After wishing everyone a Happy Brand Management Day on Twitter today, we were bombarded with “What?”, “Huh?”, “??”… Which lead us to believe that many people don’t know about Neil McElroy. So, we quickly put together this post to clarify our tweet.
Eighty years ago today the concept of brand management was born. Simply put, “branding” did not start with cows. It started with soap.
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Most companies see brand building as a process of addition, where every touch point adds to the overall experience. They summarize that each point of contact adds to their brand’s overall equity. Yet, branding is not based on the process of addition. It’s based on multiplication. The greatest return doesn’t come from improving the variables with the most value but rather from improving those with the least. In fact, a single point of failure can negate everything.
Building an effective brand requires that the organization shifts its point of view to see each and every action it takes as a multiplier. We want to be very clear about this; we don’t believe that building a brand is a mathematical equation! What we are saying is that if you view your efforts and actions as multipliers, you’ll approach the problem differently and find those efforts to be more effective. So now that that’s been established, let’s do the math.
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We’ve all experienced buyer’s remorse. However, sometimes the experience isn’t just poor, it’s painful. Whether it’s a restaurant that botches a special occasion or a camera that fails to capture a once-in-a-lifetime moment, a truly awful experience only needs to happen once to affect consumers’ beliefs for life! If you’ve ever had food poisoning, you know what we mean.
Brand experience is personal. When we first brought up this subject with friends, family and even colleague’s (who we incorrectly assumed would have a professional opinion on the matter), literally everyone had a personal horror story. It is important to recognize that brand recommendations are not about people’s love for the brand, but rather their love for their friends and families.
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This blog is a place to discuss and explore key insights, emerging realities, and things we think deserve consideration. Some of the things we'll discuss are fun, some are serious, but hopefully all will inspire a conversation.
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