The 10 Week Business Success Challenge

Transcription

1 The 10 Week Business Success Challenge Week Two: Branding Just who are You? Branding is so much more than your logo or colours. This week you will discover how to identify and weave your unique and authentic branding story to stand out from your competitors. With your onepage Brand Profile marketing just became a whole lot easier. Homework Sheet Module 2 So here s the fun part, now it s your turn! The following homework sheets will make auditing your brand stress free. The information you pull together in your review will be used throughout the whole Challenge and provide invaluable material for you to grow your business. You will also have covered some of the points in last week s review homework, but now we delving deeper. - Brand Audit - Brand Strategy - Brand Execution

2 Brand Audit Let s start with looking at the elements that make up your Brand Brand Name Brand Logos and Icons o Colors o Byline o Symbols o Music/Jingles Advertising slogans

3 Brand Alliances/Secondary Associations o Co-branding o Sponsorship o Event Marketing o Celebrity Endorsement o Third-party Endorsements

4 Now let s look at a competitive analysis of your brand Be sure to also look for unmet needs. What do customers want that no one is delivering or delivering well? Consider intangible as well as functional characteristics, ie: How your customers feel while shopping in your bricks and mortar or online store Challenge your definition of your category to include indirect competition or potential substitutes as well as other category brands. 1. Potential Brand Differences 2. Customer Wants and Needs

5 3. Competitive Brand Differences 4. Points of Parity (benefits) Look at your Customer Loyalty, Retention and Acquisition analysis from last week what trends can you see depicted Customer Loyalty Trends Customer Retention Trends

6 Customer Acquisition Trends Net Promoter Score What is the Net Promoter Score? NPS is a highly regarded loyalty metric that people at companies like yours use to collect the customer feedback they need to inform their business strategy. It is seen by many as a better indicator of customer loyalty than traditional customer satisfaction surveys. The Net Promoter Score methodology is based on asking customers a single question that predicts the likelihood of both repurchase and referral: How likely is it that you would recommend this company to a friend or colleague? Customers rate their answers on a scale from 0 to 10. The answers customers provide are classified as follows: 0 6 = Detractors unhappy customers who can hurt your brand through negative word-ofmouth 7 8 = Passives satisfied but indifferent customers who could be swayed by the competition 9 10 = Promoters loyal customers who will keep buying and referring others You can set up a quick survey through Survey Monkey or have a questionnaire at your counter.

7 Use the information you have gathered and drop into a one page template Current Audience Competitive Audience Potential Brand Audience Lapsed Audience Size/Profile Decision Criteria or Motivators Usage Behaviour Decision Process Barriers/Concerns Key Influences Brand Importance Role of price Satisfaction

8 Brand Strategy Brand Equity The purpose of brand equity metrics is to measure the value of a brand. A brand encompasses the name, logo, image, and perceptions that identify a product, service, or provider in the minds of customers. It takes shape in advertising, packaging, and other marketing communications, and becomes a focus of the relationship with consumers. In time, a brand comes to embody a promise about the goods it identifies a promise about quality, performance, or other dimensions of value, which can influence consumers' choices among competing products. When consumers trust a brand and find it relevant, they may select the offerings associated with that brand over those of competitors, even at a premium price. When a brand's promise extends beyond a particular product, its owner may leverage it to enter new markets. For all these reasons, a brand can hold tremendous value, which is known as brand equity The purpose of the brand equity pyramid is to outline the basic building blocks of what your brand should stand for in order to guide the process of building brand equity. It is the basis for determining key elements of the brand strategy brand vision, brand positioning, and brand personality and brand measurement.

9 Using Retail Connect as an example Resonance Supportive, Friendly Community focused Performance Feelings Innovative, Loyalty, Leader Knowledgeable, informative, accessible Judgements Sharing, Helpful, Supportive Imagery Success, Fun, Inclusive, Informative Salience: Retail Advice, Marketing, Social Media, Digital Strategy, Knowledge, fun, community, Information And now to define who you are: Identity who are You? (Salience) Meaning What are You? (Performance and Imagery)

10 Response What about You? (Feelings and Judgement) Relationships What about You and Me? (Resonance) Brand Positioning Brand positioning explains how the brand will create a sustainable competitive advantage in the minds of prospective customers & customers in order to win loyal customers and deliver revenue and profit for the business. Now looking at your brand positioning...

11 Option 1 Option 2 Option 3 Target Frame of Reference Point of Difference (Key Benefit) Reason to Believe #1 Reason to Believe #2

12 Visual Brand Element Assessment (Memorability, Meaning, Likability, Transferability, Adaptability) Logo/Trademarks Typeface Primary Colours Secondary Colours Slogans & Taglines Characters & other primary images Other Visual Elements

13 Brand Personality Defining your Brand personality will ensure a brand behaves in a way that is consistent with its values in order to increase its appeal and create greater affinity with its target. Brand personality can also help to differentiate a brand s imagery relative to competitors. So now let draft up how your brand personality looks:

14 Brand Strategy Now you need to look at putting your brand knowledge into practise, the first step is to look at how the business needs to integrate the brand values internally. Then we will map the customer experience through various brand touchpoints. The purpose of the Brand Experience Touchpoint is to map the points of interaction that influence customer behaviour and brand perceptions through the customer lifecycle in order to identify and optimize high-impact customer touchpoints. Then it s time to look at an integrated communications programme. The purpose of an integrated communications strategy is to ensure all communications are unified around a compelling brand story. It s important to remember that the purpose of building your brand experience is to grow an engaged audience who will act as brand advocates for your business.

15 INTERNAL BUSINESS BRAND ALIGNMENT What How Launch Clarity & Comprehension Refresh & Renew Inspiration Employee Engagement & Identification Customer Policies & Procedures Delivery Tools Leadership & Values Company Culture Rewards & Recognition Employee Recruiting, Hiring & Evaluation

16 Check that the customer experience across the whole shopping experience is brand consistent

17 Build an integrated communications strategy Define Your Target Audience: Templates adapted from Brand Amplitude workbooks