Are you at a crossroads with your brand? Can a model help you decide which road to
take?
Before I look at that, what does
developing a brand actually mean?
The American Marketing Association
defines a brand as the "name, term, design, symbol, or any other feature
that identifies one seller's goods or service as distinct from those of other
sellers”. In order to do effectively
you’re going to have a clear idea of what needs to be done so perhaps there is a
model that can help you.
The above model is by De Pelsmacker et
al (2004). Essentially the model seeks
to reflect the different elements you need to get right or address to build
your brand in your market place.
Most of us would agree that it’s a
good reflection of the need to be different; innovate to stay ahead of the
game; add value particularly where others don’t; be about quality offerings
(look at John Lewis) and, once again, look to them for management and employee
support and finally communication is vital if you are to get this across to
your market.
However for the model to be really
useful, it needs some evaluation in there, hence my addition of the traffic
lights. By evaluating each of the elements
carefully and scoring your brand’s performance you could see where you need to
stop and think (red), tread carefully and evaluate further (amber) and yes it’s
ok for now (green).
Assessing your brand
Let’s take each factor in turn and you
score them out of 10.
·
Innovation
– perhaps you once lead the field and regularly innovated either the products,
the processes, technology or all of those things. Do you do that now? How do you compare to the rest of the market?
·
Differentiation – this is difficult to do in a competitive
market so how do you differ from the rest?
What do you do that’s new, different and better than the others? Do you communicate it effectively? Starbucks’ heritage is a key differentiator
but how really different is the brand compared to Costa Coffee?
·
Communication – has your brand got a tightly blended
communications strategy? Does it have
momentum and reaches key stakeholders in the community and not just your
customers? Is there consistency in your
messages?
·
Quality
– how high is the quality of the finished product? If your brand is in for the long haul and
strong growth is important, then it needs to be a high quality product. Children’s toys manufacturers have to adhere
to high quality standards to meet legislative requirements. Hornby toys also has a strong heritage and
enduring quality. Will your brand be
around in 50+ years?
·
Management and employee support – are you a John Lewis? Probably not but what is the culture of your
business? How well your brand performs
internally is as important. How do you
score? Are there management silos or an
open, creative environment? Do you have
brand ambassadors or are they saboteurs?
·
Added value
– many brands score well on product extensions which makes them nice and
stretchy. However does it really offer
customers something more? Does it have a
loyalty scheme? Is the quality of the
merchandising high?
Nearly finished the journey now and
it’s time to score each out of 10.
4 or less? It’s a red light – stop and
think carefully about where to go next.
5-7 points? On your marks, it’s amber.
8 or more? Green for go.
Not wanting to continue too far along
the road analogy (but sorry I just did) but it doesn’t happen overnight and
building the brand is a continuous process so like every model you use to do
market analysis, you should refresh it regularly and watch for upcoming hazards
on the way.
Ann Prayle