MANAGEMENT NOTES
Brand Building

3: Brand Building

In the digital age

You can argue that legally you own your brand but, what is a brand and what does ‘ownership’ mean and how much control does ownership really give you?

Simply put, the elements of a brand are a set of consistent messages allied to an image, sound, font or colour scheme.

A brand is also an asset and provides a series of promises that identify who you are and what benefits you deliver and these promises are reinforced every single time people come into contact with any facet of your organisation.

However, with the growth in usage of social media providing every customer with a grandstand to provide instant feedback, how can you build an effective and relevant brand? Here are some pointers…

A brand identifies and communicates the essential values of the firm. These values act as a filter for all actions and behaviour within the firm and become the visible ‘personality’ of the firm. The delivery of this personality will be judged against the brand promise by customers and employees.

Everyone in your business is an Ambassador who has the ability to reinforce the brand promises.

A well-regarded brand can enable:

  • Premium pricing
  • Lower cost of sale and promotion
  • Reduced employee turnover
  • Higher market share
  • Greater stature externally
  • Improved morale internally

Brands account for an average 20% of the intangible value of firms quoted on the World’s major stock markets. The true value of the brand is defined and governed by the customer over time.

The key components of a brand are:

  • Vision – The ambition of the firm
  • Mission – The purpose of the firm
  • Value proposition – What the firm offers and to whom
  • Reputation – For consistently delivering what is promised
  • Compelling messages – Internally and externally
  • Engagement strategy – For employees, customers and prospects

An effective brand position will be:

  • Relevant - Addressing a need that is valued by customers
  • Distinct - Different from competitors
  • Credible - Promises something that the offer can consistently deliver
  • Explains - The functional / emotional benefits of the offer not just the product attributes
  • Considers - The long-term service strategy

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