The world of marketing and branding is constantly changing, evolving, and is subject to trends that are embodied as new words and phrases. We've all heard about hyperlocations, retargeting, storytelling ... Do you remember, not so long ago, we had no idea who the hack are influencers? Neither the influencers knew who influences were, and now we already read titles like "Influencer marketing is dead". Aside from fancy words, we also have fancy shortcut like AI, KPI, ORM, CRM, DM, CPC, CPA, CTR ... If you are an entrepreneur or company manager, of course you don't have to know all the terminology, so we clarified some of those that are really important. They can help you achieve greater value of the brand, which will lead to increased sales revenue.
We all know what brand is. Right? Well... Not really...This familiar word is often misused. In fact, one of the biggest mistakes in our industry is the use of the word brand. So, brand is not just a company logo. Logo represents a visual expression and is just one part of it. If we look at the brand as a person, then logo is an outfit and a hairstyle, but a person is her energy, her beliefs, actions... Brand is the core of the company, its essence. It's all you represent, not just the products or services you offer, but also the corporate culture, values, way of communication, people that represent you... Your branding should be visible in every single pore of organization.
TAGLINE OR A SLOGAN
Slogan is a short, memorable phrase that can quickly explain your brand. Purchase decisions are made very quickly, especially if you are in a saturated market. Tagline helps you connect faster with your target group who now understands you better. Better understanding of the product increases chance of purchase. And that's why you need a slogan. Of course, only if it's a good one.
Example: If you're planning a vacation for your family and looking for a kid friendly location that will blow your kids minds, it's quite logical to consider taking them to "the happiest place on earth", which is a very simple and effective Disneyland slogan.
Brand purpose is a unique contributing of your brand to the world we live in. It should be a guide line for all employees and external associates involved product or experience creation. Articulated purpose of your brand is hidden behind the following question: How do we contribute to the world around us, while at the same time we make our business stronger? The concept of brand purpose is often neglected in our companies, though it is one of the first things you need to explain to everyone involved in its production. In fact, in an ideal world everyone involved in the brand production should live its values, or at least understand them very well.
Example: Dove cosmetics made a major breakthrough with their campaign #RealBeauty. They used their brand to help improve the perception of the female body and its diversity. They recognized the problem of unrealistic beauty standards promoted in the cosmetic industry and how it effects women self-esteem. They gained so much trust and support from women around the world, and increased brand equity at the same time. You can check how in-depth their campaign really is, on their website.
A lot of us think that a brand story is about company history, or something that is the result of brainstorming in a marketing meeting. This assumption in not actually wrong, as it can become an essential part of your story. But a brand story is more. It is all about emotion and it should always be inspiring. Thing about Steve Jobs for example. Apple would not be what it is today, without him and his story.
Example: It's great to see how our small farmers and manufacturers talk about their grandfathers that produced olive oil, wine or jams naturally, with lots of love and effort, devoting their lives to creation of a quality product. This is how a small manufacturer can cope with the big ones. Feelings of trust, tradition and true values, will assure consumers to buy Nono Eufemio schnapps, for example, rather than some generic brandy of a big manufacturer. Dida Boža jams represent a similar and more famous example.
Positioning describes how your brand differs from the competition, where is its place on the market and within a specific industry. More specifically, positioning will identify the size of a market share, perceived value, characteristics of a buyer persona and most importantly, what so special about the brand. So, positioning of the brand is actually about determining the limits of your reach on the market (diagnostically speaking), and determining its potential and targeted market limits (strategic positioning).
Example: „Rimac automobili“ are not designed just for those who want to look cool in a sports car, it’s so much more. It's all about a whole new philosophy, the technology around it and the people who want to be a part of it. People who buy „Rimac automobili“ cars do not buy them just because they are fast, they buy a new vision of the future, in the same way that Volvo customers buy a feeling of safety.
It determines value of a brand, not numerically, but as a level of awareness. Thus, Coca Cola has the biggest brand equity in the world, because almost every single person in the world knows about it. Number one mission of your marketing department is to ensure maximum brand recognition within your target group, because this means that sales department will have effective and productive activity.
If your brand, tagline, brand story, positioning and brand purpose are well-structured, your brand equity will be high.