Marketing is the battle for the customer’s mind – owning a share of mind. The process of strategic brand management is a two part exercise. The first part is getting into the mind by displacing something that already exists. The mind is like a dripping sponge and the only way to own a position is to replace a brand image that already occupies a share of mind.
Building a brand image is a long term proposition that requires an in depth knowledge of how the mind works. Words are the key to the mind and each word has either a positive, negative, or neutral value. So the process of building brand equity begins with the development of the right words to build a brand’s “unique value proposition”. That is what is: faster, better, or cheaper, than what already exists?
Obviously, Tesla has created a unique value proposition for their new model 3 that is reflected in the over 300,000 deposits of $1,000 each they have received so far from customers around the world for a car that will not be available for over a year, or more.
The second part of strategic brand management is maintaining and protecting that share of mind and growing the value of the brand with other customers. Brand equity is the value of a brand in the global marketplace. Some examples of the worth of a brand are: Apple ($154 Billion), Google ($83 Billion), Microsoft ($75 Billion), Coca-Cola ($59 Billion), Facebook ($53 Billion), etc.
Some classic examples of brands that have sustained and grown brand equity for many years are Nationwide Insurance (over 50 years) with their well known tune: “nationwide is on your side”. Peyton Manning, Nationwide’s current spokesman, only has to hum Nationwide’s infectious jingle for an instantaneous connection with customer’s minds. A competitor, Allstate, has another over 50 year old similar, but still effective slogan: “you are in good hands”.
Once you hear the familiar Intel “bing”, you don’t have to wait for the “bong” because it already has resonated. An over 100 year slogan that still resonates is Maxwell House Coffee’s: “good to the last drop”. And Wheaties: “breakfast of Champions”.
In conclusion, brand equity is made up of the intersection of the DNA of the brand with the DNA of the customer.