Whether you’re building a new brand or considering rebranding, it’s always a smart idea to have a clear understanding of the intended outcomes and benefits to ensure success. Too often brand initiatives are delegated to the marketing team without the involvement and clear expectations of leadership, employees and key stakeholders. Other times, the very idea of branding is reduced to a new logo or ad campaign with the expectation of delivering some economic value and that’s what gets many marketers in serious trouble.
True brand vision, strategy and best practices embrace a company’s business objectives and specific desired outcomes. This process also takes in account the role and involvement of the entire organization and its ecosystem, so it’s critical that all parties understand why they are making the investment, what it means to them and most importantly, how it’s going to help move the business forward.
Almost without exception, when we engage in a business branding assignment the client will ask, “How can we prove that our new branding is working and how can we measure success?” These are great questions and the answers can be found, measured and explained, but unfortunately there is no silver bullet. Our methodology centers around measuring the change, effect and brand power (or affinity) across multiple constitutes with a defined quantitative methodology. But first, it starts with an agreed upon set of outcomes. At RiechesBaird, we like to measure the effectiveness or impact of a brand in the following ways:
- The Impact on Employees: Understanding/Inspiration/Satisfaction/Referral to peers
- Customer Loyalty: Satisfaction ratings/intent to purchase (index rating)/referral source
- Competitive Differentiation: Yearly competitive Brand Power rating including awareness/consideration/preference/buying intent
- Infrastructure Contribution: Reduction of budget waste due to meaningless marketing activities (such as unnecessary brand investments or misaligned corporate architecture/support)
- Stakeholder Confidence or Economic Value: Stock valuation and brand contribution/valuation model (See BusinessWeek Top 100 Brands)
Regardless of the size of your company or brand, having a well thought out plan and approach can only help guide and support your investment opportunities. In addition, it will help closely monitor the impact of your brand across all audiences. Imagine a brand dashboard you monitor on a quarterly basis to assist with investment strategies. Imagine at the end of the year providing your organization with a detailed summary of how your brand is performing and how you will optimize next year’s investment based on the analytics. Imagine aligning your personal performance goals with the plan and outcomes.
So if you want to ensure your brand efforts or rebranding initiatives will be successful, use these best practices and advances in technology to prove your success and drive decision making. We hope this information is helpful and look forward to your feedback, experience and conversations.