Hardwood Floors June/July 2019

Branding: More Than a Logo and Tagline (Continued)

Four Branding Principles Brands come and go, but these principles of branding stand the test of time.

Reality

Equity

3. A strong brand adds value to your offerings. When you consistently deliver on your promise – with on-time delivery, convenient payment options, or product expertise – customers place a higher value on your brand. That added value allows you to charge more for your products or services. If you don’t agree, consider the premium prices consumers pay for designer shoes, watches, handbags, or cologne. 4. Consistent branding requires total commitment. Branding cannot be half-hearted. Your actions and behavior must support the brand’s value proposition. Consider a satisfaction guarantee, expert endorsements, user testimonials, demonstrations, certifications, or independent testing. Sometimes, it’s about doing the right thing. In 2014, CVS became the first major U.S. pharmacy chain to stop selling cigarettes and other tobacco products despite losing approximately $2 billion across more than 7,500 stores. President/CEO Larry Merlo said, “The sale of tobacco products is inconsistent with our purpose – helping people on their path to better health.” CVS also launched smoking cessation programs for smokers, specifically targeting youth and cancer patients.

Strength

Consistent

1. Brand equity (value) is built over time. Strong brands are built by customers’ repeated exposure to consistent service, quality, or experiences. Founded in 1997, Netflix promised “movie enjoyment made easier.” Initially selling and renting DVDs by mail, in 2007, Netflix began offering streaming. Today, Netflix still makes movie watching easier with individual profiles, multiple categories for browsing, algorithms that suggest movies based on your preferences, and original content. Polaroid cameras used to be clunky, boxy contraptions that were definitely not cool. Today they are kitschy, popular, and often used by teens and young adults who string up pictures in their room or create albums at weddings. In this digital age, Polaroid found a way to make this low-tech product relevant and cool through unique branding and attractive packaging. 2. Brands must be based on reality – or a reality you create.

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