One ROI for a strong consumer brand is the fact that many people purchase products based on their perceived self-image. Some brands are so strong that individuals identify with them. They believe that they deliver more than the immediate use they were intended. In essence the brand speaks to them.
Does your brand speak to your customers? Is the relationship you share with them go much further than service delivery? We should all be striving to build cache with our audiences.
To many in our society, it is extremely important that their individuality be identified with their favored brands. The clothes they wear, the cars they drive and the smart devices they carry. These are the world brands they identify with. What about the brands closer to home? What financial institutions they engage, or which consultants they embrace? In every purchase decision there are brand decisions. Consumers identify with success. Nobody wants to hitch their wagon to a brand that doesn't resonate with their self-image. This is the case at every level.
Look in the mirror and see if your favored world brands don't match your local brand choices. Society views you by which brands you wear in every facet of your life. It is one way that their perception of you is built. Perception is their reality of your brand.
4 comments:
I once worked for a company that renamed the company after its main product simply because they were more known for that brand than their own name! I think the problem was, the CEO named the company after the direction he first thought the company would go, but when the market decided they wanted an off product they made, it became popular for that product only.
For all our best intentions it is always the marketplace that charts our true course. I would pat that CEO on the back for having the fortitude to recognizing the benefit of focusing on the product's cache.
Ed, can you define product cache for me?
Cache or pent up value. So a product with cache would be one which has delivered effectively over time and built a powerful reputation. For example: DeWalt power tools. It was taken off the market for a few years when it was purchased by a competing firm. When it was put back on the market a few years later, DeWalt users were never aware that it had even left.
That is brand (product) cache.
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