Brand Value: A Different Perspective
Ever wonder about the term “brand value”? It’s both simple and complicated, really. The term refers to the monetary premium that comes from customers’ commitment to your brand and their willingness to pay extra for it as compared to other offerings in the same category.
However, to simplify, let’s look at Marketing Guru Seth Godin’s definition: “A brand’s value is merely the sum total of how much extra people will pay for, or how often they choose, the expectations, memories, stories, and relationships of one brand over the alternatives.”
There are a number of organizations out there that have their secret-sauce-infused formulas for determining brand value (e.g., Interbrand Best Global Brands, Forbes, and Millward Brown). We can help you determine your brand’s value, too, but we’d rather work with you to raise your brand’s value, not just measure it.
Going back to Seth’s definition, here’s a question for you: What expectations, memories, stories, or relationships does working with your organization inspire? In other words, what are you selling along with what you’re selling? What are the intangibles that set you apart from all the other choices people have?
Strong brands do not leave this to chance. They think carefully about the impact they want to have on people and plot a course toward making that a reality.
Think It Through
Therefore, it’s critical that you take some time on a regular basis to consider that question. Here are some ways you can:
Discuss. When your people are together at team meetings or offsites, pose that question and listen to people’s reactions. Are they consistent with the experiences you are trying to create? Or, is simply answering the question more challenging than it should be?
Ask. There’s nothing like market research to answer tough questions. Try a combination of qualitative and quantitative research to get a sense of the value you bring to your customers and employees’ lives.
Look around. How do your competitors stack up in the value category, not related to price but to the intangibles of the overall experience? Is there an opportunity to differentiate yourself?
Look within. Once you have gone through those steps, think about how you can make an authentic and differentiated impact on your customers and employees’ lives. Authenticity is crucial if you expect to sustain the work long-term.
Plot a course. Finally, once you have done your homework, plot a course for creating those kinds of expectations, memories, stories, and relationships that align with who you are as an organization and differentiate you from everyone else.
Thinking strategically about the value you bring to your customers and employees’ lives, is the first step to raising your brand value.