Brands are like diamonds. Rather intangible. Hard to value with the naked eye. We look at that nice piece of sparkly glass and have no idea of its worth. De Beers solved this by introducing the 4C test. It worked. Now we can compare carat, colour, clarity and cut information before choosing the one we want.
Why don't we introduce a similar model to quickly assess brand trust. The 4Cs being - Clarity, Competence, Consistency and Connection.
1. Clarity - what is it that the brand promises to do that others don't? We can use my brand essence test here.
2. Competence - do customers believe it does what it says it will do?
3. Consistency - is the message consistent over time ...across communication platforms ....between comms, company actions and the delivery experience?
4. Connection - how strong is the 'pied piper effect' versus competitors. How many followers buy off promotion? What price premium do they pay?
Having a clear promise and delivering on that promise are inherent requirements for a successful product/service. But the measure of a true brand is the premium paid by its consumers. It's true sustainability measured by the number of consumers who repeatedly see that premium as one worth paying. This is a quick way to see where brand trust is being eroded, and help us decide how best to act. For instance, looking at consistency will highlight the confusion that car buyers might feel when they decide to buy a German brand only to discover it's actually made in India now.
See previous article on brand trust.
23 February 2009
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