Successful businesses could be those that demonstrate their ability to generate revenue. But in reality, success is a concept that can be interpreted in many different ways. A successful company operates in a balanced way at all levels: financially sustainable, innovative with new products or services introduced regularly, maintains a suitable atmosphere for employees by listening to their opinions, is respectful of the environment. A successful business has great leaders and a great culture. Logically, the company has to be profitable and people have to want to work there.

 

A brand’s success

Business and brands are two sides of the same coin, so business success and brand success are closely linked. The most important ingredient for a brand’s success lies in a strong sense of identity that gives meaning to everything the brand stands for.

Successful brands know their DNA very well, they know very well who they are, they have a clear strategy, they have defined their positioning, their purpose and their personality. Its basis of work is based on the principle of maximum performance that shapes the specific character of the brand over time. This particular way of being continuously charges the brand, just like a battery would, which then transmits its energy inwards, first, and outwards, later.

A typical characteristic of a successful brand is that it knows how to rally fans around it. He’s identified the reasons why his most loyal customers became fans and knows how to generate more. Brands with a high success rate are attractive (to fans) and differentiating (from competitors) at the same time. Your brand strategy becomes tangible at all touchpoints, generating a cohesive brand experience for your target audiences.

 

Visibility, credibility, authority

In recent years, the way customers make their purchasing decisions has been completely transformed. Brands are called upon to analyze the way they connect with their audience, starting with a review of their value proposition and purpose.

There are three main levers for success right now: visibility, credibility, and authority.

 

  1. Brand visibility. It involves the transformation of the business into something real to the extent that its audience becomes aware of its existence through the brand. This implies having identified a target audience, for whom a clear value proposition has been built. No single brand can appeal to everyone. Communication will be the vehicle for visibility, but it is not unidirectional, but is configured through multiple channels, where dialogue has replaced what was once a brand monologue.
  2. Brand credibility. It is won through clarity, simplicity and consistency. Part of the brand strategy by sustaining it with honesty and authenticity in everything you say and do, which makes it easier to achieve relevance. It is directly linked to brand reputation, which is not enough to be good, but also remarkable. Credibility is the necessary foundation for the creation of authority.
  3. Brand authority. Authoritative brands are the ones leading the conversation, shaping the standards for an industry. Its influence stems from its ability to deliver value across multiple channels. They are differentials and have the ability to tell their own story, becoming references. They have gained their authority over time, thanks to the consistency in their discourse, their behaviors, and their products/services.

 

There is no success without measurement

How you measure success ultimately comes down to how you define your main goals. Successful brands have identified a set of indicators that allow them to take the pulse of reality and correct possible deviations.

Determining the appropriate metrics to perform the measurement is going to be crucial to achieving an effective result. They must be simple, but with the ability to adapt to each moment and valid to be able to carry out periodic measurements. Each company may need specific indicators, although to measure brand health there is a common starting point in the combination of three pillars:

 

  1. Brand Context: It starts from the positioning of the brand with respect to its competition and takes into account the variables of coherence and consistency, which ensure its proper implementation, as well as the delivery of its promise in a coherent brand experience. Brands are judged on the strength of the evidence that supports their claims, that is, on the set of favorable experiences they generate.
  2. Brand Equity: Responsible for identifying brand equity, based on notoriety, preference and financial performance. It is based on the idea that well-established brands, which enjoy positive reputations, achieve greater success. More specifically, it is a set of brand assets and liabilities linked to a name and symbol, which add to or subtract from the value provided by a product or service.
  3. Brand Behaviour: Refers to the commitment made by the brand to its audience and its behaviour to reach them. The way the organization behaves has a much more important role in conveying values than any of the visual elements associated with the business.

 

Persuasion is an art

Marty Neumeier wrote in “The Brand Gap” that brands can lead through innovation, differentiation, collaboration, validation, and cultivation. While these elements are still critical, it is also true that today they must contemplate a brand development system oriented towards digitalization.

The digital age has brought with it almost infinite choice for consumers, resulting in an erosion of loyalty and price wars. In this context, the differentiating factor that brands struggle with is based on eliciting positive emotional responses. The challenge for most is that persuasion can take years and sometimes even decades, so it’s very important to embed it at the very heart of a compelling brand.

 

 

Carlos Puig Falcó

CEO of Branward