Business Magazine

5 Signals To Evaluate To Test The Value Of Your Brand

Posted on the 18 March 2017 by Martin Zwilling @StartupPro

brand-relationshipsBrands are people first. Customers are people too, so customers tend to take their relationship with a brand personally. Thus it’s not a surprise that people love their favorite smartphone brand, cringe when you mention their cable company, or even hate the mention of a particular bank.

Startups, as well as every existing business, need to realize that this brand perception is becoming more and more driven by their relationships with customers, as well as feedback from other customer brand relationships, made visible on social media and Internet websites like Yelp and Foursquare. Proving the new model today are sites like Patagonia and Zappos.

According to Chris Malone and Susan T. Fiske, in their classic book “The Human Brand,” humans are very perceptive, from early survival evolution, and make quick judgments about other people’s intents toward them (warmth), and the capability of carrying out intents (competence). Thus your brand (people) needs to project both warmth and competence, for loyalty today.

But how do you know if your brand is projecting warmth and competence to your customers? Here are some key signals, outlined by Malone and Fiske, which I believe every startup founder and business leader should evaluate in their own business to see if their brand is positive:

  1. The loyalty test. For loyal customers, a business has to first demonstrate genuine warmth, concern, and commitment. Selling to loyal customers is 3 to 10 times cheaper than acquiring new customers. Go beyond loyalty expectations, and you can turn loyal customers into passionate advocates who actively recommend your company to others.

  2. The principle of worthy intentions. This principle is a relationship building strategy that involves attracting and keeping customers by consistently putting their best interests ahead of those of your company or brand. Competence alone won’t ensure loyalty. Only the emotional connections of worthy intentions has the power to change minds.

  3. The price of progress. Faceless commerce these days leads to a focus on discounts. Discounts are viewed as less-than-worthy intentions, and do not buy loyal customers. Every website must offer more than one-way commerce and discounts. It must also offer interactive relationships, and warmth and competence, through worthy intentions.

  4. Take us to your leader. Customers today have a primal desire to judge brands by the people behind the brand, most notably the CEO. Customers look for transformational rather than transactional leaders, who inspire employees to exert the extra effort on customers’ behalf. Leaders need to come out from behind their curtain.

  5. Show your true colors. Mistakes and crises are a golden loyalty opportunity. We are apt to forgive when we feel empathy for an offending partner. Customers watch and judge whether people or profits come first. A brand spokesperson can show worthy intentions, or can deflect blame and take a narrower more self-serving view.

Today’s business market exists in the renaissance of relationships. Perception is reality, and businesses can no longer hide behind their brand. Transactions move faster and mistakes happen faster, with customers able to watch for warmth and competence, or no worthy intentions. Here are key imperatives, sanctioned by Malone, Fisk, and myself, to keep you on the right track:

  • Become more self-aware. On-going self-awareness is a crucial competency of every brand and every business leader. Don’t be afraid to ask customers the direct questions – do you see us as warm and trustworthy, as well as competent and capable? Then listen with an open mind and genuine interest, and be willing and able to change.
  • Embrace significant change. Change is now the norm, so no change over a period of time is actually moving backward. Companies and brands must shift from a mentality of control, defensiveness, and unresponsiveness to one that is more open to understanding how they are perceived, and to adopt change as a good thing, rather than a problem.
  • Fundamentally shift priorities. Lasting change requires a sincere examination and adjustment of the goals and priorities that have led companies astray in the first place. Sustained success in the future will require companies to dramatically shift their emphasis from short-term shareholder value to shared value for multiple stakeholders.

You Might Also Like :

Back to Featured Articles on Logo Paperblog

These articles might interest you :

  • Pineapple Pie

    Pineapple

    How are you all surviving these dog days of summer? I have discovered a sweet that will cool everyone down. Pineapple Pie. You can make it with canned... Read more

    8 hours, 43 minutes ago by   Kalamitykelli
    FOOD & DRINK, RECIPES
  • 10 Reasons To Market Yourself More Than A Great Idea

    Reasons Market Yourself More Than Great Idea

    Too many entrepreneurs I know still believe that that their great idea will carry the startup, and they may even minimize their own value, especially if they... Read more

    9 hours, 1 minute ago by   Martin Zwilling
    BUSINESS, CAREER
  • In Praise of Liver: Falling in Love with a Widely Reviled Food

    Praise Liver: Falling Love with Widely Reviled Food

    Do you love liver? If you are like almost 50% of Anglo-Western populations, the answer is likely no. In fact, surveys in some countries - UK, US, Canada -... Read more

    11 hours, 11 minutes ago by   Dietdoctor
    DIET & WEIGHT, HEALTH, HEALTHY LIVING, MEDICINE
  • Infertility, PCOS and the IDM Program

    Infertility, PCOS Program

    Dr. Jason Fung: I was having a discussion with Megan Ramos the other day in our clinic, and she mentioned that yet another patient had gotten pregnant... Read more

    11 hours, 51 minutes ago by   Dietdoctor
    DIET & WEIGHT, HEALTH, HEALTHY LIVING, MEDICINE
  • Magdalene’s Day 2018

    Magdalene’s 2018

    Every year on her feast day, I honor St. Mary Magdalene; even though the Church does not officially recognize her as the patron of whores, she certainly is in... Read more

    12 hours, 30 minutes ago by   Maggiemcneill
    LOVE & SEX, SEXUALITY
  • Cops and Robbers

    Cops Robbers

    The deluge of GDPR emails has finally dried up, thank the Lord. For the uninitiated, GDPR stands for the General Data Protection Regulation 2018. Read more

    13 hours, 31 minutes ago by   Jackscott
    DIARIES, EXPAT, SELF EXPRESSION
  • Holy Grove and Ripple Music Announce the Completion of the Upcoming Album by...

    Holy Grove Ripple Music Announce Completion Upcoming Album Portland's Epic Heavy Doomers

    Ripple Music is thrilled to announce that Portland, Oregon, heavy rockers Holy Grove have just completed the recording of their second full-length, to be... Read more

    15 hours, 1 minute ago by   Ripplemusic
    ENTERTAINMENT, MUSIC

Magazines