What's your brand story?

What's your brand story?It's been called a strategic tool with irresistible power by HarvardBusiness Review. And the major business lesson of 2014 by Entrepreneurmagazine. What exciting new 21st-century technology is this?

The age-old art of storytelling — something humans have done sincethey could first communicate.

So why has it become such a buzzword? And what is its new value? In these days of social chatter, competition for crowdfunding and start-ups looking to be the next Google or Facebook, it's not enough just to offer up the facts about you or your company to prospective employers or investors. Or even to your own workers.

You need to be compelling, unforgettable, funny and smart. Magnetic,even. You need to be able to answer the question that might belingering in the minds of the people you're trying to persuade: Whatmakes you so special?

You need to have a good brand story.

Brands are about people, not products. Brands are about customers,not companies.

A great brand is one that people trust and remain loyal towhile everything around them is changing. One thatarticulates the type of person they are or want to be. One thatenables them to do what they couldn't otherwise achieve. Brands were originally developed as labels of ownership, away to identify products or institutions. However, today thepower of a brand is what it does for people—how it reflectsand engages them—how it defines their aspirations andenables them to do more. Powerful brands can drive successin competitive and financial markets and become one of thecorporation's most valuable assets. Unfortunately, most brands are labels, relying strongly onbrand names and logos, and focused too heavily on thecompanies and products that they help identify. Powerfulbrands have the ability to cut-through the noise andcompetitiveness of markets and to engage and retain the bestcustomers in a way that delivers superior financial results inboth the short and long term.

So, what makes a powerfulbrand?The most compelling, attractive brand is powerfulbecause it:

1. Defines a big idea that stands out from thecrowd, goes beyond the product or industry andreally matters to people.

2. Reflects the customer and builds an image andreputation of personal relevance in the mind ofthe customer.

3. Engages customers in achieving the big idea,delivered in a style through which people say"this is my kind of company.�

4. Enables customers to do more than theythought they could.

5. Evolves as markets and customers evolve, withthe portability to move easily into new marketsand to connect diverse activities.

So, what makes a powerfulbrand?The most compelling, attractive brand is powerfulbecause it:

1. Defines a big idea that stands out from thecrowd, goes beyond the product or industry andreally matters to people.

2. Reflects the customer and builds an image andreputation of personal relevance in the mind ofthe customer.

3. Engages customers in achieving the big idea,delivered in a style through which people say"this is my kind of company.�

4. Enables customers to do more than theythought they could.

5. Evolves as markets and customers evolve, withthe portability to move easily into new marketsand to connect diverse activities.

A great brand reflects andengages people.If a great brand is about people rather thanproducts, then the big idea around which it isdeveloped has more to do with what the branddoes for people rather than focusing on thecompany.

There are a mill ion models of a "brand"—eachwith three simple components in common—rational, comparative and emotional. Bycollectively defining what a brand does forpeople—how it is different, how it makespeople feel—the essence of the brand isarticulated. To be compelling and enduringtypically involves a far more profound idea thanproduct, company or even sector-relatedbenefits. It reflects aspirations rather than justneeds. It provokes rather than just informs.

A great brand reflects andengages people. If a great brand is about people rather thanproducts, then the big idea around which it isdeveloped has more to do with what the branddoes for people rather than focusing on thecompany. There are a mill ion models of a "brand"—eachwith three simple components in common—rational, comparative and emotional. Bycollectively defining what a brand does forpeople—how it is different, how it makespeople feel—the essence of the brand isarticulated. To be compelling and enduringtypically involves a far more profound idea thanproduct, company or even sector-relatedbenefits. It reflects aspirations rather than justneeds. It provokes rather than just informs.

Sharing your brand.The brand idea is then delivered through everypossible medium that the company utilizes—name,logo, products, signage, advertising, packaging, web—and more. Every aspect of the corporate orproduct experience can deliver the brand in tangibleand intangible ways. While business strategy willtypically include logical mission statements andobjectives, corporate brands capture the essence ofwhy the business exists and what it does for people.There should of course be strong alignmentbetween the strategies and brands because bothdefine the rational and emotional aspects of thebusiness.

Sharing your brand.The brand idea is then delivered through everypossible medium that the company utilizes—name,logo, products, signage, advertising, packaging, web—and more. Every aspect of the corporate orproduct experience can deliver the brand in tangibleand intangible ways. While business strategy willtypically include logical mission statements andobjectives, corporate brands capture the essence ofwhy the business exists and what it does for people.There should of course be strong alignmentbetween the strategies and brands because bothdefine the rational and emotional aspects of thebusiness.

Why, indeed.A brand gives a company a core, engaging purposewhich connects all audiences emotionally in "why wedo business.� Internally, brands stir emotions andenergize people to reach for the higher-orderbenefits they are working towards.

Your brand is more thanwhat you do.In fact it is not even what you do. In reality a brandis defined by how it is received and perceived—theimage and reputation that forms in people's minds.A corporate brand is the reputation of the companywhile a product brand is the reputation of theproduct. A brand that does more for people, thatreflects their personal needs and ambitions, thatstirs emotions inside and tingles the hairs on theback of their necks has the making of a powerfulbrand.

You’re in business to helppeople do more.

So say that.Powerful brands enable people to do what they couldn't otherwise do.They must do more than simply endorse functional products. A brand hasto help people do something physically or build confidence and belief intheir minds. Brands can typically help people to do more in four different ways:

Do better through improved functionality or support.

Be how they want to be perceived through a strong identity thatgives recognition and is admired by others.

Belong to a community that they seek to be part of throughimproved real or perceived connections.

Become somebody more than they are, adding personal esteemor the capabilities and confidence to do what they couldn't otherwiseachieve.

Once a brand creates a strong attachment with people—one that they findemotionally or practically essential to their lives—then the brand becomesan anchor which can be more trusted, more permanent, more desired thanany other brand or product. Anchor brands give people somethingpositive to hang on to, while their markets and business needs evolve.Graphic designers hang on to Apple, serious runners hang on to Nike,business leaders continue to rely on McKinsey. Brands that reflect peoplemore personally, and do more for them, are likely to be the best anchors.

You’re in business to helppeople do more.

So say that. Powerful brands enable people to do what they couldn't otherwise do.They must do more than simply endorse functional products. A brand hasto help people do something physically or build confidence and belief intheir minds. Brands can typically help people to do more in four different ways:

Do better through improved functionality or support.

Be how they want to be perceived through a strong identity thatgives recognition and is admired by others.

Belong to a community that they seek to be part of throughimproved real or perceived connections.

Become somebody more than they are, adding personal esteemor the capabilities and confidence to do what they couldn't otherwiseachieve. Once a brand creates a strong attachment with people—one that they findemotionally or practically essential to their lives—then the brand becomesan anchor which can be more trusted, more permanent, more desired thanany other brand or product. Anchor brands give people somethingpositive to hang on to, while their markets and business needs evolve.Graphic designers hang on to Apple, serious runners hang on to Nike,business leaders continue to rely on McKinsey. Brands that reflect peoplemore personally, and do more for them, are likely to be the best anchors.

Drive short and long-term valuefor stakeholders.Brands attract and retain the best customers, and as a result areable to sell more, more often. This drives improved marginsand creates greater certainty of future income too. Brands areincreasingly one of the most significant drivers of shareholdervalue with incredibly valuable intangible assets which increasethe quantity and likelihood of future profits.

These potential profits, driven by the loyalty of customers to thebrand, are called brand equity. The true reflection of the Returnon Investment in a brand is achieved by considering the brandequity that drives current and future profits not only thecomparison of costs against short-term gains.

However brands can do even more than this. A strongcorporate brand doesn't just drive improved profits fromcustomers, it also drives employee and shareholder behaviortoo. Corporate brands have a strong and direct impact onemployee morale, recruitment and retention, which can extendinto better service for customers, ideas, productivity and humancapital.

For shareholders, a strong brand represents not only thepotential for more profitable sales, but improved confidencethrough a better awareness and understanding of the companyand a stronger view of future performance. This perception andreality of reduced risk can lead to improved credit ratings andlower the cost of capital, both of which can have a significantimpact on the economics of the business, as well as encouragemore investment and subsequent improvement in the shareprice.

Drive short and long-term valuefor stakeholders. Brands attract and retain the best customers, and as a result areable to sell more, more often. This drives improved marginsand creates greater certainty of future income too. Brands areincreasingly one of the most significant drivers of shareholdervalue with incredibly valuable intangible assets which increasethe quantity and likelihood of future profits.

These potential profits, driven by the loyalty of customers to thebrand, are called brand equity.  The true reflection of the Returnon Investment in a brand is achieved by considering the brandequity that drives current and future profits not only thecomparison of costs against short-term gains.

However brands can do even more than this. A strongcorporate brand doesn't just drive improved profits fromcustomers, it also drives employee and shareholder behaviortoo. Corporate brands have a strong and direct impact onemployee morale, recruitment and retention, which can extendinto better service for customers, ideas, productivity and humancapital.

For shareholders, a strong brand represents not only thepotential for more profitable sales, but improved confidencethrough a better awareness and understanding of the companyand a stronger view of future performance. This perception andreality of reduced risk can lead to improved credit ratings andlower the cost of capital, both of which can have a significantimpact on the economics of the business, as well as encouragemore investment and subsequent improvement in the shareprice.  

Walk the walk. Talk the talk.Bring a brand to life. Strong brands connect companies with people, both emotionallyand practically, and most importantly by ensuring that promisesbecome realities over time. Brands define the purpose ofbusiness.  They are the glue, the face, the relationship, and thereputation of the business.

While brands used to be the domain of individual products,corporate brands are today the more significant form ofbranding—more valuable and important entities for customersand businesses. This is partly due to the rise of service-basedbusiness, the increasing awareness and transparency ofcompanies behind the products and services we buy, and theneed for higher-order differentiation across the portfolio as wellas for individual products.

Even the majority of consumer products now contain the strongendorsement of parent brands whereas in the past, manyconsumers may never have heard of P&G and Unilever despiteusing their products daily.  Today the corporate brand marksappear prominently on the packaging of everything fromlaundry detergent to ice cream.

Corporate brands align the inside and outside, employee andcustomer, culture and reputation, behaviors and differentiation,promises and reality. Branded businesses are therefore about people. Their brandgives them a purpose that also becomes the organizing idea, thereason for coming to work each day, and a common mission thatbrings people together. Logos and identities, taglines and colorsbecome mere shorthand for a much bigger and more powerfulforce.

Build the perfect brandarchitecture for you.All companies have their own specific requirements, theirown set of business values, and a unique way of doing things.So, even the best and most comprehensive branding modelshave to be tailored to meet these needs and requirements.Often, important adjustments are required to align them withother similar business models and strategies in the companyto create a simplified toolbox.  Remember that branding is theface of a business strategy so these two areas must go handin hand.

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