Your brand is not what you think it is! It is what your customers think it is; its brand image, personality and its value to them.
I was lecturing at Miami University a while back on brand image and personality. These are two vital elements of branding. They need to be clear and consistently represented in all your communications.
If you’re having issues with your own brand in either of these areas, then you’ll find the following article both interesting and valuable.
Why We Buy Brands
According to Wikipedia, a brand is:
“a set of marketing and communications methods that help to distinguish a company from competition and create a lasting impression in the minds of customers.”
Although this definition in my opinion, is a little sterile for something as exciting as branding, I do like that it mentions customers. However, for me, a brand is created in both the minds and hearts of its customers.
There has been so much said about the importance of emotions and resonating with the customer, that we should no longer forget them. And this is where image and personality play vital roles. They are both more or less created in the heart, rather than in the mind of the customer.
We often buy brands without even knowing ourselves why we buy them. We can, of course, provide a clear, reasoned answer if asked, but explanations come from the mind. The heart is what makes us buy.We often buy brands without even knowing ourselves why we buy them. We can, of course, provide a clear, reasoned answer if asked, but explanations come from the mind. The heart is what makes us buy. #brand #Marketing #BrandImage… Click To Tweet
A brand is made up of a number of components, with which people learn to identify and recognise it. These include its logo, colour, pack, shape, taste, aroma, sounds and feel. There may also be other things which are directly associated with the brand, such as a celebrity, an event or a cause it supports.
A brand needs to have a clear image, personality and equity in the minds of its customers. These come as the result of these branding elements as well as the customer’s own personal experience with it.
All these factors must be respected in order to build a strong brand with which customers can identify themselves. If they’re not, then the brand is at risk of not developing correctly, or even worse, of becoming just a commodity.
It is vital for marketers to know and understand what their brand means to customers. Not just what it means for their organisation. And then, of course, to follow it over time through regular measurement.It is vital for marketers to know and understand what their brand means to customers. Not just what it means for their organisation. #brand #Marketing #BrandImage #BrandEquity Click To Tweet
Brand Image Essentials
Global Brand Equity Rankings
The importance of a brand's equity is clearly indicated by the many different sources of regional and global brand equity rankings published each year.
The two most well known, Interbrand and Millward Brown's BrandZ, have slightly different algorithms and therefore results, but both include financial as well as consumer metrics.
Interbrand's model has three key components:
- analysis of its financial performance
- analysis of the role the brand plays in purchase decisions
- analysis of the brand’s competitive strength.
Together with extensive desk research and an expert panel assessment, Interbrand also includes data from Reuters, Datamonitor and media platform Twitter.
Millward Brown's BrandZ
BrandZ, on the other hand, uses a mixture of financial information and customer surveys. Their proprietary research covers 3mio consumers and 100,000 brands in more than 50 markets. They too measure three things:
- How “meaningful” the brand is, its appeal & ability to generate “love” and meet the consumer’s expectations and needs.
- How “different” it is, what unique features it may have and its ability to “set the trends” for consumers.
- How “salient” the brand is, whether it springs to mind as the consumer’s brand of choice.
BrandZ's 2016 results showed Google overtaking Apple as the most valuable brand in the world. However, in 2019 Amazon has leapfrogged the competition to be crowned the BrandZ Top 100 Most Valuable Global Brand for 2019, breaking Apple and Google’s 12 year hold on the top spot.
So there you have it. All the major points a marketer should know about brand image, equity, personalities and archetypes.
A marketer's role is primarily to defend and grow its brand's image and equity through a strong personality and consistent communications. If you are not succeeding in all areas then you are almost certainly challenged by weakening sales.
Brand image usually declines before sales do, so it is an invaluable measure of your brand's health. If you would like to learn more about measuring and analysing brand image, there are several chapters dedicated to the topic in my book "Winning Customer Centricity".
Don't forget to add your answers to the couple of questions I asked in the article in the comments below. Let me know what you think about defending brand image and growing equity. And I'd love to hear about your own brand's archetype and whether you had trouble in defining it.
This post uses images from Denyse's book "Winning Customer Centricity". Find out more HERE.