Do you know that consumers don’t buy products? They buy brands. Think about the last time you visited the hospital to see a doctor for an ailment that required medication. Did the doctor prescribe a product? Never. He prescribed a brand. Think about your last outing with family. Did you check into just any restaurant? Not sure. You must have had a favourite in mind.
You may want to think about the type of drink you like to order for a special occasion. It isn’t just any drink that pops off the shelf, right? As well, if someone woke you from sleep to name your favourite car, you probably wouldn’t think twice. You know them by name. Experts call that top-of-mind.
That is the power of a brand. A brand is a name that influences consumers’ choice. Not guessing. We have all walked past different products on the store shelves or used some that we can’t even recall. The point is: Businesses produce products or offer services. But consumers buy brands.
No confusion. A brand is a product, service, or organisation that has created a unique position in consumers’ minds. To find out whether your product or service is a brand, provide an answer to this question: what will consumers miss if your product or service isn’t on the market? If you’re bold enough and sure you have done your homework, you can ask consumers the same question. Will they really notice? Smile.
The market indeed is saturated these days. Staying top of mind will require some level of influence. Meanwhile, no brand garners influence overnight. Sounds like hope for starters. Mercedes was the name of Mr. Daimler’s daughter. Today, no one ever remembers where the name originated. The product bearing the name has gained so much influence by investing heavily in transforming car users’ experience.
Products get copied over time. Innovation becomes normal. Products get replaced by new, higher, better products that meet new market expectations. The product name remains. Mercedes must have released several model car products, yet the name hasn’t changed. The name also hasn’t lost its influence. That is the power of a name.
Product changes. Strong brand stays. If your product or services lose relevance because market expectations changed, seriously, you don’t have a brand. How then do you transform a product or service into a brand?.
a. Build around unique characteristics – When people refer to your brand, they are referring to the unique experience they had in contact with it. Toyota is a car brand that is unique. You know what you are in for when purchasing the car. Uniqueness is a big differentiator. What makes us different makes us interesting and worth exploring.
b. Invest in your Name – It is a brand name that is talked about or prescribed. So, invest in strengthening the name. Tell the market persistently what your product does, what it stands for and ensure that is what they get when in contact with it. Brands must be heard. Brands must be seen. When a brand is not communicating, it leaves its perception to chance. It also can be drowned in the market noise. You must invest in giving meaning to your name and expand visibility through coordinated messaging expanded across targeted media. The work starts internally when you develop a befitting brand charter. A brand charter guides your business actions, product development and marketing operations so that everything you do is strategically coordinated towards creating a set of perceptions.
c. Don’t try to appeal to everyone – Is there still a mass market? Brands sometimes try to export their unique characteristics to other segments. Success is rare in that regard. Virgin lost in the Cola category. It hasn’t captured sufficient market globally so far. Even Virgin, as much as it keeps trying, hasn’t succeeded in being everything to everyone. A brand loses its identity when it tries to be everything for everyone. No one brand can please everyone these days. Trying to target everyone or appeal to everyone will overstretch your brand boundary. Decide which consumer segment you want to serve and keep making progress with the trend.
d. Consistently review the product that bears the name – To ensure the brand name stays top-of-mind, you must upgrade the products that bear the name. How many models of Toyota Corolla have been produced in the past 20 years? Not a few. The manufacturers keep upgrading the product to meet new tastes and expectations while the name remains. If the product isn’t renewed to capture trends, the brand name will grow weak. Keep improving.
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