We have seen many brands flourish in lockdown, but for some the pressure of the pandemic has exposed vulnerability. But however, businesses have weathered the storm, brands have had no choice but to take stock, up their game and think differently about the future.
Britain’s top performing brands over recent times – from Costa to Dyson – are all flying high for the same reasons. They have mastered the 3 key ingredients behind long term success. Meaning, difference and salience. Recent research from Kantar shows just how important this is. In simple terms, brands that understand these 3 important factors are stronger, more resilient in times of crisis and are much more likely to deliver consistently high profits.
Meaning
The one core objective that every brand must deliver is meaning. You have to fulfil a functional or emotional need for your customers. For Barclays for example it is providing banking services, for Cadbury’s you are satisfying a chocolate craving! Whatever it is, you have to give your customer something they actually want or need. The way that need is fulfilled may change and evolve over time, but the core reason will always be there.
Difference
To be different in today’s world means you have to stand out and be a trend setter. Even for a business like a local hairdressers or restaurant, this is absolutely vital. We work with businesses all the time to define and strengthen their USP, or point of difference. It can be achieved using a range of different techniques, but make no mistake it will be a game changer for your business.
Salience
The third and final piece of the puzzle is salience. This means coming to a purchaser’s mind, at the time when they are ready to buy. Establishing a strong presence and sense of difference in the market is crucial to this. However there is no room for complacency and people can and will shop around. Yes your brand has to be memorable, and good at what it does, but customer loyalty takes time to build and can be lost at the drop of a hat.
How can your brand stand out?
Creating a sense of difference is often the hardest bit to get right. But there are a few key things to think about.
1) Creative content
The most successful brands are often very creative. Yorkshire Tea is a really good example. Their content is appealing, memorable and there is a unique style and sense of voice. Make content creation one of your key priorities.
2) Keep innovating
It is really important to keep responsive and proactive in business. Respond to trends and events around you , keep reviewing and improving your products and look for new opportunities to get ahead. Customers are more likely to stick with you if you keep things fresh and offer new initiatives that make things easier and interesting for them.
3) Be responsible
Consumers are increasingly making buying decisions based on environmental credentials. It is important that businesses review every aspect of their operations. From supplier management, equality and diversity, carbon emissions and impact on the local community.
4) Build experiences
Customer experiences build stronger connections and the emotional response can be very powerful in the buying cycle. This can be achieved by better online and mobile experiences, in-store engagement and improved 1-1 interactions with your customer. Whether this is over email, on the phone or via live chat. Do something extraordinary and your customers will remember and importantly tell others about you.
There is one thing for sure that brand has never been more important. If you need help building or renergising your brand, get in touch to see how we can grow your business.