The Brand Value Pyramid™ is a tool for CEOs to visualize their company brand value. It illustrates some of the most common brand assets.
To assess your company’s brand, you start at the bottom of the pyramid and continue upward, going from lowest to highest value.
Low value: brand features/attributes
Most brands offer a suitable price point. This value is in the worth a customer places on it. Product offering is essential in most cases, but not all; it depends on your competitors. You may present hundreds of SKUs or a limited number. Stellar customer service, friendly return policies and Internet sales make doing business with your company easy in the eyes of the customer.
High value: brand visuals
Visual elements are the first opportunity to distinguish your brand. Your logo, collateral materials, website, etc., are mandatory for increased value. But, don’t think for a minute that this is brand development. Until your brand’s unique distinction has been discovered, don’t start the visual identity process.
Higher value: brand esteem
To grow the value of your brand, define a sales experience that is second-to-none. What will make doing business with your company memorable? Most people will put price aside if the experience is enjoyable.
Reputation can be the vanguard of a good, highly valued brand.
Every company has a culture — a personality. A grumpy old mechanic’s behavior may be acceptable because you know under that crusty facade is a good heart, but that’s not a terrific brand asset. A brand that is quirky, brash or even savoir-faire can have strength, but only if its audience is attracted to or relates with its ways.
Highest value: brand merit
What does the relationship with your brand and its customers have to do with brand value? Everything. When customers enjoy or find value in your brand, they tell others. They wear your logo as a badge of loyalty, which results in repeat and referral sales.
Almost everything a company does that is unique can be trademarked — proprietary processes, unique approaches, specialized tools and so on. When these trademarked processes and procedures (brand points) are added to other proprietary practices, you create a brand bundle — a collection of assets or portfolio of services competitors cannot provide.
Anywhere an audience encounters your brand in a place other than the point of sale is a connection. So how does your brand connect? Where are customers and prospects encountering your business beyond paid marketing efforts? There is great value in this connection.
A company’s purpose, cause and belief are as important as its brand offerings. Toms® shoes has a lot of competitors but it’s distinguished by its purpose. Why does your company exist? How are you changing your industry, your customers’ businesses and/or the world in which we live?
Kelly Borth is the CEO and Chief Strategy Officer of GREENCREST is a 25-year-old brand development, strategic and interactive marketing and public relations firm that turns market players into market leaders