2011 777 - Adding Value to Your Brand and Business
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The document outlines a session involving seven experts who shared tips on enhancing brand value and business through social media and community engagement. It emphasizes the importance of brand personality, online presence, and effective communication as key elements for building customer loyalty and driving company value. Additionally, it provides insights on how businesses can leverage their identity and consumer perceptions to create a strong brand equity.
2011 777 - Adding Value to Your Brand and Business
- 1. 7 Experts – 7 Tips – 7 Minutes Adding Value to Your Brand and BusinessMay 25, 2011
- 2. Ground rules: Each EXPERT will have SEVEN MINUTES to share their TIP.A one-minute warning will sound. Once the signal sounds, no more TIPS! Please hold all questions until the end. There will be approximately 30 minutes for questions and answers after all have shared. Questions should be directed to the moderator. Please keep track of TIPS on the back of your info sheet.
- 3. Today’s moderatorVeronica Williamshmc2 advertisingwww.hmc2agency.com
- 12. Steve HillMagic Hat and North American Breweriesmagichat.net
- 14. Creating CommunityWith Social Media
- 15. Vermont has an advantage when it comes to business:Community
- 16. As You Build Your Brand Within Your Community, Build It In an Online Community.
- 17. Why Do it?-Spread the word of your business-Get referrals-Network-Get new ideas-Public forum for good customer service -You can choose your level of involvement and go at your own pace
- 18. The Tools Are Free and Easy:
- 19. Online connection creates a FACE & a VOICE behind your brand.Online connection creates a FACE and a VOICE behind your brand.
- 20. The Voice of Magic Hat
- 21. -People like feeling as if they’re a part of something --> Community. -Magic Hat created an online community at MagicHat.net (The People’s Place)-Then we got involved with Facebook and Twitter, and further grew our online presence in an organic way.-We constantly INTERACT with our followers. We ask THEM what beers they want, what they like/dislike, where we should conduct promotions…
- 22. Why use Social Media?-140 million people in the U.S. are on Facebook, 40% of whom follow a brand.-51% of those following a brand will make a purchase-60% of Facebook users are more likely to recommend a brand they follow.
- 23. Why Use Social Media?Why use Social Media?-61 million people in the U.S. use Twitter, 25% of whom follow a brand.-67% are loyal consumers of those brands.-79% of Twitter users are more likely to recommend a brand they follow.
- 25. What Can You Do to Get Involved?-Join a social network and get to know how it works.-Follow similar brands and learn from them.-Ask your friends to share your information
- 26. What Can You Do to Get Involved?Show your customers that you’re online by branding your store, merch, packaging, etc.
- 27. These small symbols are all it takes:
- 29. There Is One Key to an Online Presence:There is One Key to an Online Community Presence:CONTENT!
- 30. Content!-Use your Voice and your Face as a connection point to your consumers.-Plan to update your community pages on a consistent basis.-Ask Questions of, Listen to, Engage Your Followers!-Offer people something.-Anything relevant is fair game.-Don’t be a robot. Be human. Speak to people online as you’d speak to them face-to-face.
- 31. Invest However You Want!-You can reach someone in 5 minutes, or you can reach someone in 2 hours. It’s up to you.-If you’re a small business, you don’t need to hire someone specifically for social media.
- 32. If you’re thirsty after the Expo, head to the brewery for free samples, growlers and tours!Cheers!
- 34. Dianne Hanlon-Druyff Kelliher Samets Volkksvc.com
- 35. Branding: sum total of partsA brand is the sum total of the thoughts, feelings, associations and expectations a prospect or customer experiences when exposed to any aspect of a company’s product or service, including its name, logo, the actual product experience, word-of-mouth, marketing, etc.
- 36. Baxter’s Sandwich ShopsFreshCreativeFunNaturalHome-madeLocalFast/convenientCharitableFamily-ownedUnexpectedDeliciousGood valueFriendlyCleanDistinctiveOrganicTech savvyHealthyKid-approvedCustomer focusSincere
- 37. “The art of sacrifice”Desirable Supportable Ownable Sustainable“The art of sacrifice”
- 38. Baxter’s Sandwich ShopsFreshCreativeFunNaturalHome-madeLocalFast/convenientCharitableFamily-ownedUnexpectedDeliciousGood valueFriendlyCleanDistinctiveOrganicTech savvyHealthyKid-approvedCustomer focusSincere
- 39. Baxter’s Sandwich ShopsWhat makes Baxter’s special is our dedication to using only the freshestingredients, our wildly unexpected flavor combinations, and our commitment to making you a trulyhealthymeal.
- 40. What does it take to get there?Invite the right people (key stakeholders) into the process – too many cooks… well, you know…Start big and broad, then do the hard work – the art of sacrificeDocument what you’ve done in a statement – a declaration of your brand DNATell everyone in your organization and make sure they can articulate it – even if it is in their own words
- 41. Brian Degen Fieldstone Consultingfieldstoneco.com
- 42. Tip #1Investors will value a strong brand higher when it comes time to sell your business.
- 43. Drivers of Company ValueProfitabilityFree Cash Flow (EBITDA)Stability of ProfitabilityReduced investment riskReasons Powerful Brands are More ValuablePrice premiumsReferralsProfitsReduced operating costsIncreased purchases$ DollarsBase profitYears as CustomerLoyal Customers =Higher profits
- 44. More predictable revenues, less riskSource: Zero Defections: Quality Comes to Services, HBR
- 45. Loyal Customers Pay MoreExample: Generic vs. Popular Brands32%Higher PriceAdvil200 mg Ibuprofen tablets (50)$6.99Equaline200 mg Ibuprofen tablets (50)$5.29Customers typically pay 5-10% higher for brand-name products
- 46. Revenues $20 MExpenses ($18 M)EBITDA $2 MEBITDA Multiple 5.0 XCompany Value $10 M46Calculating Company Value Weak Brand
- 47. 47Higher Prices & Cash Flow Weak Brand Strong BrandHigherPricesRevenues $20 M $22 MExpenses ($18 M) ($18 M)EBITDA $2 M $4 MEBITDA Multiple 5.0 XCompany Value $10 M10%100%GreaterCash Flow
- 48. 48Lower Risk, Higher Multiple Weak Brand Strong BrandHigherPricesRevenues $20 M $22 MExpenses ($18 M) ($18 M)EBITDA $2 M $4 MEBITDA Multiple 5.0 X 5.5 XCompany Value $10 M10%10%100%GreaterCash FlowLowerRisk
- 49. 49Increased Value Weak Brand Strong BrandHigherPricesRevenues $20 M $22 MExpenses ($18 M) ($18 M)EBITDA $2 M $4 MEBITDA Multiple 5.0 X 5.5 XCompany Value $10 M $22 M10%10%100%GreaterCash FlowLowerRisk120%$12 M Additional Value
- 50. Strong Branding Contributes to Shareholder ValueBrands account for more than 1/3 of shareholder value.“Brand Valuation: The Financial Value of Brands” JP Morgan & InterbrandOn average, a corporate brand accounts for 8.5% of a company’s market cap.Speaking in Numbers, The Language of Bottom Line Business David Stewart, The Univ. of Southern CaliforniaBrand contribution to shareholder value can be over 50% in the case of marketing heavyweights like Coca-Cola, McDonald’s, and Disney. “Brand Valuation” in Brands and Branding The Economist Series, Bloomberg Press
- 51. 51The Golden Rule“Do unto others as you would have them do unto you”
- 52. 52The Golden Rule“Do unto others as you would have them do unto you”“Do unto others as they would have you do unto them”
- 53. Bonus: Tip #2Branding is not just about what you think. It’s about what your customers think.
- 54. Kathy MurphyState of Vermontwww.vermont.gov
- 55. OverviewWhat is brand personality?
- 56. Why use brand personality?
- 57. How do you create brand personality?
- 58. How does brand personality create brand equity?
- 60. Leveraging Brand PersonalityBrand Personality vs. Brand Identity?Brand Identity: Characteristics Shared with Others – Race, Religion, Place You Live, Culture
- 61. Being Who You Are
- 62. Following Your Own Path
- 63. Brand Personality: Combines Identity and Image – Externally Focused
- 64. Becoming Who You Should BeWhat is Brand Personality?Set of Human Characteristics Associated with a Brand
- 65. “Who” is a Brand – Traits, Qualities
- 66. How the Brand Behaves Externally
- 67. “Likeability” FactorBrand DimensionsSincerityExcitementCompetenceSophisticationRuggednessBrand TraitsDown to earthWholesomeHonestCheerful DaringImaginativeSpiritedReliableIntelligentSuccessfulCharmingUpper ClassUp to DateOutdoorsyTough
- 68. About Brand PersonalityLike Human Personality – Distinctive, Enduring – Built Over Time
- 69. Outcome of Consumer’s Experiences with Brand
- 70. The “Weighted Average” of Past Impressions
- 71. Sets the “Expectation” StagePersonality traits are what the brand will live and die for
- 72. Why Use Brand Personality?Enriches Understanding of Consumer Perceptions, Attitudes towards Brand
- 73. Contributes to Differentiated Identity
- 74. May Be Leveraged Beyond Brand to Context Product and Experience
- 75. Guides Communication Adding Texture; Richer Meaning
- 76. Creates Brand EquityHow To Create Brand Personality?Product-related Characteristics as Drivers
- 77. Product Attributes Affect Personality
- 78. User Imagery
- 81. SymbolHow Brand Personality Creates Brand EquitySelf-Expression Model
- 83. Functional Benefit Representation Model Self-Expression ModelBrands as Vehicles to Express Self-Identity
- 84. Consumer’s Self-Identity - Actual/Real Identity or Ideal/Aspirational Self
- 85. Feelings Engendered by Brand Personality
- 86. Brand = Badge
- 87. Brand as Part of the Consumer’s ‘Self’ or OnenessIsis Respects and Values Women as They AreReal Women Engaged in Outdoor ActivitiesAuthentic, Informed Women in Mutually Beneficial Relationship
- 88. Relationship-Basis ModelConsumer May Not Aspire to Possess a Personality Trait Yet Seeks a Relationship that Evidences the Trait
- 89. Elements Affecting Individual’s Relationship with a Brand
- 90. Brand as a Person
- 91. Type of Person the Brand RepresentsBanks, Insurance Companies, Financial InvestmentCompetent, Serious, StableNorthfield Savings Bank
- 92. Functional Benefit ModelBrand Personality as a Vehicle for Representing Functional Benefits and Attributes
- 93. Visual Symbol or Image Exists that Creates or Cues Personality
- 94. Country/Region of Origin Can Add Credibility to Identity
- 95. Quality Cue
- 96. Point of DifferentiationLeveraging Brand PersonalityVehicle for Customers to Express their Identity
- 97. Represents and Cues Functional Benefits and Product Attributes
- 98. Sustainable Point of Differentiation – Difficult to Copy Personality
- 99. Propels Your Brand to Public Consciousness – Flock or Flee
- 100. Word of Mouth is the Best Marketing Medium 66Ross EvansSimon Pearcesimonpearce.com
- 101. Simon Pearce BackgroundFounded in 1971 in Kilkenny, Ireland by Simon Pearce1980 – Simon moves to Vermont and begins renovation of the old woolen mill in Quechee 1981 – Simon opens glassblowing workshop at the Mill in Quechee1993 - opens 32,000 square foot manufacturing facility in Windsor, VT1999 – opens 190,000 square foot manufacturing and warehouse facility in Mtn. Lake Park, Maryland2011 – the Mill in Quechee welcomes over 300,000 visitorsCurrently eight company-owned retail stores500 wholesale partners that carry our products260 employees nationwide
- 102. An anecdote
- 103. Defining Your Brand VoiceGoal: Your Brand Voice should build confidence and consistency throughout the company, across all channels and levels. The Brand Voice aligns the entire value chain to use the same “central currency” and facilitates clear and directed communication.Elements of the Brand VoiceVoice ToneDesired ImpactBrand PersonalityPersonality traits that don’t represent your brandElements of History (how does history impact your messaging)
- 104. Defining Your Brand VoiceHow and Where do you use your Brand Voice in “real life”?Social MediaPress materialEmail CampaignsInternal “speak”TrainingCustomer ServiceSales CollateralCopywritingWeb content creation
- 105. Defining Your Brand VoiceThe point is that Brand Voice becomes the guardrails and guideposts for how you tell yourstory.
- 106. Defining Your Brand VoiceSimon Pearce Brand VoiceTone: Real, Approachable, Connected to our environment and present in the moment. We never try to be anything that we are not. We are helping customers enrich their “story”. Impact: Eye-Catching/Arresting, Striking, Head-turning, Provocative, Surprising, Wow, Excite, InspirePersonality: Nimble, Flexible, Approachable, Highly Responsive, Attentive, Stimulating, Selectively Whimsical, Confident, Advisory, Inspirational, Engaging, Great Listener, Valued Counsel (coach), Magnetic, Charismatic Personality Traits We Are Not: Museum-like, Unapproachable, Stiff, Dry, Fragile, Overly-academic, Bureaucratic, Quiet, ReservedElements of History: History informing the future, history of location, history as a guidepost for future decisions. History of the Mill is our DNA
- 107. Defining Your Brand VoiceRe-capDefine the goal of your brand voiceDetermine how and where will you use your brand voiceDefine the elements of your brand voice
- 109. Questions? Please direct either towards a specific panelist or in general for any to answer
- 110. THANK YOU FOR ATTENDING TODAYCopies of today’s presentation are available for sharing or download at:www.twitter.com/fambiz2point0www.slideshare.com/dvdv
Editor's Notes
- #6: - For survival you must think of a brand as a living thing, and treat it as such.- CONCIOUSNESS OF CHAOS
- #7: - All brands are conceived. - It could be a lifelong dream, strategic plan, or a hallelujah napkin moment.- There is a period of gestation where the brand is formed.- They must be successfully born. There are many obstacles that must be overcome before the brand is born but not nearly as many as it will face when it’s out in the world.
- #8: - As soon as a brand is born it is fighting for life.- Sometimes it can’t even be described as a brand yet, but you must always act like it is.- Adapting to the environment is what makes brands successful and long lived..Bringing a positive difference to the environment they are in.\\ Have empathy for your environment.
- #9: - Relationships with customers,vendors, and employees.- Everyone has to stand for something. Not everyone will agree, but having a polarising opinion is better than having none at all.- Every person has a unique identity (look) and personality. Twins are kinda freaky and hard to tell apart. Ask yourself if you would want to hang out with your brand. More importantly, ask yourself if your brand would want to hang out with you. Are you your brand? What are you not? Some of the people all the time……
- #10: We live in a fast paced culture of change. Everything that happens is directly affected by choices people make (or think they make). Brands that can keep up with this change will survive. Brands that LEAD this change will thrive.
- #11: Do you want to be the 300 million brand or the 30 million brand? Both brands emerged at around the same time. They both had a very similar brand offering. One brand demonstrated constant evolution through reinvention, adapting to, and leading, cultural changes. This brand thrived and is still going strong.
- #12: Question every decision. Don’t fall into the trap of knowing how to do something because you’ve done it before. Imagine that every time you do something, it’s the first time. Habit is the biggest obstacle to progress. Stay curious. See the world through new eyes.
- #61: Farm owned cooperative
- #65: Vermont Brand is a platform or ingredient to your brand/business. Further differentiates your brand and provides context to consumer.
- #66: Digital Media = much closer relationship betwn brands and customers; communicate brand character, authenticity. Consumers are attracted to brands much like people – confident, interesting, committed.