BRANDING BULLETIN February 2020: The Brand Strength Issue
In this issue!
- Brand Strength Comes from the Inside
- Brands Built by African Americans
- Top 10 Ways a Strong Brand Builds Business
- Super Bowl Pahking
- In Case You Missed It
- Referral Program
- By the Numbers
Brand Strength Comes from the Inside
So many people judge brand strength solely on the amount of recognition it gets or how well it’s known by name. Those characteristics are merely the icing on the cake, the chocolate over the nougat.
Brand strength comes from the inside and the way organizations:
- Differentiate themselves from the other choices consumers and employees have
- Make decisions about the business and its future
- Engage their employees in the brand’s mission and activation, and
- Think about the value they add and why it’s important.
This topic was part of my recent address to the International Factoring Association’s Annual Senior Executive Conference in Costa Rica, January 23, 2020. (Factoring is a specialized form of corporate finance.) After my session, one of the attendees came up to me and shared an experience that proves the point.
A few years back, this gentleman had acquired another firm and it had been, in his words, a failure, even after a carefully scrutinized due-diligence process. “We looked at their books inside and out,” he said. “We were certain it would work.” It did not.
Continued on spencerbrenneman.com
Brands Built by African Americans
A brand’s strength comes in large part from the entrepreneurs that start and run them. As part of Black History Month, we’re looking at a sampling of the successful brands built by African Americans. Guest writer Jade Branion gets us started.
Brands built by African Americans accounted for approximately 9% of the 27.6 million U.S. businesses in 2012, and the figure has been steadily rising ever since. The number of companies owned by African Americans grew by 34% from 2007 to 2012. But Black History Month is not only about the biggest companies that have made the most money; it’s also about black entrepreneurs doing innovative and interesting things in the world.
Here are some of the many successful black-owned brands—and black entrepreneurs— in different fields showcasing the contributions made by the black community in the business world.
Continued on spencerbrenneman.com
Top 10 Ways a Strong Brand Builds Business
Here are our top 10 ways having a strong brand will help you build your business (in no particular order). A strong brand will:
- Encourage customers to buy more, pay more, and buy more often
- Motivate customers to go out of their way to find you
- Enlist customers to promote you to others
- Give you cover when you make a misstep or mistake
- Capture more of the right kind of attention
- Shush the competition
- Attract and retain the best talent
- Save time
- Drive consistency
- Spur innovation
Super Bowl Pahking
The 2020 Super Bowl is history now. Congratulations to the Kansas City Chiefs. Which Super Bowl ads do you think were the most super?
Of course, since we’re based in Boston, we’re more than just a little bit partial to the Hyundai Smaht Pahk commercial, featuring New England favorites Chris Evans, John Krasinski, Rachel Dratch, and David “Big Papi” Ortiz.
What was yours? Tweet it to @SB_Branding and use the hashtag #SuperBrand20
In Case You Missed It
Referral Bonus Program Reminder!
Remember: For any project over $25,000 that results from a referral you provide, you will receive a $2,500 cash bonus or a gift of the same amount to the non-profit of your choice. Some restrictions apply, of course. Interested in learning more? Contact us, here.
By the Numbers
Percentage of investors who want the companies they invest in to have a strong brand.
Percentage of marketing who believe their senior leaders don’t appreciate the value of a strong brand.
Decrease in hiring costs for companies with strong employer brands.