The hardest thing you can do as a brand owner I believe is to insist on building a powerfully simple brand. It’s hard because single-mindedness is difficult in a world where the consideration set is huge and where others will quickly seek to engage you in a relentlessly upgraded features war.
Our gut instinct as marketers is to go with what is working, because everything in the corporate rewards system is geared towards that: lack of risk appetite; the quest for short term results; even performance incentives. The irony for brands of course is that the more you go with what works for others, the less likely those ideas are to work for you.
If brand owners are truly intent on developing brand strategies that cut through, perhaps the best place to start is with stranger questions. Asking the less obvious might push more brands to think more laterally about their futures.
In my latest article for Entrepreneur, I challenge entrepreneurs to articulate what they intend to disrupt. As per the article, “if you are not entering a sector to turn it upside down, then chances are you are dooming yourself to being just another participant”. Hope you like. If you do, please share.
Recent conversations have served as a reminder that not all senior leaders regard brands as something they should be involved with. If you’re struggling to get your senior team to put important brand matters on the executive agenda, here’s some reminders by way of making the case for greater consideration.
Brand equity is the added value element of your brand. I often refer to as “emotional margin”. It’s frequently measured as the gap between the price your brand can command through its very presence compared with how consumers value non-branded products in your category.
Smart brand managers actively manage their brand portfolios for maximum collective and individual brand return. If you’ve recently re-assessed your brand portfolio and identified what appear to be one or a number of under-performers, there are a range of options you can pursue to fix that situation.
It seems everywhere I look in the marketing press these days, someone is advocating the need for brands to deliver experiences. But not everyone can or should deliver a formatted experience, and, equally, some brands would quickly wither if they didn’t.
Many Roads, One Goal is based on my most popular blog post ever. It’s about why it takes more than one strategy to find the best strategy and how you can develop a portfolio of strategies to overcome challenging times, implement and test them in batches, and then manage the portfolio down from many to whatever the market has revealed works best.
How should you think of your brand when you have a product that costs a lot to use? Is an expensive product automatically luxury? How should we draw a distinction between luxury and, say, premium?
