This distinctiveness leads me to the content of this article and the upward battle all brands are facing in 2020 due to the COVID-19 Pandemic. We have read so much about marketing in a recession, how brands are reacting to new consumer behaviours and potentially what the new norm is, but what many brands are forgetting is the one thing that makes them stand head and shoulders above their competitors – that which creates their distinctiveness and potentially further develops brand loyalty.
All brands like to think they are unlike any other, but that’s usually not the case. What does make a brand unique are its distinctive brand assets. These act as an invaluable shorthand for a brand, it’s a cue for consumers to bring all their previous experiences and associated meaning of a brand to the fore and influence that purchase decision.
Now more than ever, distinctiveness is key to helping a brand stay afloat in very tough economic conditions. We forget how important various brand assets are in keeping the brand alive in the eyes of the consumer whether it is a name, a slogan, unique value proposition, visual characteristic or a logo, all of these things make a brand unique.
But how do we determine what a brand asset actually is from the various brand elements within a company? Each brand element needs to be unique, authentically associated and well known to consumers while representing the brand. Assets seek to reinforce the brand’s core values and convey the benefits it promises to deliver.
While brands are trying to develop new ways of working because of the pandemic, this is an ideal time for them to consolidate and identify those distinctive assets that will not only help them survive the current situation but also reinforce it and become competitive again in the future.
Ruthlessly audit your existing brand elements or what you perceive to be distinctive. Remember to include historical icons etc that may still ring true for the brand.
Your consumers are a great gauge of what is distinct about your brand, get feedback from them and collect data that can help in the future.
The faster people make the association between individual brand assets and a brand, the more likely your market share will grow and not just your category awareness.
The below table is from the Ehrenberg Bass Institute (EBI) for Marketing Science and a great way of assessing brand assets and determining if they are worthy of highlighting or casting aside.