3 Truths About Your Brand: PT 2

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3 Truths About Your Brand: PT 2

Strong brands are birthed when viable solutions are created.  How you nurture and evolve that solution will determine your influence.

starting-feet

At TRG, we have been fortunate to work with a diverse group of exceptional brands ranging from concept phase startups to well established heritage brands. Regardless of where these brands are in the growth cycle, the first question we always ask is “Tell us why you started?”

After asking this question to our clients, we get responses ranging from blank stares to passionate stories of EXTREMELY personal experiences. Then, the light bulb usually flicks on. They realize that our conversation will not be about color palettes or logos. It will be about how to achieve the greatest influence with the most people over a maximum amount of time.

So, why is knowing your beginnings so critical for a brand and it’s future?

“If you can remember why you started, then you will know why you must continue.” -Chris Burkmenn

As stated in my previous post, we are seeing an ever increasing demand for brand efforts to directly contribute to the overall business goals. Therefore, choosing performance metrics that accurately report movement in brand value is critical. For any performance assessment to be accurate, a baseline must be established. When executing a BRAND performance analysis, understanding the original intent in conjunction with the financial goals creates that baseline and allows honest measurement of shifts in attributes like positioning and differentiation which, ultimately, affect market share.

We’ve found that brands who honestly assess their Brand Potential Index (BPI) at the beginning of their growth cycle position themselves to experience up to 200% growth to their top line figures*. This is not to say that knowing this metric guarantees success. However, having clarity on the preferences of your existing consumer, market opportunity and initial competitive advantage can accurately inform decisions to appropriately allocate resources to strengthen your existing offering versus diluting your brand with unnecessary initiatives.

Once a brand owner is confident in its solutions driven by original intent, it will be easier to honestly assess the brand’s current state.

In my next post, I will delve deeper into why knowing ‘Where you are NOW” with your brand can strengthen overall value and provide quick wins for your business.

Stay tuned…

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