In the world of high-profile brands, there are many success stories that we return to again and again. Steve Jobs and the creation of the Apple brand – Tesla’s Elon Musk – Richard Branson and his serial entrepreneurial success – Jeff Bezos and Amazon. Other brands don’t get as much attention. This bias is so ingrained that we sometimes overlook brands that might have a lot to teach us.
I originally hesitated to write about Zumba, the global fitness brand that continues to explode in popularity despite a lack of attention from the business community. But to dismiss the brand is to fail to notice how deeply and brilliantly it has tapped into evolving trends in the fitness (and music) world and how innovative its founders’ approach to growing their brand truly is. What makes Zumba work and what can its success teach us about building our own brands?
In our exploration of successful, authentic brands, we’ve discovered a number of recurring themes. Brands that stand out in the minds of consumers aren’t shy about sharing their purpose. They’re aware of and intentional about the value they’re promising to their customers and how they deliver it. They know that a great customer experience really starts with taking care of their employees. They understand the power of words (especially taglines) in communicating their value, and they back those words up with action.
One enduringly successful brand, the outdoor lifestyle-focused REI (which is celebrating 80 years this year), has taken the concept of brand action to new heights in recent years. Their OptOutside movement boldly reshapes the status quo among retailers and provides a powerful model for brands that want to turn their brand image into a signifier of something greater.
As part of our ongoing exploration of authentic branding and how brand makers create and sustain value, we recently discussed Bain & Company’s Elements of Value. This pyramid of attributes provides a fascinating and powerful framework for discussing and determining exactly what a brand is promising its audience. By identifying the values that a brand or product seeks to fulfill, we can clarify the promise it is making to the consumers who purchase its products.
The greatest opportunity for a succinct declaration of a brand’s promise is its tagline – the short slogan that (usually accompanying a logo) provides a verbal “hook” in the brand’s marketing and advertising. Famous taglines (like Nike’s “Just Do It” or Allstate’s “You’re In Good Hands”) can become cultural touchstones that cement a brand’s identity in the minds of consumers. They also speak to the value proposition – the “promise” – the brand is making to its audience.
The first step towards delivering an authentic brand experience is creating clarity around your brand identity and character so that you can consistently fulfill it. But how does a brand remain true to its character?
One effective way to keep authenticity at the forefront is to consider a brand’s “promise” – what a company promises consumers through their brand image and marketing. This promise can take many forms. Examples might include “to provide the comfort of home,” “to enable adventure,” or simply “to make it easier to keep the house clean.” Once you’ve identified the promise that your brand is making to consumers, you need to prioritize it in your product development, marketing, and customer engagement to create an authentic, consistent brand identity.
What’s the relationship between price and value? Pricing a product or service is often a fraught endeavor, especially for entrepreneurs and innovators in burgeoning industries in which price history or competing products may not provide a solid reference point. Determining the price of a new product requires determining its perceived value to consumers. However, this is rarely a clear-cut decision due to the many factors that influence consumer decision-making.
Pricing strategy, a discipline shared by entrepreneurs, marketers, psychologists, and economists alike, offers several guideposts that help determine value for a new (or improved) product. Going beyond the determination of value, pricing strategy also considers the psychological impact of price on consumer’s perception of that value.
In our recent examination of Cohn & Wolfe’s Most Authentic Brands in the U.S., one major brand category felt conspicuously absent: fast food. This may be a result of our food culture’s recent growing focus on organic, local ingredients and seasonal menus, which leaves major chains hurting when it comes to consumer perceptions of authenticity. Or, it could be that fast food branding is in a bit of a slump. In an industry dominated by long-standing titans of convenience like McDonald’s and Taco Bell, there’s not a lot of incentive for innovation.
However, there is one fast food chain that looms large despite its relatively small footprint. In-N-Out Burger, which only has locations in California and parts of the Southwest, has nonetheless achieved an almost mythic quality among fast food enthusiasts. In fact, Nation’s Restaurant News recently ranked In-N-Out the highest in customer loyalty of any fast food chain nationwide, with 62% of respondents “saying their last visit… was motivated by the brand and not convenience.”
How does In-N-Out so successfully stand out from the crowd?
We’ve been exploring the 2017 Cohn & Wolfe Authentic Brands study, which surveyed over 15,000 consumers to examine their perception of 1,400 popular brands. The result, the “Authentic 100”, is a list of the top 100 U.S. brands ranked according to consumer perception of authenticity. What can these brands reveal about successfully creating brand authenticity?
Let’s continue to examine the precedent set by the 10 most authentic brands. They provide powerful examples of how the most trusted brands in the U.S. have built a reputation for authenticity, consistency in today’s saturated marketplace.