The Obama Administration has recently put the 19 largest US banks through a series of assessments designed to gauge their financial health. Not a bad idea in my opinion. Ultimately, these “stress tests” have given the Federal Reserve and Congress a clearer picture of which banks have the equity to stay afloat during the recession without Federal aid.
Admiring this effort, I sought out to provide a “Brand Stress Test”. Using the three components of the Brand Hierarchy[i] put your brand to the test to ensure your marketing dollars are diversified with efficacy and that your brand equity is fairing better than the bottom lines of our ailing financial institutions.
Complete the Brand Stress Test by answering “yes” or “no” to the questions below to see if you are in need of a branding bail out.
Section # 1: Brand Identity
- Is it clear to my target market what category I compete in?
- Am I in the top three brands that come to mind when my product category is considered?
- Does my target market clearly understand my unique benefits (brand position)?
If you answered “no” to any of the questions above, you may have an identity crisis on your hands that could prevent you from seeing healthy returns from your marketing investment as it relates to your brand equity. A clear “reason for existence” is key to growing the value of your brand.
Section #2: Brand Integrity
- Do consumers feel that I consistently deliver the core benefits expected of my product or service category?
- Do consumers feel that I deliver the unique benefits I promise?
- Is my brand perceived to have ethical and honest business practices?
If you answered “no” to any of the questions above, than listen up. Have you ever heard, “there is nothing worse for a bad company than good advertising”?
Maintain realistic consumer expectations based on benefits or an experience that you can consistently pay off. If you don’t have a valued point of difference, then take a closer look at your business model and establish a more compelling value proposition.
Section #3: Brand Resonance
- Do consumers identify with your brand because it is a familiar part of their daily life?
- Do consumers connect with your brand because they identify with the qualities possessed by other users of your brand (i.e. lifestyle, demographics, looks, etc…)
- Do consumers connect with your brand because it symbolizes aspirations or beliefs they identify with?
- Do consumers identify with your brand because your actions foster personalized relationships between your brand and its customers?
If you didn’t answer “yes” to at least one of the questions above, you are missing out on the big branding payout—a shared emotional connection with your customers (brand resonance).
This is the intangible element that fuels the success of the world’s largest companies. To put it in perspective, if every last component of Coca-Cola’s infrastructure was to suddenly disappear into thin air, the company would still be worth billions because of the strength in its brand name.
Are you the next Coke? Let me know how your brand faired in the stress test? Post your total score to comments.
Section #1: Each “yes” = 1 point
Section #2: Each “yes” = 2 points
Section #3: Each “yes” = 5 points
[i] The Brand Component
Hierarchy as developed by William E. Baker, Ph.D,
Written by Kevin McCray, Account Executive at Glass McClure. kevin@glassmcclure.com
Glass McClure is an independent full-service advertising, design and brand consultancy focused on creating buyers by developing unexpected ideas to deliver unexpected results.