How to Build for brand equity- [ WellPal Seed #10 ]
The case.
Many brands we know started out as brands initially focused on performance.
Product performance and its association with the job it needed to get done, was their core focus.
If the product did the job, and it aligned with customers’ values and expectations they would talk about it to others.
This in its most simplistic form is how “brand equity” is built.
This lemon seed builds on our previous one; “Brand is not a campaign”. So be sure to check that one out as well.
Context:
I firmly believe that there is no satisfaction in building a brand as an ornament (simply looks good without real purpose and substance except for making money). Not every entrepreneur sets out to cash out quickly with their business or go the VC-funded route. There is still a good majority that is trying to build brands to last generations.
That said, my motto is “Build instruments, not ornaments”.
Building a strong brand requires determining how consumers think and feel about the brand.
The brand must strive to link the right set of experiences in order for consumers to generate specific and positive responses (feelings, beliefs, opinions, and perceptions) about the brand.
Consumers build brand loyalty that is noticed through:
- Recommendations to others
- Increase in the number of purchase decisions.
Today we will dive into how this works.
Building brand equity is creating the luxury of being able to say the following: “If the business were split up, I would take the brands, trademarks, and goodwill, and you could have all the bricks and mortar—and I would do better than you.– John Stuart (Former Chairman of Quaker Oats Corporation)
The “brand blueprint” framework
This framework is my hybrid iteration of “the business model canvas” and the “lean canvas”. These models are very good, but they tend to neglect the brand aspect of building businesses.
The brand blueprint is at the foundation of how I help clients build brands as instruments. I will highlight a macro-level view of it as it does play into how we use brand strategy to build brand equity.
The “Brand blueprint” as the foundation of customer-centered equity.
*Break-down of the 3 sides of the “brand Blueprint” framework. For a detailed look, click here.
Where does your brand fit in?
Over the past 12 years of building brands for clients both in-house and on a project basis and my own “skin in the game” brands and concepts, I’ve realized most brands can be categorized in one of the 3 situations above.
I believe a brand that has the potential to stand the test of time has to have the right balance on all 3 sides of the canvas.
In order to proceed, work on getting your house in order.
The brand equity pyramid
Background
This pyramid framework was first introduced by Kevin Keller and is still widely used by many brand builders. If it ain’t broke…
The 2 ways to read the framework:
- Stage view – 4 stages of progression for the customer to go through.
- Objectives view – The corresponding objective of each stage as they progress.
The dual-sided tiers distinguish between a more logical side (left) and an emotional side (right) of this process.
stage progression explained
Don’t simply throw sh*t at the wall.
The key to all of this is to build it so they come but design it so they stay.
The power of the brand and its ultimate value essentially lies with the customer.
That said it’s impossible for ALL customers to cultivate loyal relationships with ALL brands. some will be more meaningful, some of the time in some of the situations.
With this in mind, the brand strategy design is crucial to increase your chances of consideration in the mind of the consumer.
Brand is a dynamic and holistic instrument of the business that should not solely depend on short-term planning and campaigns.
How I can help you further.
You can have a look at my process for brand strategy building and book a free 20-min consult (limited slots every month) or register (free) to get access to more detailed content on similar subjects or upgrade (paid) to get access to future workshops or courses on these topics and how to build these tools for your own brand.
If you are already a bit more serious and further along the process of building your business or brand, and would like a 3rd party input on structuring your framework or building your brand, you can consult me or get in touch for a project specific offer.
READ THIS if you’re looking to understand a bit more about how business and brand need to be part of the same blueprint. They are my 5 curated rules for looking at Brand as a business.
