Branding Methodology

"A great brand is a story that’s never completely told."

Scott Bedbury (of Nike & Starbucks)

A brand is a collection of perceptions in the mind of the consumer.

• This definition makes it absolutely clear that a brand is very different from a product or service. A brand is intangible and exists in the mind of the consumer.

• This definition helps us understand the idea of brand loyalty and the 'loyalty ladder'. Different people have different perceptions of a product or service, which places them at different points on the loyalty ladder.

• This definition makes it clear how to build a brand. A brand is built not only through effective communications or appealing logos. A brand is built through the total experience that it offers.

In its most simple form, a brand is a promise. A brand is not a product. It is a promise that the consumer is aware of (sometimes vaguely) when they buy and it is a promise that is kept and delivered by their experience with what they bought.

A Vision is a description of the business as you want it to be. In dictionary terms it is, 'a mental image produced by the imagination'. It involves seeing the optimal future for the business, and vividly describing this vision. The description might include HOW things will be, WHERE, WHO with, WHAT you'll be doing and HOW you'll feel.

A Mission is the definition of the 'special assignment' being undertaken by the business. It is likely to cover the customer groups that are being served, as well as (perhaps more importantly) the customer needs that are being met.

Vision and Mission must:

• Bring focus and clarity to the desired future of the business (and what makes it distinctive)

• Inspire people to work towards that future

• Guide people in their decision-making as they reach for this future

Examples:

• The Mission of GlaxoSmithKline is to improve the quality of human life by enabling people to do more, feel better and live longer.

• The Mission of Ogilvy & Mather is to be most valued by those who most value brands.

• And Amazon aims to be the earth's most customer centric company.

• All three statements are focused: they provide a guide to behavior, yet the ideas they communicate are big enough to inspire. This ensures they have a valuable role to play in the development of the business.

The Brand as an Asset

There is a commonly held belief that branding has more significance for retail intensive consumer products. A strong retail brand helps in building a marketing strength in terms of a price premium, more shelf space at the retail outlet, lower retail margins, higher sales due to consumer pull, etc.

There is also strong evidence that industrial, service and business-to-business brands can also have a value independent of their assets and goodwill.

Brands play an important role in ensuring sales growth, market share, price premium, etc. In addition, the valuation of a brand – however informal - can help a company decide on a price to pay/get by buying/selling a brand. We are therefore witnessing a higher degree of focus on brand building in the more below-the-line sectors, and a strong degree of recognition that this focus on brand building can bring a greater degree of focus on how the organization positions itself in its own market sectors and how it can exponentially differentiate itself in terms of competitive advantage, revenue and margin optimization.

There are four key components to effectively managing a brand:

• Understanding the Equities of the brand relative to its key competitors

• Defining what the brand stands for to its customers, to the organization itself, and what kind of customer experience the brand is associated with, and how that is measured and assessed on an ongoing basis – Identity and Positioning

• Active management involvement in the development and maintenance of the brand – Brand Management

• Supporting achievement of specific brand goals with incentive and reward systems - Rewards and Recognition

The recognition of the tremendous power and value of brands is widespread. Brands, like people and dollars, are assets. They are intangible assets, but they provide tremendous marketing power, and, as an asset, those brands need to be managed and cared for in the way that one might manage and care for any asset. In a world where technology is moving at such a pace that product differences quickly evaporate, what remains is what people think of when they think of the particular brands that they're evaluating. It's the associations, the positive equities, and the ownership of these by the customer and the organization that ultimately differentiates these brands in the marketplace.

FULLcycle has extensive experience assisting organizations in developing their brand. The following generally represents the process we have developed.

Call or email us today and we can arrange a no-cost consultation with you and your team to assess your unique situation and how we may be able to help you achieve your business, marketing and communications goals.