Vol. 3 — No. 1 How Much is Your Brand Worth? Brand equity is the value inherent in your brand. Do you have strong brand equity? We can all name brands that are household words, and while most of us don’t have the marketing budgets of the “big guys,” we do have an incredible passion for our business that can be harnessed into building great brand equity. A brand is more than a marketing campaign. It is everything you do that gives an entity its recognition, meaning and value. That said, every decision you make, every transaction you complete, every request for post-sales service determines how your customers perceive your brand. There are three factors that determine which brands people buy—price, quality and brand image. Those three variables determine the value the customer receives every time they buy your brand. Price + Quality + Image = Value How does your business stack up? Although many think they can only manage price and quality, it is equally important to manage the image of your business in order to successfully deliver on the value equation. In order to manage your image or identity you must determine what you want your brand identity to be. How do you ideally want your brand to be perceived? Coke® is “real and authentic.” Maytag® is “reliable.” How would customers describe your brand in three adjectives or less? Is it consistent across customers? If the answers aren’t what you want them to be, it is time to start managing your brand identity with the intention of driving brand value. Your identity is a composite of several key business variables: Your product or service offering—what are you known for by type of service, attributes of product, and level of quality? McDonald’s® is into “fast food,” but also “children’s entertainment.” Your organization—where are you located and what are your organization attributes or values? Chick-fil-A® is well known for their “Christian-driven business values.” Your business personification—what is the personality of your business? Nike® is considered “exciting, cool and focused on excellence.” Your history or visual symbols—are you known for a past act or event or recognized by your logo? Who doesn’t recognize the red and white script of Coca-Cola®? Once your identity is defined, it is critical to develop a set of operating principles that consistently deliver it to your customers—which means educating employees on what you stand for and what their role is in delivering it. Is your brand dependent on fast service? The highest quality? The newest trend? Your business operations need to be tailored to consistently deliver the attributes that define your brand to your customers and, hopefully, differentiate you in the market place. Finally, be the brand champion. Make sure every decision and policy is “tested” against the brand identity—that your business decisions will reinforce your brand in your customer’s eyes. And remember that even great brands are occasionally in need of re-invigoration—constantly re-assess your brand through your customer’s eyes, adding new features or services that further strengthen your position relative to your competitors. The result is a stronger brand, greater brand equity and more brand loyal customers. For more information on how to improve the brand equity of your company, contact Margaret Reynolds, Managing Principal of Reynolds Consulting, LLC at mreynolds@reynolds-consulting.com or 816-350-7680.		Expanded Services Reynolds Consulting, LLC is now assisting clients with customer experience improvements. As the competitiveness of the market environment continually escalates, assessment and improvement of the customer experience becomes a critical part of the success equation. See how we can help! Speaking Reynolds Consulting, LLC recently presented an in-depth presentation on “Building Brand Equity” to the Lee’s Summit Chamber of Commerce. For more information on branding and to access these materials, please contact Margaret Reynolds at mreynolds@reynolds-consulting.com or 816-350-7680. Honors Margaret Reynolds, one of 25 noteworthy area businesswomen named as “Women Who Mean Business” in 2004, was recently asked to serve as a judge for the 2007 nominees. Winners will be presented at the end of July in a luncheon open to the public and sponsored by the Kansas City Business Journal. Margaret Reynolds was named as a “Top Mentor” by KCB Magazine for her contributions to Shannan Nelson, President of Fish Development, a design build firm in Shawnee, KS. Margaret and Shannan were paired as part of the Helzberg Entrepreneurial Mentoring Program of which Margaret is a mentor. Margaret Reynolds has been named to the position of Program Chair on the Board of Directors for the Association of Corporate Growth.
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