thefunnel

A brand starts with a vision to solve something (a problem), by providing a service, or a product. This vision includes elements such as whom, what, where, how much, unlike others, etc., forming the basis of segmentation, targeting and positioning, from which a position statement, a value proposition and messaging can be created.

In addition to the above, the vision also includes intangible elements, providing an answer to the question. How does the organization go about “delivering a solution to the problem”? This is where culture, values and company personality comes into play. These are generally more challenging to understand, as they are often only experienced by clients during or after a service interaction.

Customers who interact with the organization, then forms an overall perception of value for the company services, interaction and relationship, in relation to other similar solutions or substitutes?

To understand the perception of value, the brand attributes, strengths and weaknesses must be measured. Since attributes can be perceived or real, and all are not equal, the relative importance of these also needs to be understood. Typically there are basic ones that are required to play in a particular industry, and then the ones that drive value. In addition, brand attributes often need to be categorized into, for example, company level, service level, category level, industry segment level, etc. The job of brand tracking is to closely monitor attributes, providing facts, data and support for the organization in strategic marketing (segmenting, targeting, positioning) and all its marketing communication (both internally and externally).

 The summary of all this is a brand system including:

• Brand Essence, Promise, Personality (culture) and Association
• A Message Architecture with Messages, Supporting Messages (or proof points)
• Communication guidelines (including social media)
• Visual Brand Identity guidelines (both print and online)
• Basic Attributes and Value Driver Attributes, grouped into some higher level categories such as the company, service, etc.
• Measurements and tracking of Familiarity, Consideration, Mindshare and the Net Promoter Score

What is the value and how do you measure a B-2-B brand? A common theme in marketing literature is that the value of a brand can be expressed by two factors: Are customers willing to recommend you, and are they willing to pay a premium? Both factors are obviously good to know and have their own implications on your position and marketing / pricing strategy, but before you start to drill down deeper into the recommend factor, you really don’t have any actionable insight. To look what’s behind whether or not someone will recommend you, you have to look at individual brand attributes. Every brand is different, and you can go as deep or wide as possible, but for many B-2-B products it comes down to the following higher level categories: Price, Product quality, Quality of service and support / technical support, Knowledge of the sales organization / representative and product fit to the customer need. Each of these can be individually measured to further understand for what attribute a company is under-performing or performing well. But, that is not enough, because all customers are not equal and every attribute must be further segmented by various types  customer. At a minimum these are customers, non-customers and competitors customers. Depending on the company strategy existing customers might also have to be segmented into key accounts and others. In addition attributes needs to be segmented by product category. All this creates a challenge for marketers in regards to the qualified sample size, but since brand perceptions change slowly for many b-2-b products, it’s better to measure extensively less frequently, rather than do quick on the surface assessment that only provides artificial non-actionable benchmarks.

One way to measure social media is through using NPS as a metric. Think about it. Social media is all about customers having conversations about your brand, and the ultimate question is, would they recommend your product, service or brand, or do they fall into the category of talking negatively about you? So if you track the conversations, and develop a way of rating these conversations, you have a metric. The metric is about your brand, the communication channel just happen to be social media. Combine this with some other marketing best practices, such as unhappy customersare each likely to talk about you with 10 other customer, which has a compounding effect on the negative conversations about you. Example. Let’s say your promoters % is 80 and you detractor % is 20, leading to an NPS score of 60%, quite good. However, lets now imaging that all the detractors talk to ten of their friends, therefore amplifying the negative message to 200%, while only two of your promoters talk positively about you leading to a a score of 160%. Suddenly your real NPS score has turned into a negative 40%. Using this math, you need 8 out of 10 of your customers to be a promoter, and a maximum of 1 out of 10 to be a detractor to hit a NPS of 60%. This really shows the power of social media, and the importance of customer satisfaction, and the importance of participating (by at least listening) and helping to create positive conversations. It’s could also be a way to determine what your social media strategy should be. If for example you have a really high NPS score, you need to go all out and capitalize on this. If your NPS score is low, and although you can’t control social media,  you need to consider a different approach.