Whilst the measures for evaluating what a brand is worth are well established, those for quantifying a brand’s potential seem less so. In general, brands are valued on their residual equity (what they are associated with and the depth and competitiveness of that association), their competitive performance and how much they are assessed to be worth.
Brand will tell you a lot if you let it. How you brand, what you brand, where you’re found, who buys you and how often … these and many more questions are all things that competitive businesses ask themselves on a regular basis. I see brand as a highly effective lens for assessing the relevance and competitiveness of a company. Here are 10 ways that you can use “brand” to reveal what your business may need to change or capitalise on:
We talk a lot about the pressures on brands to perform and about the difficulties of staying competitive in huge and rapidly changing markets. Nevertheless, global brands experienced a 12 percent increase in value in 2014 – and there are powerful lessons for all those responsible for brands in how they did that. If demand generation is part of your role, here are eight things that you can be doing in 2015 to retain reputation, stem decline and make the most of upswings in economies and consumer preferences.
At one level Taylor Swift’s split with Spotify is the story of ongoing upheavals in the music industry and one artist’s approach to contain the impact. At another, it is symptomatic of a struggle for the relationship with the end customer that is going on across much of B2C.
We’re all tempted to do it at some stage: to overstate the advantages; to push the benefits of what is on offer past the point of credibility; to state that what we are doing or offering is better than what others are offering, but with no substantiation for that belief.
P&G’s decision to formally end the era of “marketing” at the company and make the shift to brand management may accelerate what amounts to much more than a title change for marketers generally. To me, it could point to a fundamental re-examination of the role of the people responsible for brands.
“Everybody’s talking at me. I don’t hear a word they’re saying,” observed Harry Nilsson in 1969. 45 years on, it seems a lot of people are still not listening – but brands should be. New findings from Gallup suggest marketers may be pinning the wrong hopes on social media.
It’s an old bias but a telling one. Finance people accuse marketers of only spending money. Marketers accuse finance teams of only counting it. It’s another re-run of the analytical versus emotive debate yet it has the potential to carry deep bias into decision-making. As Brad VanAuken observed in this article, “I have found that many scientists, engineers and finance and operations professionals view marketing as a soft skill that lacks the rigor of other disciplines and that it deserves less attention and investment.”
Analytics have changed not just what marketers measure but how brands now appraise success. The temptation is to see all the metrics we have access to as correlated and, by inference, of similar and perhaps even related measurable value. We look at one analytic and wonder what its impact will be on another and on the bottom line.
This article from some time back by Jagdish Sheth and Rajendra Sisodia sheds fascinating light on the business case not just for expanding brands but also shrinking them as well. According to the authors’ “Rule of Three”, the quest for scale is quite literally a race first for dominance and then for survival. But if you can’t win, don’t try.