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Posted by Christopher Stutzman on May 3, 2012
I like to think of brand building as the quest for market share and mindshare. But that journey has become a steeper hill to climb. How much steeper? On a scale of 1 to 10, I’d say it’s an 11.
Here’s why. Empowered 21st century customers have higher standards for your company and the products and services you produce. That’s what we learned in our 2012 North American Brand Performance Study. I recently talked about it in the CMO Strategy section of Advertising Age. But I’d like to provide some deeper insight into “Brand Building In The 21st Century” in this post.
To put the learning from our study in context, consider the graphic below. The strength of a brand’s position and perception in the marketplace is built on four pillars of equity: 1) credibility; 2) leadership; 3) uniqueness; and 4) relevance. As you build stronger equity across those pillars, it supports higher performance over the long haul through superior: 1) referral; 2) pricing power; and 3) preference.
This foundation of brand building still applies in the 21st century, but our analysis revealed that the pillars of brand equity have started to crack under the weight of consumers’ higher standards.
Can your brand support the higher standards of the 21st century customer? Or is it time to reinforce the pillars of your brand's equity?