PUTTING THE POW! IN POWER BRANDING 1

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1 PUTTING THE POW! IN POWER BRANDING 1

2 Everybody loves a superhero. It's no accident that these dynamic characters create the kind of excitement that rakes in the big bucks. For a perfect example, look no further than the 2012 release of The Avengers, which was an instant box office bonanza... for the second time. In fact,the Avengers has been on the list of top-grossing films since its original incarnation in That is the kind of predictability you want for your brand. In other words: Power Branding. It may seem like a stretch to think of your brand as a type of superhero, but these characters have certain traits that are universal. They are always well defined and adhere to a basic set of "rules" including costume and superpowers. Every superhero worth his/her salt has clearly defined core values, a familiar personality, a known story line. By applying the same principles to your branding, you too can acquire special powers. What does it take to give your brand POW? Take a look at powerful, successful brands and you'll realize that they, too, have the attributes of a superhero. Even though big business is no laughing matter, the superbrands have clearly absorbed the lessons that comic book writers knew instinctively. Effective branding builds on and takes advantage of a strong synergy between the company and its customers. This requires knowing their wants, needs and buying behaviors. Developing a vital, ongoing and trusting relationship between your company and your customers takes an investment in time and effort, as well as consistent application. Once you create this type of bond with your customers and meet their needs with powerful, consistent messaging, you'll be able to endow your brand and products with super selling power! All it requires is the FIVE FORCES of BRANDING. The first force of branding is your POSITION. This creates perceptions about your company both within and among your target audience and their influencers. Position is something that you build very carefully and deliberately. Think of it as a structure with a foundation, pillars and superstructures. At the base are your company's Core Values. Everything you do as a business arises from them. Core values for most companies include such things as honesty and trust. They might also include excellence and unflinching self-examination. Or they might revolve around the customer experience, embracing strengths such as compassion, flexibility and empathy. Next you have your Brand Pillars, which are the most important attributes and principles that you want your brand to communicate. Are you faster than a speeding bullet (at delivering products)? More powerful than a locomotive (in supporting your customers)? Able to fill tall orders in a single bound? These Brand Pillars are what hold up your structure. Your company's Mission Statement - which is basically a summation of your company's purpose - arises out of your brand pillars. It might be your mission to carry the single most complete product line in your niche or incorporate the PUTTING THE POW! IN POWER BRANDING 2

3 latest leading-edge technology into all your products. Perhaps your company's mission is to provide the best customer service on the planet, or to make products with no comebacks. This brings us to your Unique Selling Proposition - the things about your brand or products that make you stand out from the competition. Do you have super marketing powers? X-ray vision into consumer demand? Or maybe your products are the least expensive, the easiest to use, or the most highly engineered in the galaxy. Ideally, these Unique Selling Propositions arise out of your company mission. All these attributes are of little use if you don't communicate them effectively. You do this via your Key Messages. Key messages are what you want your audience to hear and remember about your company and its products or services. Key messages are important but can be tricky to narrow down. It's tempting to try to communicate everything there is to know about your company or product, but that's more than most of your audience can absorb. The key is to keep the messages brief, powerful and on target. The second force of branding is the PROMISE you make to your customers. People love superheroes because they know what to expect, which makes it easy to believe in them. What are your promises to your customers? Are you able to keep them? Nothing will drive customers away faster than broken promises. Make sure your promises are realistic and desirable to your audience. For example, your product will be easy to install. Or your customers will get on-time delivery. Or there are no lower prices on comparable products this side of the planet Xenon. The third force is PERSONALITY. Have you ever seen a superhero without a personality? Even Clark Kent had an alter ego. Every company also has a personality, a way they present themselves to the world. Your personality is your company's voice. Make sure you don't undermine it unintentionally with your actions. The fourth force is STORY. It might seem odd to think that a corporate entity needs a narrative context. But there's no better example of how a story engenders customer loyalty than those comic book heroes we considered at the start. A story gives a company dimension and context. Your story - where you come from, how you got here, where you're headed - sets the stage for what you want to communicate. A cartoonist can drop a few frames onto a page and make an impact because everyone is already in on the story. A company can do the same. Finally, we come to ELEMENTS. If your personality is your voice, your brand elements are your face. They present a complete (and hopefully consistent) picture of your brand wherever you go. Brand elements include your logo, icon and tagline, corporate colors and all those marketing tactics in your toolkit, from website to signs, to collateral, news releases, packaging and everything else that is face-forward to your audience. Like a superhero's cape and tights, the elements must be functional, look good together, and have consistency. PUTTING THE POW! IN POWER BRANDING 3

4 Improving the Equity of YOUR Brand You may consider a multi-million dollar manufacturing plant or huge fleet of delivery vehicles your major assets, but your company's brand equity is equally important, if not more so. Having a visible, well-known and trusted brand can increase your sales, help you generate more cash flow and improve your profits. When it's time to sell, brand equity figures into the equation as surely as real estate. It can also bring more attention to your company's flaws, which is why it is important to have a foundation of core values, and stick to them. Brand equity is created every time you communicate with the world, whether through advertising, public relations, your website or educational channels. It s like a superpower that helps you achieve higher margins (or a price premium) while you excite more interest from potential customers. Its one-two punch enhances opportunities for market expansion, segmentation and brand extensions and increases your leverage with distribution channels. This lets you maximize marketing and sales efficiency, enhance customer loyalty and retention, and zoom toward increased acceptance for new products. Brand equity depends on three things: 1. AWARENESS. This is built by successfully deploying the five forces of branding. 2. CREDIBILITY. A credible company delivers on its promises. 3. AUTHORITY AND LEADERSHIP. These refer to the extent to which your audience believes in you as a leader, and turns to you for knowledge and expertise. Are you Ready for Power Branding? Making your brand profitable doesn't have to be a superhuman task. If you can sell your products at a competitive price (not necessarily the lowest) and add value (such as better locations, faster service, professional installation, etc.), you've got what it takes to build customer loyalty and brand equity. Add that to the Five Forces, and you're well on the way to building brand equity and a supersized future. Kapow!! PUTTING THE POW! IN POWER BRANDING 4

5 ABOUT TOM MARX Tom Marx, President and CEO of The Marx Group, brings a depth of marketing and business knowledge from 25+ years of experience in the automotive and heavy duty aftermarkets, in addition to a wealth of expertise garnered from other industries, including: recycling, motorsports, technology, telecommunications, broadcast, real estate, financial services, and resort property management. His comprehensive experience in lead generation, direct mail, public relations and almost every discipline of marketing and advertising has enabled him to support his clients with highly strategic marketing planning and the implementation of marketing programs that create breakthrough results. Tom is an active member of SEMA, AAIA, AASA, APRA, AASA, ACC, past vice chair of the AAIA Marketing Communications and Member Relations Committee and past president of the Automotive Communications Council. He also serves on several other Boards of Directors. He writes a monthly enewsletter, Catalyst, which provides marketing and business management insights and tips, and recently started a second e-newsletter, The Advantage, which provides insights designed to support successful, intelligent Merger & Acquisition strategies. ABOUT THE MARX GROUP The Marx Group delivers well-devised branding and marketing campaigns to drive sales, increase market share and grow your business. The Marx Group is a full-service business strategy and marketing communications firm offering a diverse range of marketing services, including business development strategies, lead generation programs, customer retention processes, online marketing, advertising, public relations, collateral, tradeshow programs, and interactive design. The Marx Group began as an advertising and marketing agency in Southern California in Now based in San Rafael, we have creative and account teams in New York, Chicago, Memphis and Los Angeles. Our team members, each with a strong, proven track record, include strategists, account managers, public relations and media specialists, and an award-winning creative group for both print and on-line programs. PUTTING THE POW! IN POWER BRANDING 5