3 Key Truths About Your Brand: Pt 3

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3 Key Truths About Your Brand: Pt 3

“Either you deal with what is the reality, or you can be sure that the reality is going to deal with you.” -Alex Haley

Far too often, we as brand owners start to drink our own Kool-Aid. We think because we have our mission statement, nailed our target demographic and successfully vetted our business plan, everything will go as planned. Seasoned entrepreneurs and accomplished organizations know there is nothing further from the truth. The #reality is that a saavy brand owner must be ever mindful of how their brand resonates in the marketplace…in REAL time.

Honest assessment of how your brand resonates with its consumers at any moment can create tremendous opportunity to capitalize where other brands neglect to pay attention. Conversely, not paying attention can cause immediate atrophy to your brand reach that may not be reparable.

Below are 3 key metrics I believe every brand should constantly monitor. Understanding where you sit within your competitor set will uncover untapped or undecided consumers. From there, you will have solid insight to make quick and rewarding changes to your overall strategy.

1. Brand Salience

Brand Salience is the degree to which your brand is thought about or noticed when a customer is in a buying situation. Knowing where your brand registers at the point of consumption will provide direct indicators to how effective your past brand building efforts were, and how much you will have to allocate in the future to maintain or increase your position.

2. Brand Accessibility

Brand Accessibility is a brand’s ability to consistently reach and deliver its promise to its intended…AND unintended market. It’s true that it is not good business practice to ‘be everything to everybody”. However, if your product has the potential to compete with services or products that don’t view you as a competitor, you can make slight modifications to your communication and win BIG.

Check out these two brands that saw an opportunity with the inclusive nature of marketing and product development.

Channel 4 accessible Ad Break and Tamara Mellon

3. Brand Equity

Brand Equity is one of the few assets in the business that can provide a sustainable, competitive advantage. According to MRA, “brand equity” is a construct that is designed to reflect the real value that a brand name holds for the products and services that it accompanies. Measuring brand equity is an easy way to validate your brand’s influence on critical business outcomes, such as sales and market share.

Not knowing this metric strips you and your team’s ability to leverage agile branding practices based on insights from Brand Salience and Brand Accessibility.

In the last part of this series, we will explore what happens after you uncover a lucrative opportunity in the marketplace. How far are you willing to go with brand shift?

Stay tuned…

TRG
TRG
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