important, first of all, to understand what a brand is. It's not a logo or a tagline. It's bigger even than visual identity. A brand is what your customers count on you to deliver. But it's not just an empty promise; your brand is as much about how you fulfill that promise as it is about how you market it. It's the experience you strive to create for your customers and employees every time they come in contact with your company.

Leading organizations have discovered that brands can deliver:

• Increased revenues and market share
• Decreased price sensitivity
• Increased customer loyalty
• Increased clarity of vision
• Increased ability to attract and retain high-quality employees

Not sure how well your brand is doing? Here are some things to consider.

• Is your organization projecting a consistent key message? Does it convey your core capabilities and mission in the simplest way possible?
• Does your target market's perception of your company match with your key message? If there's a disparity here, your target audience may be confused or limited in its understanding of the services or products your company offers.
• Does your organization have a distinctive visual identity that is easily recognized? Consistency across the logo, Web site and other identity materials is key to clear communication and brand awareness.
• Does your company have a personality and a conscience? Picture your target audience, and the values and activities of that group. If your brand could be embodied by one person, would he or she be good friends with your target audience?

Your brand is your organization's greatest asset. It's worth an investment. See the branding work we've done for Mylan and the Children's Museum of Pittsburgh.

   

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