by Andy
May 20, 2011
We marketers love to extol the power of brands because they create value far above the sum-total of the product’s attributes. Really strong brands evoke emotional attachments that turn normally rational buyers into irrational addicts. I count myself as one of those addicts. I’m often drawn to brands that cost more because I believe them to be better. Yet when I review the ingredients or do a Consumer Reports comparison, my rational mind sees that the product is indeed no better, no more flavorful, nor better made than the brands I did not buy. But I chose my brand at a higher price point. And I’ll do it again. This is why effective marketing matters. It creates value — lots of value.
Effective branding is an intangible asset that accelerates sales and elevates margins by creating an irrational lure that draws consumers to it. Which brings me to this video forwarded to my by my good friend and fellow brand enthusiast, Gene Black. When I watched this, I instantly recalled a movie classic (turn up your volume).
Did you not hear the horses clopping and the villagers scattering? Did you not feel the impending trouble? Maybe it’s just me, or maybe it’s only meaningful to middle-aged guys (the target?). Could be. But for me and likely many others who were entertained by this song, an evocative feeling was powerfully communicated. This is not the only movie score to evoke feelings. Cue the Jaws music! Cue the violin in The Godfather! There are many others.
I realize that very few brands come with theme songs — even fewer in B2B. That does not mean they cannot be built beyond the sum-value of their product attributes. When brands are developed and managed well, whether consumer or B2B, powerful and positive feelings are bestowed that take the value of that product or service much higher. This becomes intangible equity that allows companies to charge more for their product more often to a growing and committed loyal customer base. Those who do little to expand the value of their brand will have little to show for it at the end of the year.
Powerful brands elevate corporate revenues, profits and evaluations. Brands matter.
(Thanks to the Ukulele Orchestra of Great Britain for their wonderful interpretation!)
I totally agree. From major corporations to small businesses to individuals, everything has a brand in the market place. The protection, nurturing and growth of that brand determines its power. That’s why brand management should be an essential function of every enterprise.
I totally agree. From major corporations to small businesses to individuals, everything has a brand in the market place. The protection, nurturing and growth of that brand determines its power. That’s why brand management should be an essential function of every enterprise.
Couldn’t agree more. And yet, isn’t it ironic that when the economy or business goes south, communications budgets are usually the first to get the ax?! (and yes, I felt the same when listening, and I’m not a middle aged guy.)
Couldn’t agree more. And yet, isn’t it ironic that when the economy or business goes south, communications budgets are usually the first to get the ax?! (and yes, I felt the same when listening, and I’m not a middle aged guy.)
So true – and so often ignored by accountants trying to save money at the brands’ expense!
So true – and so often ignored by accountants trying to save money at the brands’ expense!
http://www.youtube.com/watch?v=NbgkkvIvswU
http://www.youtube.com/watch?v=NbgkkvIvswU
Stands back from the keyboard in amazement! Thanks!
Stands back from the keyboard in amazement! Thanks!
Agreed! If only CFOs would take a closer look at the correlation between brand advocacy (those brands with more consumer love) and the brand’s year-over-year growth. Research shows those with more brand love have a stronger and more positive growth trajectory. Best! c. of cek & partners
Agreed! If only CFOs would take a closer look at the correlation between brand advocacy (those brands with more consumer love) and the brand’s year-over-year growth. Research shows those with more brand love have a stronger and more positive growth trajectory. Best! c. of cek & partners