The 100 Best Global Brands 2016 were recently announced by
Interbrand, and Apple topped the list with a value of 178 billion USD. A brand
is certainly a huge asset for a company, if not the biggest. Unfortunately,
some brands are not treated with the respect they deserve.
Here are five
good reasons why to stay on-brand:
1. Recognition
Brand
recognition will affect customers’ choice when ready for purchase. Staying true
to your brand attributes, such as color, logos, images, tag lines, etc.,
enables your brand to be recognized even without mentioning the brand name.
“Because
you’re worth it” is one catchy slogan that has maintained international
recognition for almost 45 years.
2. Identity
Brand
attributes that are easily distinguishable from those of other brands prevent
confusion with competitor brands. Consequent
use of strong brand attributes inhibits dilution of the brand’s identity. A
quality brand with a weak identity even risks being exploited by similar brands.
Hygiene
products such as soaps, deodorants, or shampoo are subject to strong competition
and it is difficult for one brand to stick. Colgate has managed to distinguish
their brand identity from competition through brand personality attributes such
as ruggedness, competence, and excitement.
3. Position
Brand positioning
offers an opportunity to create a market place for your brand. A successful
positioning helps customers distinguish a brand’s promise from those of other brands
and provides reasons to why select this particular brand over others.
Harley
Davidson, with brand values such as rituals, masculinity, and toughness, broke
their brand promise when launching a perfume.
4. Assurance
A brand is commonly
associated with a certain quality. Maintaining integrity of the brand protects
its reputation and supports assurance of delivering a consistent customer
experience.
A brand is
a way to set expectations. McDonald’s Big Mac burger is expected to taste the
same anywhere in the world, despite slight changes to the recipe.
5. Launchpad
A
well-known brand makes it easier to launch new products. A product of an
unknown brand constitutes a risk for the customer. A well-known brand is
already associated with a certain quality and can benefit from its reputation.
A brand with a good reputation saves the customer’s time and energy.
The
strength of customer association to the brand value determines the extendability
of the brand. Polo Ralph Lauren, the well-known clothing company, successfully extended
its brand to home furnishing.
Driving
brand awareness is expensive, but it is almost impossible to make sales without
it. To avoid brand failure, the brand must be constantly and consistently
communicated.