In a faltering economy, Brand Trust is the most powerful tool corporations, nonprofit organizations, and even individuals, posses. To establish a trusted brand means more than to present pretty logos and fancy slogans. Your brand foundation should be one that is authentic; built on the integrity of your products and services, and recognized for the passion and value you and your organization bestows upon the world.
Follow these steps to create the perfect brand pitch. Your brand equity and the opportunity to monetize your brand reach will double within the next twelve months. I bet my brand on it.
Step I: Revise, Revamp, Refresh, and Renew Your Brand. Does the brand reflect your values? Is it relevant to the challenges of today? Is it authentic (or does it try to do too much)? Does it make an emotional connection with stakeholders that will not waiver when times are tough? What would you change about it?
The good news is that if the answer to any the first four questions is “No,” you have a unique opportunity for a do-over. Now, ask yourself, “What would I change about my brand?” Change it. Customers, employees, shareholders, and funders respect authenticity. They want to be connected to a brand story, a story that has changed the lives of others, and will do the same for them. Stakeholders are forgiving. If you need to revamp, revise, renew, or refresh your brand – it’s okay. Just Do It.
Step II: Maximize Media Relationships. Strong relationships with print, radio, television, and digital media outlets can increase the potential for positive coverage for excellence in product and service delivery. These relationships also ensure you are treated fairly when you or your organization makes a mistake.
The first step is to research the most appropriate media outlets for your target audience. Did I say research? I’ll say that a lot in this article. It’s critical to understand who your stakeholders are, and most importantly, what the most salient means to connect to them is. Begin establishing trusted relationships with a number of sources with each channel. Provide them with news that provides value to their readers, watchers, and listeners. Become a trusted resource for them, and they will become a trusted resource for you and your organization.
Step III: Establish and Cultivate Corporate Partnerships. Corporations, nonprofits, and NGOs with an interest and passion in your products, services and mission can make great strategic partners. Contact firms with multinational reach and ask how your organization can help meet their corporate objectives.
If you represent a nonprofit, find out if your organization can help global firms meet their Corporate Social Responsibility goals. Research (there’s that word again). Find out to whom, and what causes, they are currently giving – and whether there’s an opportunity to augment that relationship. If you are a small business owner with a niche product or service, explore opportunities to help a global or multi-national firm reach your niche market. If you represent a global firm, discover new ways to partner with like-minded firms to expand the reach of both organizations. This tactic leads us to the final step in Part I of the Breakthrough Series.
Step IV: Foster Co-Opetitions. Organizations that build relationships with competitors to deliver on specific projects, or tackle a socially relevant objective within communities are becoming more prevalent in today’s economic climate. Many of these collaborations have become more successful than either individual organization. The synergy presents a great way to leverage resources, and marshal goodwill.
Darrin Redus of JumpStart Inc. references these strategic alliances often when he speaks to small businesses interested in rapid and dramatic growth. The concept, known as co-opetitions, is discussed in detail by authors Adam M. Brandenburger and Barry J. Nalebuff in their best-selling book Co-opetition: A Revolution Mindset That Combines Competition and Cooperation. In it they provide numerous examples of competitor alliances such as Bell Atlantic, Merck, Proctor & Gamble, and Xerox who have partnered their way to enormous success.
In Part II of the Breakthrough Series, we will explore the final five steps to double your brand equity in a faltering economy. In the interim, you have plenty of time to get started with the first four steps.
Rachel Y. Daniel is the CEO of Synergy Marketing Strategy & Research, Inc. Synergy has been designing data-driven strategies that build trusted brands for over seven years. Working with Fortune 500 companies, government entities, universities, and mid-sized businesses, Synergy uses its proprietary Five Pillars of Brand Trust to help extend brand reach, increase customer loyalty, leverage employee passions, and maximize stakeholder relationships.
Rachel completes her doctorate at Case Western Reserve University’s Weatherhead School of Management in May 2010. Her research interests include brand and organizational trust. Her dissertation examines antecedents to perceived brand trustworthiness.
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