It’s 9.30am and I’m lacing up my Nike Runners ready for a gym session. My Apple iPod is loaded with a stash of razor light tracks and there’s a bottle of Lucozade Sport for when the thirst hits.
In an hour, I’ll be back. With my new Gillette Turbo at the ready, I’ll shower and head for town. I’ve some shopping to do in Tesco and after I’ll grab a burger for lunch in McDonalds or maybe just enjoy a latte in Costa. One thing is for sure…by the end of the day I’ll be exposed to a multitude of companies, each one vying for attention.
Slogans old and new will tell me “Just do it” as I train, that the drink I just finished “replaces lost energy… that “I’m loving it” when I’m eating my burger.
But what is it about these products and services that grab my attention? Is it just the price? Is it the functional benefits? How can some products and services command a much higher price than their rivals and outsell them every day?
What makes these businesses powerful is that they are much more than just a logo, they are outstanding brands.
SO WHAT EXACTLY IS A BRAND?
…It’s what people think, feel and believe about a product or service. For a brand to have strength it needs to have a clear purpose. Think Nike, Nespresso, Virgin, Apple…they all have strong brand equity amongst their consumers and customers and a reputation that creates demand amongst their business customers: Apple is more than a personal computer company; Nespresso doesn’t just sell ground coffee; Virgin sells more than a bundle of franchised products and services; Nike is more than a sports shoe and clothing manufacturer…
Take Nike as an example, its brand purpose is “to bring inspiration and innovation to every athlete in the world. If you have a body, you are an athlete.” They deliver this purpose by helping people find their inner athlete with products that help Nike wearers not only improve their fitness but also encourage their competitive spirit.
2013 brand value: €14M – the value has doubled over the past ten years.
“Love your purpose…if you don’t obsess over what you’re doing, your customer won’t either”. Stevan Olandar, VP Nike+ and Ajaz Ahmed from their book: Velocity: The Seven New Laws of a World Gone Digital.
LESSONS LEARNED FROM NIKE
How can a clear and strong brand purpose help your business or service?
You can make decisions about what is right for your brand so you can be consistent
Rational and Emotional connections can be created with your audience who know what they are getting and so choose your product or service with confidence
Having a clear brand purpose sets you apart from the competition and drives value
OVER TO YOU! What’s your Brand Purpose?
GOT A QUESTION?