Marketers are understandably concerned about building and protecting strong brands. An Economist article from a few years ago discusses the power of brands. “Brands account for more than 30% of the stock market value of companies in the S&P 500 index, reckons Millward Brown, a market-research company. Everyone knows that a Ralph Lauren Polo shirt costs more than a polo shirt; Coke without the logo is just cola.”
But, brand-building efforts are sometimes misguided– (more…)
Most businesspeople and students of marketing would probably agree with the statement that your brand is important. Yet, despite this importance, the concept of a brand isn’t always easy to grasp. Part of that problem is because a brand is made of so many components that it needs to be considered very broadly.
In an article for Forbes titled “Your Brand Isn’t What You Think It Is,” author Ty Kiisel points out that most people don’t truly understand what a brand is. Kiisel writes: “I think most people would agree (although there are still some holdouts), your brand is not your logo or your colors. Of course the colors you choose and the way you present your name to the world is considered part of your brand, but it’s not the most important part. Your brand isn’t what you say you are either.” This is true … but what is your brand? (more…)
We’ve written multiple posts on how to evaluate your brand, the fact that your brand is largely out of your control because it’s defined by your audience, and how to effectively manage your brand. Brands are subjective and live in the minds of your consumer, or business, audience. It can be tough to quantify the strength or weakness of a brand, which can be endlessly frustrating for numbers-driven marketers and business owners. (more…)
A fundamental principle in the world of marketing is that an organization does not control its brand. This may seem counterintuitive at first, but the truth is that the market, your current and potential customers, and consumers define your brand. You can try to influence your brand through your marketing communication efforts but, ultimately, no business can fully control the perceptions of the masses.
This is a lesson that athletic shoe company New Balance recently learned — and is still learning — the hard way. (more…)
We spend so much of our time helping companies develop and strengthen their brands that we almost take it for granted that a brand is one of the most important elements of any organization, product or individual. However, we realize that many companies don’t understand or appreciate the importance of a brand, especially when it comes to spending decisions. So, every once in a while, we like to take a step back to remind our audience why a brand is important in the first place. (more…)
PricewaterhouseCoopers U.S. chairman Robert Moritz has discussed the issue of engaging younger employees in an article for Harvard Business Review titled “The U.S. Chairman of PwC on Keeping Millennials Engaged.” While the article contains a number of intriguing insights, one point that stood out from a marketing perspective was a comment Moritz made in relation to how an organization and its leaders are perceived to reflect the stated values of that company. (more…)
We recently received an inquiry from a physician regarding ways to develop and manage his online brand, and it seemed like a good time to take a look at brand building tips for online brands for professionals in general. Whether you’re a physician, an attorney, an accountant, a business consultant or any other type of service professional, your business’ brand is necessarily tied closely to your own personal brand. We wrote extensively on this topic as it relates to the legal profession in “Business Development and Marketing for Lawyers”; however, the concepts are applicable to any profession. (more…)
Marketers are understandably concerned about building and protecting strong brands. An Economist article from last year discusses the power of brands. “Brands account for more than 30% of the stock market value of companies in the S&P 500 index, reckons Millward Brown, a market-research company. Everyone knows that a Ralph Lauren Polo shirt costs more than a polo shirt; Coke without the logo is just cola.”
But, brand-building efforts are sometimes misguided– (more…)
In marketing, as in other areas of business I suppose, it seems that we are always looking for the “magic bullet” — the quick trick that will lead to exceptional success. But in business, reward rarely comes without risk. One area of risk for any organization is brand building. Many are looking for the magic bullet here, as well–that quick trick that will lead to brand success.
Unfortunately, there is no trick! There are just some basic, tried and true best practices that the big brands follow. Even they, though, are constantly subject to brand erosion if they don’t continue to take steps to monitor, measure and manage their brands effectively. Brand managers in the 21st century are fortunate because, despite the proliferation of online communication from the masses which can significantly impact brands, either positively or negatively, (more…)
Branding is a fundamental task for any business, whether large or small, regardless of industry, and regardless of how long the business has been around. Effective brands, research tells us, drive successful businesses. Get it right and you will reap the rewards. Unfortunately, although the process can seem straightforward from an “academic” perspective, the real work of branding is an ongoing process that involves all areas of the organization–and all individuals in the organization–that’s what makes it such a challenge. You’ve probably heard the expression “like herding cats”–that’s exactly what brand management can feel like, especially for service organizations.
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