- July 8, 2017
- Posted by: The Merit Group
- Category: Branding
The tangible aspects of a business include the physical pieces of the business such as: the material product, logos, marketing of the product, contracts etc. The intangibles of business are generally revealed through the mission statement, core values, and service promises to the customer. Every successful business, whether it has a physical product for sale or is a service that is not perceived as a tangible object the business must relate emotionally to customers by means of its Brand Identity.
5 Influencers of Branding:
Sales will inevitability increase and recognized either as a financial gain or increase in customers/prospects as a result of customer recognition and connection.
Brands increase value to customer either perceived or real based on recognition
Consistency is critical in a brand and will generate an emotional connection to the customer creating loyalty.
Because brands are not created over night customers connect with historical patterns and perceive value in a company with history.
Branding must be consistent throughout a business regardless of multiple lines, customers will relate to the brand which will benefit all lines of business.
Branding the intangibles to consumers means that the product or service provides emotional comfort to consumers whether they need to make routine recurring purchases or even those irregular large purchases. Reflect on purchases you’ve made or conversations you have had with either family or peers. Consumers will make their purchasing decisions on everything from soda or bottled water to cell phones, computers, and automobile purchases all the while they are connecting with a brand commitment in mind. Even when the economy experienced tremendous difficulty, consumers would remain loyal to their most important products because of the emotional connection they derived from those brands.
Although there may be many factors that ultimately impact the brand of a particular product or service there are three fundamental components that must exist in order to build that emotional brand connection.
Personality – Make your product or service stand out like a rock star or a sports hero. Make sure your customers are similarly connected to your brand much like they are to these celebrities. They need to connect with all of the features, advantages, and benefits of your product or service.
Story or Vision – Anheuser Busch branded a story about historical beer delivery in a wagon pulled by Clydesdale horses. Becoming as popular as the horses was the Dalmatian riding with the driver. Consumers connected with the beauty and power of the horses and the dog. It’s counterpart Coor’s Brewing touted it’s own brand as being “Rocky Mountain Brewed” and over the years incorporated the mountain visual on its packaging and temperature reading on it’s bottles and cans. Again, consumers connected with the beauty and majesty of the Rocky Mountains and eventually their inquisitiveness of the mountains changing colors on the bottles and cans reflecting the optimum temperature of the adult beverage.
Keep the brand Consistent – Maybe one of the most notable offenses of consistent product branding has to be Coca Cola when they rolled out “New” Coke. It’s not that the addition of a new product itself is altogether bad. Their counterpart Pepsi has also had its trials of product snafus such as Crystal Pepsi. The greatest difference in the two flops was that although Pepsi introduced a product that was a disaster, they did not pull their mainstay product brand from the shelves like Coca Cola. This remarkable event in marketing history likely set the precedent for where product branding is today and specifically the importance of brand consistency.
If you would like support in assessing the tangible and intangible components of the brand in your product or service, we are eager to team together with you to get the results you desire. Visit our website at www.themeritgroupindy.com or call 317-805-4896 today!
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