Branding 101
I was speaking at an event the other day delivering a session called “Brand Stand – Delivering What Matters Most.” Many of the attendees were start-up companies (an increasing phenomena due to corporate downsizing). Start-up can be challenging in the best of times and even more so in our current economy. They were looking for ideas on how to fast track growing their business. There really is no silver bullet but there is a sequenced approach that yields outstanding results whether we’re in a good economic climate or today's less than optimal one. It’s a back to basics approach that answers three key questions:
What do you do better than anyone else?
In North America we are in a mature, commoditised market with plenty of “me too” products and services so why should I buy from you vs. your competitor? This is where you need to dig deep and think like a customer. Are you delivering what your customers tell you they want or what they really need? Focus groups and surveys have their place but when you get right down to it most great products fulfill a need people didn’t even know they had. Take the iPod as an example. MP3 players were introduced by Diamond Multi-Media long before Apple hit the shelves but there was a problem – downloading music was a challenge and becoming a hot topic with legal ramifications. Enter Apple with a solution – download a song for a buck a tune. Sales went through the roof and are still growing. Prior to MP3’s and the iPod people were contented with portable CD players. They never would have articulated in a focus group or a survey something they never imagined could exist.
Who values what you deliver and has the resources to buy it?
It’s simple people buy solutions to problems and in a nano second evaluate the risk/reward of your product or service. We’re creatures of habit, we don’t like change; if something isn’t broke we don’t fix it. If you’re going to connect with your customers you need to get crystal clear as to what problem you’re solving for them. Here’s a guideline. Typically solutions fall into one of four (or a combination of any or all of the four) categories. As consumers we buy:
· Enhanced wealth or well-being
· Saving time
· Improving our skills
· Access to information
Having figured out what problem your product/service is solving, it’s now time to access the associated risk/reward. If I don’t buy your product/service what is the risk? If I do buy your product what is the reward? Primary purchase motivators are hope of gain and fear of loss – know which one rings true for your customers.
What is the message your touch points are communicating?
Today’s savvy consumer has been burnt a time or two and is not willing to be fooled again. Inconsistency set alarm bells ringing in their head “red alert, red alert” here’s a company that can’t be trusted. Combine that with the transparency of social media and the likes of Facebook, Twitter and Plaxo and your customer experience can spread like wild fire – the good, the bad and the ugly. Conduct a touch point audit to make sure all of your touch points deliver on your customer value proposition. If you’re not walking the talk you can guarantee your customers are going to be walking – out the door!
Delivering what matter most is a common sense approach and as you and I both know common sense isn’t all that common. Back to the risk/reward scenario – get it right and you’ll be rewarded with loyal, engaged customers that deliver a 23% premium resulting in profitable growth – something we could all use more of these days.
