Brand Power is another critical construct for brand managers. Our goal is to increase the value of a brand by increasing the power of the brand in the mind of the consumers.
A powerful brand is built on four elements:
Identity—That particular set of ownable characteristics by which your brand is known
Familiarity—Customer perception that they have enough knowledge about a brand to have an opinion about it
Specialness—Perception of relevance and differentiation
Authority—A reputation as a quality, leading, trustworthy source
To be a powerful brand, your brand goal must be to become the most familiar, highest quality, leading, most trustworthy source of a relevant and differentiated promised experience.
Losing Brand Power
Familiarity with the brand identity is the easiest to achieve. And, increasing familiarity contributes to brand power. Studies have shown over the years that “share of voice” correlates with “share of mind.”
The next step is not just to be familiar, but to be familiar with something special. Relevance and differentiation are the first to go when a brand is in trouble. Imitators or a better innovation can sap your brand’s differentiation. Changing times can deflate brand relevance.
Authority takes the longest to build. And, once it declines, it is difficult to rebuild.
Familiarity is the last component of brand power to disintegrate. Once familiarity scores drop, the brand is on the oblivion train to commodity corner.
A Powerful Brand Is a Valuable Asset
Valuable brands do not just happen; we must make them happen. It takes a never-ending commitment to creating, nurturing, defending, and strengthening an enduring bond between a customer and a brand.