Many consumers today are expecting more out of companies than just providing good value in products and services. A study shows that a business’ “brand” – how it is identified and perceived by the public – is defined significantly by showing social responsibility and having a higher sense of purpose than making a profit.
Building a company that connects with people on a personal and emotional level requires “conscious branding,” which begins with a business being aware of its identity (who we are, what we stand for, and what future we would like to co-design), the ecosystem it lives in and how it can add value to the world and its people, says Julius Geis (www.juliusgeis.com), a branding expert who has created strategies for over 40 companies and is the creator of Identity Built Branding™ (IBB).
“The way we relate to brands is radically different now, and the upheaval of 2020 magnified this,” Geis says. “People want brands to be a navigator for change. They expect responsible branding and for companies to be proactive and transparent.
“Brands that only see dollar signs need to shed their rigid conceptions of business. The brands of today must be living organisms that are relationship-centric inside and outside the company. When a brand is anchored in an organic identity and moving from a place of purpose, consumers are drawn to its authenticity. It’s time to move away from brand-fakes that manipulate people. Let’s embrace branding designed to strengthen our collective connections.”
Geis offers three tips for businesses to build their brand inside and outside the company in ways that connect people and a higher purpose:
Engage in organizational self-searching. Geis says companies can determine their purpose by asking questions such as: What is the core reason we are in business? What are our non-negotiable, guiding beliefs? Where do we come from, and what are our backgrounds of experience? What do we wish for the world to become? “The understanding of a company’s collective self,” Geis says, “or its founding spirit, is the focal point for strategic development and decision-making.”
Investigate disruptive relationships. A deep analysis of relationships within the company and with the outside world, Geis says, is a fundamental part of removing the obstacles on the road to company self-identity, unity, and greater purpose. “It starts with your culture and extends to everyone your company has contact with,” Geis says. “Probe relationships, from internal employee-manager connections to the relationships between the brand and its suppliers, consumers, and communities. The problems lie where these relationships are disrupted. That points to the underlying cause and leads to ways to strengthen these relationships in a sustainable manner. But without solidifying the work culture first, connecting in a stronger, sustainable fashion with consumers can’t happen.”
Embrace truth and change. “Change happens when a company finds its true sense of self and strengthens its culture accordingly, rather than continuing randomly or aimlessly and manufacturing a false identity that will inevitably crumble under the pressure of reality,” Geis says. “When you’re operating from a place of truth, your relationships are grounded in trust and a like-mindedness that allows them to move and react to the flow of business and culture. Rigid relationships built on false premises or forced connections will always struggle to evolve.”
“Many brands have lost public trust,” Geis says. “They’ve lost their power and their way. But finding or rediscovering their purpose can connect them inside the business, which must happen in order to connect with today’s consumers that demand a world awareness. As we move towards a better understanding of our interconnected culture and economy, branding in its traditional structure and motives will disappear.”
Tim Maleeny, head of planning at Ogilvy North America, speaks at the BRITE ’11 conference about how Ogilvy has designed a template (The Big Ideal) to help build brand platforms from a combination of a company’s purpose and the relevant cultural tensions it’s suited to address. The BRITE ’11 conference on brands, innovation, and technology was hosted by the Center on Global Brand Leadership at Columbia Business School. Learn more at http://www8.gsb.columbia.edu/globalbr…
Today, more consumers than ever are demanding that companies become transparent and take hands-on approach to making the world a better place. They’re looking for what experts call “conscious brands,” companies that embody a higher purpose by having an intentional purpose or embracing social responsibility. Think: Tom’s Shoes or Jessica Alba’s Honest Company.
According to a report by MWWPR, not only do 90% of consumers say they’re more likely to patronize companies that take a stand on social and public policy matters, 80% say they’ll even pay more for products from such brands.
But you don’t have to be a big name in order to transform your business into a conscious brand. Follow these three steps to make sure that your actions resonate with your ideal customers, helping you multiply your revenue and make a lasting impact.
1. Be clear about what you stand for
Ben & Jerry’s is an iconic conscious brand. Climate justice, LGBTQ quality and Black Lives Matter are only a few of the socially responsible causes the company has advocated for over the years. And it only makes people love their brand even more.
As people become savvier, trust in marketing is growing more vital each day. It’s not enough to just offer a great product or excellent customer service. Customers want to do business with companies they like, trust and align with. Those brands that sit on the sidelines regarding important issues are coming under greater scrutiny. Meanwhile, those with the guts to take bold but strategically sound stands are being rewarded.
Follow B&J’s lead and include your views and values in your marketing. Share your beliefs, and ask your audience to take part alongside you in supporting the causes you believe in. By intentionally integrating social responsibility as part of your daily business routine, you can ensure you are doing your part in practicing social and environmental responsibility and be seen as a thought leader in your niche.
It’s one thing to talk about the causes you support, but it’s another thing entirely to actually do something about them. People are jaded by outdated marketing techniques, false advertising and businesses and influencers who don’t walk the walk. While building and running a conscious business requires more intentional decision making and an uncompromising commitment to the mission for good, the reward is the creation of a movement that leads to unparalleled success and impact.
Patagonia is a noted leader in environmental and social responsibility. Their mission statement reflects this well: “Build the best product, cause no unnecessary harm, use business to inspire and implement solutions to the environmental crisis.” From supporting grassroots activists working to find solutions to the environmental crisis to suing the former president of the United States, Patagonia has taken action on the most pressing environmental issues facing our world.
There are countless ways you can become part of the change for good: collect donations, offer scholarships, take part in activism. Use the resources you have — your voice, your business and your community — to take action. When you weave these actions into your company culture, and it’s embodied by employees and customers alike, you create a movement. By embracing ethical business practices while creating transparency and accountability, and providing immense value, your brand will rise up over the competition.
3. Cultivate partnerships based on values
Co-branding with another company is an effective way to double the awareness around an issue, increase the impact of an effort and, ultimately, expand the visibility of both organizations. Who you partner with has a direct impact on your reputation, your bran and your potential customer’s perception of your business.
As reported in a recent Hubspot post by Sophia Bernazzani, “In 2015, Target partnered with UNICEF on a campaign called Kid Power, which committed Target to one of UNICEF’s sustainable development goals (SDGs). The retailer sold kid-friendly fitness trackers encouraging them to complete various fitness activities, which ultimately helped deliver food packets to underprivileged children around the world.”
To ensure that you’re making smart partnering decisions, choose partnerships that align with your values. If you have not yet determined your brand values, make it a top priority. The best way to do this is to follow my 3S Method. First: Source. Do a Google search of “brand value words.” Choose as many words as possible that you resonate with and feel are important.
I like to put them on index cards (or you could use digital Kanban boards) to make step two easier. Second: Sort. Group the index cards with similar words. For instance, honesty, integrity and truth would go in the same pile. Finally: Select. Choose your final words from the groups by what you feel best represents your deepest values.
Now, use these brand values as your North Star. Refer to them any time you are making decisions, such as who to partner with, who to hire, which clients to work with and more. Doing so is sure to help you stand out amongst the noise online and attract raving fans with similar values.
A friend and ex-colleague of mine recently left her full-time job and started freelancing as a brand consultant. Like any freelancer seeking new business opportunities, she planned to create a website showcasing her past work and detailing her capabilities. But first, she had to answer a critical question: Should she create a new brand name to represent her business or simply use her own name? Since I run a brand consulting agency with one full-time employee (me), she asked for my advice.
No matter what kind of freelance work you’re doing – from brand consultant to bookkeeper – this is a question you’ll have to answer. Using your personal name means presenting yourself as an individual contributor and keeping the focus on you. Coming up with a brand name, on the other hand, will require a thorough naming process and will create some “daylight” between you and the business. Either path can work, and deciding which is right for you depends on a range of personal factors. I’ve outlined five reasons below to take the first approach: creating a new brand name for your freelance business.
A brand name suggests scale
In the past, many companies took on their founder’s names. Think Lipton, Ford, or Charles Schwab. But these companies’ modern-day counterparts are more likely to develop unique brand names like Starbucks, Tesla, or Robinhood (For the record, Starbuck is a fictional character from Moby Dick, Nikola Tesla died 60 years before the founding of Tesla Motors, and it’s unlikely Robin Hood was a real person, much less had any involvement with the financial services app.). Because of this shift, a unique brand name, rather than a founder’s name (i.e., yours) can create an impression of a larger organization, which implies more breadth and depth.
If you’re thinking, “But I don’t want anyone to think I’m more than one person,” don’t underestimate the disadvantage solo freelancers can face in competitive situations. Remember that people who’ll never meet you – whether they’re decision-makers or procurement personnel – may be making judgments based on your name alone. For example, imagine having to select one of the following brand consultancies: Catchword, Lexicon, or Sally Flakowitz. The personal name creates an awkward, apples-to-oranges situation you’re probably better off avoiding.
Speaking of scale, another benefit of a brand name is its potential to stretch as your business changes. You may not plan on building a 15-person team – but plans often change. Should your business become more than a one-person operation, a brand name provides room to grow.
This logic applies even on a project-to-project basis. When you take on a large assignment, you may need to subcontract work or hire other freelancers as teammates. When showing up at a client’s office with a colleague, introducing yourselves as independent freelancers who happen to be working together at the moment does not inspire confidence. It creates a temporary, noncommital feeling. It’s much easier – and sounds more professional – to say, “Hi, I’m Rob, and this is Sally. We’re from [BrandName].”
A brand name provides an opportunity to express ideas
What ideas and feelings does your name evoke to those who hear it? Hopefully, amongst your family and friends, at least, a host of positive adjectives are associated with your name – perhaps smart, creative, and hardworking. But for those who’ve never met you? Never heard of you? It’s just a name. Unless you go by “Sting” or “The Rock,” your name doesn’t really convey any meaning. It doesn’t tell prospective clients that you’re smart or creative. It’s not even a name you chose.
But creating a brand name allows you to say something. Some brand names are straightforward and descriptive (e.g., Best Buy), while some merely suggest an idea (e.g., Zipcar). Others venture into the abstract – they don’t carry any relevant meaning but can nevertheless convey a sense of personality, like Apple (simple) or Virgin (irreverent). No matter what approach your brand name has, you can use it to tell people something about yourself and the work you do.
Some first and last names are easier to pronounce than others, but chances are the brand name you create will be shorter than your personal name (one word rather than two, for example). And since you’re building the name from scratch, you’ll have an opportunity to ensure its ease of use. While there are exceptions, most of the best brand names are short and sweet. Names built from one or more real English words are more likely to be understood, pronounceable, and correctly spelled than many people’s names.
If you have any interest in doing business overseas, you may find your personal name has additional drawbacks. Names that are commonplace in one language or culture may appear strange or unpronounceable in other parts of the world. Your name may lead people to assume – accurately or not – that you’re from a particular country or region and, whether or not it’s fair, that assumption may come with prejudices. English, however, has become the lingua franca of global business. A real English word or two is likely to be understood and pronounceable by many business people for whom English is not a native tongue.
A brand name may be more distinctive
The flip side of the point above is that, in some cases, personal names are so common that they fail to stand out. If your name is “Niamh Moloughney,” good luck getting people to spell and pronounce it correctly. But if you’re one of the over 11,000 Ann Millers on LinkedIn, your prospective customers may have trouble remembering you or telling you apart from other freelancers.
Reviewing competitor names is a critical step in any brand naming process. In creating your brand name, you can choose to use a different naming style, pick one that’s significantly shorter or longer than competitors, or find an initial letter that’s unique to the category.
Ultimately, this decision depends heavily on your given name and surname. How common are they? Are they hard to spell or pronounce? Will they associate you with a specific language, country, or region – for better or worse? Some people’s names almost beg to be used as brand names, like Smart & Final (named after founders J.S. Smart and H.D. Final) or Fox Racing (named after founder Geoff Fox). They’re short, simple, easy to remember, and have built-in meaning or imagery. Unless you’re lucky enough to have such a distinctive, evocative name, consider creating a brand name for your freelance business.
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Influencer marketing isn’t as simple as choosing an influencer with a high number of followers to post an ad for you. In 2019, there have been a multitude of changes that have taken place in the influencer marketing world which brands need to factor into their strategies to get the most ROI.Consumer expectations around authenticity, an increase in influencers making it harder to reach their target market, and the need for solid evidence of the success of a campaign or post are the key trends we’re seeing shape the changes this year.
Below is a list of things to remember before engaging an influencer for your brand, to ensure the highest success rate.
Influencers are people too
It’s clear that brands need to identify an influencer that suits their image and has an audience appropriate to them, as it’s obvious it’s not a ‘one size fits all’ approach.
Think of the basic advertising and marketing principles such as brand consistency across its messaging, imagery, stunts etc. All of these principles also apply when it comes to selecting influencers.
For effective market penetration in the influencer space, brands need to change the way they see influencers. It can feel a little strange at first because we’re so used to having our own perception of them through a screen, but brands need to challenge themselves and stop being transactional and start building genuine relationships.
Doing this, not only will your brand foster beneficial relationships for future activity, but the synchronicity between the influencer, brand and audience is the key driver to the most genuine engagement and success of the campaign.
Of course, there is always the irony when it comes to using influencers since brands pay for influencers to post an ad, so it can be perceived as anything but genuine. Therefore, it is important to be mindful that influencer marketing is actually a partnership and when working together, both reputations are on the line.
2. Video is the new black
Like all key moments in pop culture, trends come and go but some stick so well that they stay popular through the generations. The 20s had smoking and flapper dresses, the 60s had the flare pants and tie-dye, the 80s had the boombox and the 90s had the blackberry.
In 2019’s digital climate, the legacy that millennials and Gen Zs have left is the ubiquitous use of social media. This demographic has propelled the amount of user-generated content full of memes, live streaming of stories and videos, which is why video is currently on trend.
Since 90% of Gen Z and 83% of millennials are spending at least two or three hours a day watching videos on their smartphones, brands need to capitalise on creating fun video content and memes that can be easily shared with their peers as it resonates well with this generation more than any other form of media.
3. Authenticity is key
When followers feel like influencers are real people they can relate to and even share similar experiences with, that’s when the magic happens. The most successful influencers have a highly captivated audience because of their ability to produce authentic and relatable content.
Since millennials and Gen Z’s are digital natives to social media and advertising across these platforms, they are naturally more switched on when it comes to recognising when they are being overtly marketed to.
According to a study by Deloitte, 72% of millennials use social media as a good way to stay connected to news and topics that are important to them, while 65% of millennials said that they are happy to receive targeted content if it aligns with their interests – proving they are savvy when it comes to their consuming of digital content.
If businesses want to engage an influencer to market to this demographic, they need to be mindful about content that’s not consistent with the influencer’s audience and brand.
Brands need to change their thinking to view their relationships with influencers as adding a ‘human element’ to their marketing approach, as opposed to looking to influencer marketing as another means to just sell their products.
4. Data is king
Influencer marketing has always been seen as an enigma, with traditional marketers often questioning whether it can yield actual commercial results.
The reality of it is that it can. One of the best examples is homegrown company Hi-Smile. Founders Nik Mirkovic and Alex Tomic started the company with $20,000 of their own savings using solely influencer marketing, which then grew the company into a $40M business with over 100,000 customers across the globe in just three years.
Measuring ROI and using data to track the success of a campaign is important, not just because you can say with authority that investing the marketing budget into the influencer space was a wise move, but so you can optimise your campaigns.
Influencer marketing is still relatively new and there’s a huge potential to lead the market.
5. Talking to Gen Z
By next year, Gen Z’s are expected to account for about 40 percent of all consumers, not to mention social media has become one of the key driving forces for this generation to purchase products, accounting for 80% of purchases.
Instagram (44%), Snapchat (21%) and YouTube (32%) are the core outlets making the biggest impact in this space and influence everything from purchasing decisions, lifestyle choices and even political perspectives.
After almost a decade of focusing on millennials and Gen Y, brands that haven’t started factoring Gen Z into their strategies are shooting themselves in the foot.
Given Gen Z’s have an attention span of about 8 seconds, capturing their attention requires authentic and engaging content that they can contribute to, interact with, or be a part of. They want to feel like they are part of an actual community attached to authentic causes.
Despite the digital landscape’s challenges, there’s an opportunity for brands and businesses to market to consumers in a more flexible way to adapt to this new digital era. With so many opportunities for brands to utilise this generation of social media lovers to their benefit, remember the five key tips to ensure success and tap into a savvy, yet highly engaged type of audience.
Nathan Ruff is the co-founder and CEO of Hoozu, a data driven content creation business that uses creators and content to convert sales for its clients. Nathan has a wealth of specialist knowledge across industry trends, managing risk and ensuring accountability in a relatively unregulated space. He has also successfully founded five companies, including Market Engine, Urban Geek Media and VOLT Media. Nathan has been instrumental in helping to disrupt the influencer marketing industry and bringing accountability to the discipline.
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One of the most noteworthy consumer trends to come out of Covid has been the shift in focus to community-based shopping. Of course, e-commerce has experienced a major surge, but many consumers are now searching online for shops and services in the local area to find what they need, especially as daily commutes are no longer the norm and people are avoiding unnecessary travel.
In addition to convenience, consumers want to support local businesses, as well as the communities in which they live. Shopping local isn’t just about frequenting small businesses, though. Big brands such as Marks & Spencer, Halfords, and Currys PC World are also thriving at the local level because they have a neighbourhood presence and are well-known, trusted brands that have, at least historically, conducted business predominantly offline.
But in the race to win the attention, and business, of these bricks-and-mortar shoppers, businesses must ensure their ‘Near Me’ Brand Experience (NMBX) – consisting of all the touchpoints along the customer journey from online ‘Near Me’ search to offline purchase – is meaningful and positive across multiple channels. Not only that, for global brands and multi-location businesses, this also means engaging with consumers at all levels, whether country, regional, or local.
While many companies manage these communications well at the global level, they often fall down when it comes to building positive relationships with customers at the local level.
Current research shows that around half of Google searches have a local intent, with consumers searching for products and services ‘Near Me’. But consumers aren’t just searching for local store options. They are turning online to plan their journeys, evaluate local store reviews, and engage with brands directly through social media.
It appears that global brands have started to become aware of the ‘Near Me’ Brand Experience (NMBX) and its importance in their brand strategies, with Gartner’s recent 2020 Spend Survey of CMOs revealing that the most important brand metric for 2020 is brand health – namely, what consumers know and think about a brand.
The challenge for brands has always been that the bigger the brand – and the more locations there are to manage – the more difficult it is to maintain the quality and consistency of the customer experience. To create a memorable NMBX, brands must implement the right multilateral communications strategy that ensures the online to offline customer experience is uniform at the global, regional and local levels.
Create an outstanding NMBX
Global brands tend to have their business information and reputation management under control at the global, and sometimes even at the regional level, but this is often not the case at the local level.
This can be the result of organisational silos, where different levels of the organisation don’t share plans, goals, and processes with each other, or due to a simple lack of strategy and resources applied to actively manage the brand experience from top to tail.
The first step for brands to create a successful NMBX is to identify key stakeholders at the global and regional levels to lead the initiative. This project can then be owned at the global level by a single senior marketing lead – CMO or Head of Digital. Limiting key participants tends to generate better outcomes and more efficient project implementation, while still allowing for cross-departmental cooperation.
Develop brand trust through data accuracy
One of the most overlooked, yet vital, aspects of brand trust comes from consistent data quality. Especially now, consumers are searching online for the most accurate and up-to-date information on location, opening hours, and more.However, as local information is constantly changing depending on an outlet’s location, brands need to be able to manage all changes promptly and centrally. This means updating local level data directly via a master data system, or single source of truth, so it can be kept up-to-date across a brand’s entire directory ecosystem. If done right, this will increase visibility in search engines, increase trust and positively impact customer reviews.
When it comes to data accuracy, brands are facing a particularly difficult challenge, as operating restrictions during Covid vary not only country to country, but between regions and even neighbouring cities. Just like the UK, changing government guidelines meant McDonald’s Germany needed to update their opening hours on an almost daily basis. Because local store managers are always the first to know when key business information changes, they empowered them to log in to their in-house master data management system, powered by Uberall, and update the information quickly. This meant that McDonald’s could quickly and efficiently manage data for their almost 1,500 locations in Germany. As everybody was working from a centralized data management system, they were able to stay agile and consistently provide online store information that customers could trust.
For global organizations, ensuring data accuracy across each and every location is no easy feat. But doing so is essential to build and maintain global brand trust amongst local consumers and drive foot traffic.
Strengthen brand health through reputation management and social media
Another key aspect of brand experience is consumer engagement via online reviews and social media. Managing local reviews and engaging on social media effectively can pose unique challenges, as it can be difficult to know who should be engaging with local customers and how to do so at scale, whilst still maintaining brand ethos and identity.
However, online reviews and social media are golden opportunities for brands to interact with consumers the most directly, and, if well-executed, are a crucial way to turn those interested consumers into customers and advocates.
Depending on their aims and goals, brands can manage brand reputation and social media entirely at the global level, or choose to empower local owners/operators with more independent control. Regardless of the strategy, given the breadth and sheer volume of online reviews and social media interactions, a manual approach simply isn’t feasible.
Instead, brands can use digital solutions to manage and shape their online reputation and customer engagement, allowing corporate control but providing local teams with access to online interactions as needed. By utilising a platform that makes it easy and simple to respond, backed by clear guidance and communication about core messaging, brands can make certain that their brand experience is consistent and compelling from global to local.
Conclusion
Today’s commercial landscape calls for a modernised approach to brand experience. Brands that are able to utilise the right technology tools, processes and feedback loops will be able to achieve an outstanding NMBX for consumers at hundreds, and even thousands, of locations.
While global brand reputation will always be important, when it comes to fostering growth, brands must also focus on improving the brand experience at the individual store level. After all, no matter how good a brand is at creating an image of quality, consistency, and trust, if a customer’s experience doesn’t match that promise, they won’t be a customer for long.
Learn what brand experience is to design a journey that leads to the successful outcome your brand offers. —————-FREE BRAND STRATEGY RESOURCES——————– // PRO BRAND STRATEGY BLUEPRINT Download your FREE Pro Brand Strategy Blueprint here: https://brandmasteracademy.com/brand-… Step-by-step brand strategy development process // BECOME A BRAND STRATEGIST Take a FREE look inside our flagship training Brand Master Secrets – All you need to level up to brand strategy and become a brand strategist. https://brandmasteracademy.com/brand-… Our flagship training “Brand Master Secrets” has everything you need to become an in-demand brand strategist, raise your expert profile, and grow your branding revenue and business. // BRAND MASTER ACADEMY Brand Master Academy is where brand builders go-to for actionable tips and techniques to, Learn Brand Strategy, Help Their Clients On A Higher Level, Raise Their Expert Profile & Branding Revenue. —————- LEARN BRAND STRATEGY IN THE COMMUNITIES ——————– // BRAND MASTER ACADEMY ON SOCIAL Instagram – https://www.instagram.com/brandmaster… Facebook – https://www.facebook.com/pg/brandmast… Linkedin – https://www.linkedin.com/in/stephen-h… Youtube – https://www.youtube.com/channel/UCBFW… Twitter – https://twitter.com/BrandMasterAcad // JOIN THE FACEBOOK COMMUNITY https://www.facebook.com/groups/brand… Join in the conversation with other experienced and budding brand strategists to enhance your brand building systems. // EXCLUSIVE TIPS & TECHNIQUES https://brandmasteracademy.com/subscr… Get on the list for exclusive brand strategy tips and techniques —————- LISTEN TO THE BRAND MASTER PODCAST ——————– The Brand Master Podcast is a show specialized in helping professional brand builders and entrepreneurs to build brands using strategy, psychology, and creative thinking. [Two Shows Per Week] https://brandmasteracademy.com/brand-… About This Video: By the end of this video, you’ll understand what brand experience is, the role it plays in raising brand awareness, and converting prospects into clients. First, we’ll look at some of the terms that are often confused with brand experience and how they differ including experiential branding and brand activation. Next, you’ll discover what brand experience is and the ecosystem of touchpoints that contribute to it. Then we’ll uncover the misconceptions of what brand experience is not and understand why brand experience is so important in building modern brands. Finally, we’ll dive into what brand experience design is and take a look at a brand experience example in the form of Nespresso. 0:00 What Is Brand Experience? 1:21 What Is Brand Experience 2:24 What Is Brand Experience Is Not? 2:53 Why Is Brand Experience So Important? 4:30 WHat Is Brand Experience Design? 5:42 Example Of Brand Experience – Nespresso
Branding Strategy Insider helps marketing oriented leaders and professionals like you define and grow brand value. BSI readers know, we regularly answer questions from marketing oriented leaders and professionals everywhere. Today we hear from Ron, a VP of Marketing in Indianapolis, Indiana who asks these questions about intangible assets.
“I’m trying to get a better understanding of intangible assets and have several questions. The first question being, how are they defined?”
Thanks for your questions Ron. Intangible assets are assets that are used in the operation of a business but that have no physical substance. They include such things as brands, customer lists, customer loyalty, patents, copyrights, business processes, specialized knowledge, customer contracts, franchises, and licenses, among others. Such assets stand in contrast to tangible assets, such as land, buildings, vehicles, equipment, and inventory.
“Why are intangible assets receiving so much attention today?”
In contrast to forty or fifty years ago, when tangible assets constituted the vast majority of the assets of a firm, today intangible assets are likely to constitute much of the value of firms. Work by the consulting firms, such as Ocean Tomo and Brand Finance, and accounting firms, such as PwC suggests that more than 80% of the value of many major corporations consists of intangible assets.
“What is the significance of intangible assets being such a large percentage of the value of corporations for managers and investors?”
First, it is important to know that most intangible assets do not appear on the balance sheets of companies. This means that for most companies, much of their value is unreported. Current accounting practices simply fail to capture the value of most intangible assets. Such assets are most likely to appear on the balance sheet as a result of either an acquisition, when there is a need to justify the price paid for the acquisition, which usually does reflect the value of intangible assets, or in the case of an impairment, where the value of an intangible asset, such as a brand, is reduced in value for some reason.
A particularly troubling consequence of such accounting practices is that even when the value of an intangible asset appears on the balance sheet, the value can only decrease; it cannot increase. This makes it very difficult for an investor to evaluate how well management is stewarding the intangible assets it controls. It also creates opportunities for managers to have a free ride because there is no transparency related to how well they are managing most of the assets of the firm. On the other hand, it creates problems for conscientious and responsible managers who wish to demonstrate how they are adding value to a firm through the effective deployment of intangible assets such as brands, copyrighted works, and the like.
“Are there best practices related to managing intangible assets?”
It is useful to recognize that intangible assets have always played a larger role in the value of businesses than was fully appreciated until recently. There is a substantial body of knowledge and practice experience related to the good management of brands, people, and relationships this is very much applicable.
“What concrete suggestions do you have for managers who wish to do a better job of managing the intangible assets in their business?”
Begin by recognizing that intangible assets are owned by the firm and must be managed by a team with the encouragement and active participation of the firm’s most senior management and board. It is not possible to manage something that is invisible. Just as it is difficult to manage physical inventory when it is out of mind and out of sight, so too is this the case for intangible assets.
There needs to be an annual inventory of the firm’s intangible assets that includes a description of who is responsible for their management, how their value, and changes in that value over time are measured and reported, and active strategies for leveraging these assets. There must be a process for making intangible assets visible when making management decisions.
Similarly, before laying off 10% of a workforce, managers might ask what knowledge, what relationships with customers and suppliers, and what efficiencies associated with learning from experience will be lost. One reason so many mergers and acquisitions fail to live up to their expectations is failure to consider losses of intangible assets associated with seemingly redundant people and operations.
“Are intangible assets likely to become more important or have we seen their peak?”
The answers to that question depend on the business. There will always need to be some tangible assets in most businesses, if only to help activate the value of intangible assets. The COVID pandemic has taught us that many tangible assets, like office space, may be less important than we thought, but there are still physical assets that play a mission critical role in most businesses.
On the other hand, more and more of what customers buy and consume revolves around experiential attributes, relationships, social interactions, and creative content. I still go to a restaurant for the food, a tangible asset, but much of the value that I am willing to pay for resides in the creativity of the chef and the wait staff members who know me and greet me by name when I arrive.
Contributed to Branding Strategy Insider by: David Stewart, President’s Professor of Marketing and Business Law, Loyola Marymount University, Author, Financial Dimensions Of Marketing Decisions.
Branding Strategy Insider is a service of The Blake Project: A strategic brand consultancy specializing in Brand Research, Brand Strategy, Brand Growth and Brand Education.
Brand awareness is more than people simply recognizing your business name or your logo.True brand awareness entails your audience getting to know the personality behind your brand and what makes you different from your competitors.
It’s vital to build brand awareness because consumers are much more likely to buy from a brand they know and trust than one that’s new to them.A research study found that over 80% of people searching for a product on Google chose to click on websites they were already familiar with, regardless of their position in the results.
Content marketing can be a highly effective way to build brand awareness. With every piece of branded content an individual sees, they become more familiar with your brand. But while exposure is important, it’s not the only factor at play. Content can help to build your brand in several different ways.
Quick Takeaways
Content marketing is an excellent way to demonstrate knowledge and expertise and build trust with your audience.
The more content you publish, the more exposure you give your brand. Every piece of content has the potential to widen your audience.
Your content is an important part of your overall brand and can be used to amplify your brand voice and reinforce your commitment to your brand values.
1. Demonstrating Authority and Expertise
By regularly publishing informative and educational content that helps to solve your audience’s problems, you demonstrate the fact that you know what you’re talking about as an expert in your industry.
For example, take a look at the blog published by marketing and CRM software company, HubSpot. HubSpot publishes a lot of detailed and useful articles on subjects such as content marketing, web design, email marketing, SEO, and customer experience.
Most of these articles are not written with the aim of selling more software licenses. Nor, indeed do they even mention the products and services that the company sells.
This informational content is not published with the aim of making more sales, but rather to share knowledge and cement HubSpot’s position as an authority in the area of digital marketing.
The audience reading HubSpot’s blog may not immediately be looking for a marketing software solution. However, with each piece of content they read, they’ll build a stronger association between the HubSpot brand and marketing knowledge.
If at some point in the future they are in the market for a CRM or marketing automation software, they’ll already have HubSpot in mind and be confident in the brand’s experience and knowledge.
2. Building Trust
Consistently publishing helpful information for your audience not only helps to demonstrate your expertise and authority but is also vital for gaining the trust of your target audience.
People don’t like to feel like they’re being sold to or that brands only have an interest in gaining their business.
Content marketing means publishing content that’s not sales focused and demonstrates you care about your audience and their problems, rather than just making the sale.
The more content your audience reads and the better they get to know your brand, the more likely they will be to trust you. The more they trust you, the more likely they are to spend money with you in the future.
Many brands offer very similar products and services, often at similar prices. Your brand personality is what distinguishes you from your competitors and builds relationships and loyalty with your customers.
Your content should reflect your brand values and mission. It should demonstrate what you offer beyond the products and services you sell.
Every piece of content you publish should also reflect your brand tone and voice. Whether this is fun and friendly, creative and quirky, or confident and informative depends on your audience, the industry you’re in, and how you want to position your brand.
To get this all right, it’s important to have a clear and defined brand, mission, value, voice, and content strategy that pulls it all together. Skipping over any of these steps will result in content that doesn’t have a clear voice or personality, and your brand will be weakened as a result.
4. Increasing Brand Exposure and Mentions
Every piece of content you publish gives you a new opportunity to expand your audience and reach more eyes.
Publishing content around the topics that your audience and customers are interested in is a highly effective way to boost your SEO. This means your site is more likely to come up in searches for keywords related to your business. The more content you publish, the more chances you have of showing up in search results.
Good content can help you to attract traffic from many other sources apart from search engines.
People share high-quality content on social media. Social media mentions are doubly effective because they not only help you to reach a wider audience, but a social share acts as a vote of confidence and demonstrates that others trust in your brand too.
This is increasingly important these days where 83% of consumers say they are more likely to buy a product or service if it is recommended by a friend or family member.
5. Building Customer Loyalty
Content marketing is not only important for attracting new customers but also to keep the customers you already have.
Strengthening relationships with your customers is also important for building your brand. When customers are loyal to your brand, they are more likely to recommend it to others.
Consistently publishing new content is a great way to stay in touch with your existing customers, keep your brand on their mind, and give them more opportunities to share your content and products with others.
6. Engaging Your Audience with Brand Storytelling
Everyone loves a good story. So it’s no surprise that much of the most successful content on the web involves some element of storytelling.
Likewise, some of the world’s most successful brands have a great story behind them. Just look at Apple (founded by college dropouts out of a garage) or Toms shoes (inspired by the travels of the founder and the barefoot children he met along the way).
If you can use content to tell the story of your brand in an engaging way, you’ll build an emotional connection with your audience that will make them want to read more, interact more, and buy more from your brand.
If you are ready to get more traffic to your site with quality content published consistently, check out our Content Builder Service.
Set up a quick consultation, and I’ll send you a free PDF version of my books. Get started today–and generate more traffic and leads for your business.
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This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.
Whirlpool.
Walmart.
Liverpool.
“You already exhibited us!” as the meme would say. Undoubtedly, online purchases have increased in 2020. The circumstances presented by the COVID-19 pandemic have prompted consumers to purchase their products via the web.
In this context, the Federal Consumer Prosecutor’s Office (Profeco) registered 227 complaints from users who asked to make valid the guarantees of purchases they made through online platforms.
5 out of 10 companies in Mexico are doubling their growth on the Internet, and 2 out of 10 register growths greater than 300% in the volume of online sales, according to a study carried out by the Mexican Association of Online Sales (AMVO).
But, despite this growth, many of them have had problems meeting the needs of their customers in this channel and although 9 out of 10 complaints were adjusted, Profeco released the five brands with the greatest dissatisfaction by consumers , among which are:
Whirlpool, with 27.
Walmart, with 17.
Liverpool, with 9.
Samsung Electronics, with 7.
Best Buy, with 6.
All of the annoyances were related to purchasing faulty or non-working products online. Faced with this situation, Profeco explained that it is necessary to verify the information offered by the sellers, as well as the product policy and if it received the order form to verify the characteristics of the merchandise.
If you do not get the product that the online store offered you or the documents mentioned above, you will be entitled to a replacement, a refund of the money or a bonus of no less than 20% of what you paid. On the other hand, if it is broken or has flaws, you should check that the warranty protects the item from damage.
Having a greater cause behind your brand matters — not just for consumer perception of what your brand does, but for your ability to do good in the world. A social impact edge isn’t for every company, but when you give back or align your brand with helping the world, people notice. Research from Zeno’s 2020 Strength of Purpose reported that when consumers perceive that a brand or company has a strong purpose, they are six times more likely to defend or protect the company if there’s ever a misstep. They’re 4.5 times more likely to recommend it to their friends and family and become a champion behind it.
But despite this research, Carole Cone on Purpose shared that only 24 percent of their business respondents reported having a purpose embedded in their business. And while it’s true that you shouldn’t add purpose or social impact for the sole purpose of resonating more with consumers, it is important to assess: What does my brand stand for? How do we help the world? How can I connect my profit with a greater purpose? Here are some things to consider in that assessment.
Sure, your product is a great help to customers — that’s why it’s doing well. But there’s a deeper consideration here. Can you extend the use of this product to those who need it most? This is similar to the TOMS model of thinking, where one pair of shoes is donated for every pair purchased. The shoes “help” the customers that buy them. But even more so, on the social impact end, they help underprivileged children internationally who don’t have shoes.
Another powerful example of an entrepreneur using their services for good is real estate developer Christopher Senegal, who is tackling gentrification in a Houston neighborhood called Liberty Square. “Gentrification is always a sensitive topic in neighborhoods that are changing,” Senegal shared via email. “I’m facing the topic head-on. Not by protesting or trying to stop it but instead, identifying ways to be involved in the process.” At 33, he began developing middle-class townhouses in the neighborhood when he saw the development patterns in surrounding areas.
“I realized that doing so would keep the culture of the community intact while improving the neighborhood and increasing tax dollars, which would improve schools,” he shared. “I made it a point to not only bring those that are originally from the area back from the suburbs but also only hire from the neighborhood and build a team of successful African American professionals around me. My construction team, realtors, preferred lenders, insurance agents and inspectors are all from the community.”
2. How can you raise awareness about causes that matter?
Your social media or ad campaigns are an ideal opportunity to show what it is that you stand for. For example, P&G created an ad campaign called “We See Equal,” which made its stance on gender equality in the workplace clear. However, they walk the talk, too — 45 percent of P&G’s managers and a third of their board are women. Make sure to put your money where your mouth is, and go beyond the ads and social media posts to show how you’re actually trying to make a difference.
Kris Ruby of Ruby Media Group recently posted an article about brand activism and how consumers are now “voting with their dollar.” Simply put, “consumers expect more from brands nowadays.” This should include actions such as using brand awareness for positive impact, participating in social movements and displaying brand values proudly on websites.
3. How can you implement social advocacy within your business model?
How you do business matters, too. Just like your ability to walk the talk alongside raising awareness is so critical, you need to make sure that every step of your business practices aligns with your purpose. An example of this is the online clothing company Everlane, which is working to improve transparency about how they make their clothes and even the details behind how they determined the prices. They do this by sharing “behind the scenes” footage of their factories and production processes, and the exact costs involved in making each piece of clothing.
With unjust conditions in many international garment factories, a stand like this proves Everlane’s commitment to the cause and their desire to raise awareness about the right way to do things. This may seem hard to implement if your business model has already been running like a well-oiled machine, but consider little things you could do like banning unpaid internships because they’re inherently exclusive for those with socioeconomic disadvantages or ensuring that your products are cruelty-free and proving it to customers. They’re watching how you do everything you do. Prove they can trust you to abide by your greater cause.
Ultimately, these questions should lead you not to what your customers most want your brand to stand for, but what you as a founder deeply care about. How can you prove this through your business? There are countless ways — and you don’t have to be a social impact business to begin.
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Nearly a third (32%) of consumers would switch providers if a brand’s website is unavailable for more than 24 hours
A study released today reveals the scale of omni-channel pressure brands now faced as a result of the Covid-19 pandemic, as consumers flock to apps and websites to as the priority destination to transact with brands.
The UK has experienced a huge leap in use of online services thanks to lockdown, with the public appearing to have less concern for the availability of a brand’s physical location. Research by Sungard Availability Services (Sungard AS) uncovers a “window of availability” that UK businesses now have before consumer loyalty changes:
If a brand’s website is down for 24 hours – 32 percent of consumers would switch provider
If a brand’s app is down for 24 hours – 28 percent of consumers would switch provider
If a physical store is closed for 24 hours – 20 percent of consumers would switch provider
The results by industry paint an interesting picture of the availability timeframes brands are expected to adhere to:
For online retailers, excluding grocery retailers – 23 percent of consumers would switch provider if they could not access online services for 12 hours, rising to over a third (34 percent) after 24 hours
For financial services and entertainment streaming platforms – 21 percent of consumers would switch provider after 12 hours, rising to 33 percent after 24 hours
In the case of online grocery shopping – 20 percent would switch provider after 12 hours, rising to one third 33 percent after 24 hours
The findings also highlight that as digital reliance increases, so will consumer expectations towards availability in the future. Over the coming two years, a third (33 percent) of consumers expect online financial services to always be available, rising to 35 percent for streaming services.
“UK consumers have become reliant on the constant availability of online services, and lockdown has only served to heighten this,” comments Chris Huggett, SVP, EMEA at Sungard AS. “What used to be a choice between physical and digital has now firmly accelerated into digital environments across various industries. As online worlds continue to outpace bricks and mortar as the face of businesses, ensuring constant availability and clear communications on downtime will be key for brands to build trust and loyalty.
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