A strong brand is a compounding asset. Day-to-day, it contributes to higher sales and margins versus competition, along with a host of other business management advantages. In the aggregate, it elevates the dollar value or real net worth of the company (https://www.revealyourbrand.com/brand-value-is-tangible/) . This begs the question: how strong is my brand?
Based on lots of industry research and branding experience, we have developed a brief and simple way to gauge the efficacy of your brand. The attributes below are among the core topics examined very informally by you and your stakeholders. You are likely to excel at some and need some work on others.
Beyond awareness and familiarity is brand salience. Do your prospects understand what your brand is all about? Do your customers? Does it satisfy a core, human need?
How are you different from competitors? Is your difference meaningful or trivial? Do you tend to mimic the industry leader?
Are you linking up emotionally with your customers/prospects? Is your product or service easily substituted? How upset would they be if you no longer provided your product or service?
Are your customers brand advocates? Will they put their reputation on the line for your brand? Are they evangelists like you? Are the proud to purchase your product or service?
How does your brand rate? While a simple score is applied to each attribute and tallied at the end, the meat of the exercise is the discussion stimulated by the reviews. With a minimal investment in time and at no cost to you, your brand is broken down into its critical elements for an informal “health” assessment.
The process can be performed exclusively internally or facilitated by Strategic Partners.
When the exercise is completed, the next steps, if any, become quite clear.
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