Foundation Blocks of Brand Elements

In branding, brand elements are the framework to distinguish the brand by creating strong and positive bonds, awareness and feelings. Please think of the first brand that comes to mind, now think of why they come to mind. What sets them apart? To build the brand elements, there are six components that can guide us in the right direction. Let’s take a look through them all. 

1. Memorable 

One of the main points to consider is how to make the brand memorable. Making it memorable by creating your mark be easily recognizable that it clicks for someone when they see it. 

2. Meaningful 

People usually connect with a brand because of its meaningful story and its relation to them. There are two types of meanings to evaluate descriptive and persuasive. Descriptive is the general information about the brand and persuasive is the specific information to brand traits. 

3. Likable 

There are ways to make a brand ‘more’ likable by considering different elements. Creating an aesthetic and pleasing look, creating quality content that interests and attracts the consumer, can set the brand apart.

4. Transferable 

With the brand, there should always be a bigger picture. The transferable element needs to add to the brand’s equity in their lines and categories but also in market segments and expand geographically. 

5. Adaptable 

The world is constantly changing, and brands always have to adapt and adjust to fit the world of today. They need to be ready for change by being flexible and accepting that it can happen whenever. 

6. Protectable 

With a brand, there will always be a possible threat lurking around. It’s necessary to protect the brand legally and internationally to avoid all competition and strife. 

For example, a brand like Spanx uses all these foundational blocks. Let’s analyze how Spanx uses all these elements with their company. It’s memorable because her company has built such a company that her brand is known as the shapewear brand. It’s meaningful by giving her consumers confidence and is the recognized shapewear in the market. It’s likable because she makes unique content and offers resources and guidance professionally and through the brand. It’s transferable because it’s a solution for all women that can be taken anywhere. Adaptable because they have made various cuts and styles to work with anything women are wearing. Protectable because they have set themselves apart from the competition and have guarded themselves against other possible outcomes. 

“Brands are interesting, powerful concoctions of the marketplace that create tremendous value for organizations and for individuals.” Read more on lumens, principles of marketing. 

These six brand elements are essential to reflect on when creating, modifying and accelerating a brand. Consider these factors when building the blocks of your brand. 

Measuring Share of Voice

In marketing, there are a lot of metrics to consider when evaluating the success of your advertisements. For example, some to consider are impressions, reach, and frequency. However, we’re going to focus on the share of voice and the value in including it. 

Share of voice is how a company measures its relative difference compared to the others out there. A business should consider this measure to relate and understand its impact on the market competition. Let’s take note; it does not reflect the general effectiveness of the advertising campaign. It is merely a comparison to understand what’s out there versus what the company is putting out there. 

The typical analysis in a share of voice includes what the company spent on advertising and the total spending on advertising in the market. However, it might be more beneficial to look at the impressions rather than remove the influence of value contrasts. 

How to Calculate with Spending Value: 

Share of Voice= Company Ad Spending/ Total Ad Spending in Market 

How to Calculate with Impression Value: 

Share of Voice= Company Impressions/ Total Impressions in Market 

Understanding your company’s share of voice in the industry is a great way to comprehend the brand’s visibility. In an article by Sprout Social, they share the power of voice by sharing tips on boosting it and why it’s important. “By knowing your SOV, your brand has a better understanding of the challenges and your current position in the market, giving you more insight into how to achieve growth and captivate users,” said Sprout Social.

Your brand will stick out by having a strong share of voice. It’s a way to rule the discussion in your brand’s industry. It’s a strong measure to steer the brand’s direction and boost conversation in your industry. 

Elevating Your Influential Brand Value

In Keller’s Brand Equity Model, brand equity’s broken into four steps essential to building your mark’s assets. This is something that marketers should consider because they are questions the consumer answers regularly. Let’s examine each step in this model to elevate the brand.

1. Who is the brand? 

Identify how the brand is recognized and known by the consumer. It needs to be something that sticks out and that the consumer is aware of and pays attention to. Understanding the audience by learning their needs, wants and the reason for their relationship to the brand helps grow it. Think about why they chose you above the others and build unique selling propositions to understand the client’s reasoning and align it to your goals. 

2. What does the brand mean? 

Think about what your brand means to the consumer, and this is important for how it resonates with them and why it stands out. According to this model, the two building blocks are ‘performance’ and ‘imagery.’ Performance is how the brand satisfies the client. In comparison, imagery is how the brand serves the client’s needs on different levels. Consider how your brand is doing this through its connection and its impact on the customer. 

3. What does the consumer think and feel about the brand? 

Just like anyone, your customers will have opinions on the brand. With this question, think about their emotions and judgments. They will rate based on these four elements quality, credibility, consideration and superiority. These factors and other components can make the audience feel a certain way toward the brand. Take time to reflect on these and how to make your audience feel the way you hope. 

4. How much of a link does the brand have to the consumer? 

Reach brand resonance is the top and most challenging point of the brand equity model. To obtain it, the consumer needs to feel something more with the brand, like a profound attachment. For it to happen, consider these factors: behavioral loyalty, attitude attachment, sense of community and active engagement. 

Using these questions are a guide to elevating the influential brand in your consumer’s eye. When answering these questions, you’re building the brand’s identity, meaning, responses and relationship. Learn more about Keller’s Brand Equity Model on the Mindtools site

The Value of Analytics In Marketing

When marketing toward your consumers, looking at and evaluating the product’s data is essential to understanding what is working and what’s not. Analytics is a powerful tool that can offer so many insights into your customer’s interests and concerns. It’s a great way to have a new look at elements and consider a fresh take on what needs consideration. 

Analytics is an art and a science. The science in shaping the data and art in manipulating and creating importance in the data analytics boosting the company and it’s marketing efforts. 

It’s important to understand that data analytics needs separation into different categories like manufacturing sales data, retail sales data and intermediary sales data. 

Manufacturer Sales Data 

It’s vital since it pictures the sales that the manufacturer can capture legally as revenue. It may be the most accurate and complete data because it originates from the manufacturer and is data about their products. However, it may not always be reflective of customer trends. 

Retail Sales Data 

This data type is known as consumer takeaway. It represents the consumers’ purchases, which can be the most valuable to marketers because it also includes competitive products. It’s best to calculate price elasticity and to determine drivers of actual consumption decisions. 

Intermediary Sales Data 

It’s known as the replenishment data. It helps calculate inventory levels for intermediary industry associates. When retail sales data is not available, this is the next best indicator of consumer trends. However, it is lead by price increases and inventory corrections. 

Comprehending this data is critical to giving the analytical data value. To deliver and evaluate the information is essential to marketing to the consumers correctly. Once you break the data apart, you can use it better for the best way to market to your audience. 

Building Brand Equity

Building Brand Equity

In simple terms, brand equity is the value of the brand. It’s the customer’s responsibility to distinguish the brand name on the market in more complex terms. The brand can seize the customer through preference and loyalty. It’s essential to value positive brand equity highly. Now let’s talk about how to achieve it. 

Awareness

Brand Awareness is critical when thinking of equity; the goal would be for people to recognize the brand as soon as they see it and think of it positively. It’s essential to have recognition and recall. Recognizing the brand before being presented to it and recalling the brand when it’s brought up. It will give your brand power over its competitors because of their familiarity with it. 

Image 

The image has immense influence when thinking of brand equity. The concept is what makes it favorable and unique to others. Please think of the associations people make and how that can impact their purchases. There are two types of brand associations, brand attributes and brand benefits. The details are the traits that define it, while the services are the significance and intention the customers attach to it. The brand image matters in brand equity because they will make positive associations with this image when they think of their choices. 

Experience 

The customer’s experiences are a huge part of brand equity, whether it’s the first or fifteen experience with the brand, everything that happens throughout matters. Experiences build and shape brand equity in the client’s eye. It could be why they opt to go for this brand versus another. A bad experience could leave the client never returning and telling everyone of it, giving low brand equity. 

According to Marketing Evolution, “When consumers believe in the values put forth by a brand and the quality of their products, they will pay higher prices to purchase from that brand. Additionally, should an organization want to add new product offerings, marketing them under the same umbrella brand will help the new product take-off faster, as trust has already been established.” 

All of these factors matter when building your brand’s equity. Make sure you’re doing all you can to strengthen and grow your brand’s equity.