Three Qualities Your Brand Must Have in a Down Economy

Your brand can be one of your most valued assets, especially when you’re facing challenging business conditions. Here are three key qualities your brand must have in a down economy:

1. Your brand must be loved by your customers.

A customer will stand by a brand even in a down economy. But to maintain that kind of loyalty, a customer must really love that brand.

Arguably, one of the most successful brands in modern history is Apple’s iPhone. The iPhone wasn’t the first smartphone, and therefore it didn’t start the category — but the iPhone was a game-changer in the category. Why? Some of it was because of cool features, like its intelligent touchscreen, which removed the need for a physical keyboard, like the keyboard on the Blackberry. The real game-changer, though, was the iPhone’s huge and continually growing library of applications. With these applications, customers could do things they couldn’t do on other phones. The iPhone became much more than a phone — it became a smart, sexy portable productivity powerhouse.

Customers don’t just think the iPhone is good, they think it is GREAT. They don’t just like the iPhone, they LOVE it. Apple translated that success into what essentially was a larger version of the iPhone, the iPad, and the same thing happened. Even in a down economy, Apple continues to prosper.

How does a small business learn from this lesson? Use the knowledge you have of your target audience to build a branded product or service that surprises and delights a customer, and you will have a raving fan for your brand. It could be easier than you think — it may just take the addition of one differentiating feature, or highlighting a product benefit no one else has, or relying on a great support representative to make your service stand out.

When your customer loves your brand — you have a great brand.

2.  Your brand must have the right combination of rational and emotional appeal.

People think about brands, but they also have feelings about brands.

The rational aspect of a brand is the part of the brand that appeals to a consumer’s rational mind – the brain, the head, the thought process, whatever you want to call it. The emotional aspect of a brand is the part of the brand that appeals to a consumer’s emotions – that person’s heart and soul – how that person “feels” about a brand.

If a brand appeals to a consumer on both a rational and emotional level, it has a very strong chance of becoming a memorable, long-lasting brand. Brands that accomplish this often achieve category leader status.

How does a brand appeal to both the rational and emotional sides?

Basically, the rational argument for a brand involves conveying sensible, practical facts in the brand’s marketing messages. Depending on the product, it may be facts such as saving money, protecting the environment, or offering high quality.

The emotional side is quite different, however. Typically, to evoke emotion, a brand has to make a compelling case or paint a picture that creates a certain feeling. Instead of facts, the emotional side of the brand deals with benefits and feelings – things that make the consumer feel good. Often a brand will lead with the emotional aspect because it has higher impact (and it is less rational) so it might create a desire on the part of the consumer to purchase the brand. The rational aspect is then used to support the purchase decision.

It is particularly important to recognize both the rational and emotional arguments for your brand in a down economy because buyers are making tough choices about where to spend their money. A rational argument will appeal to the need for a product or service, while the emotional argument will speak to want — a customer’s desire to have it.

3. Your brand must be truly differentiated.

Today, very few company, product, or service ideas are truly new and unique. You can almost be guaranteed that someone, somewhere, has developed a product or service similar to yours. And even if you bring a unique product or service to market, it won’t be long before another company comes out with a look-alike. This is just the nature of the competitive marketplace.

This doesn’t mean the situation is hopeless! Use a brand positioning statement to help identify your brand’s unique qualities. A good brand positioning statement includes:

• Likely Brand Buyer – This is the person who is most likely to be interested in buying your brand. Often this person is described as being part of your “target audience.” The likely brand buyer should be described as specifically as possible: gender, race, age, income, geographic area, employment, interests, etc. Ideally, you will build a descriptive profile of one or more target audiences for your brand.

• Competition – The statement should position your brand against existing competition so the target audience can distinguish between your brand and someone else’s.

• Product Benefit – The single most compelling benefit of the brand.

• Unique Brand Promise – The unique selling proposition of your brand.

The brand positioning statement will help you make sure you are creating a brand position that is as differentiated from your competition as possible.

Pay attention to building your brand even when times are tough — and your brand will still be around when the economy improves.

About the Author: Barry Silverstein has over 30 years of experience in branding, advertising, and marketing. He ran his own direct and Internet marketing agency for two decades. He is a branding/marketing consultant, professional freelance business writer and the author of the new eGuide, Branding 123: Build a Breakthrough Brand in 3 Proven Steps. Branding 123 is available for $2.99 at the Amazon Kindle store, for the nook, iPhone and iPad, and at Smashwords.com. More information is available at www.123eguides.com.

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