2011 777 - Adding Value to Your Brand and Business

1,053 views

Published on

As a business owner or leader, you are constantly subjected to competition from many sources. Falling victim to the demands of today's market can leave your company unprepared when priorities begin to collide. Whether you are a small or large business, owner or employee, consultant or advisor, working ON your business rather than IN your business will help you begin to build value in your brand. This panel of seven experts will share seven simple ideas and tips that any company can immediately implement to add value to their brand and business using social media, new marketing ideas and other brand building techniques.

The seminar is organized by UVM's Vermont Family Business Initiative

Published in: Business, Technology
  • Be the first to comment

  • Be the first to like this

2011 777 - Adding Value to Your Brand and Business

  1. 1. 7 Experts – 7 Tips – 7 Minutes <br />Adding Value to Your Brand and Business<br />May 25, 2011<br />
  2. 2. Ground rules: <br />Each EXPERT will have SEVEN MINUTES to share their TIP.<br />A one-minute warning will sound. <br />Once the signal sounds, no more TIPS! <br />Please hold all questions until the end. <br />There will be approximately 30 minutes for questions and answers after all have shared. <br />Questions should be directed to the moderator. <br />Please keep track of TIPS on the back of your info sheet. <br />
  3. 3. Today’s moderator<br />Veronica Williams<br />hmc2 advertising<br />www.hmc2agency.com<br />
  4. 4. John SiddleJDK Designjdk.com<br />
  5. 5.
  6. 6.
  7. 7.
  8. 8.
  9. 9.
  10. 10.
  11. 11.
  12. 12. Steve Hill<br />Magic Hat and North American Breweries<br />magichat.net<br />
  13. 13.
  14. 14. Creating CommunityWith Social Media<br />
  15. 15. Vermont has an advantage when it comes to business:<br />Community<br />
  16. 16. As You Build Your Brand Within Your Community, Build It In an Online Community.<br />
  17. 17. Why Do it?<br />-Spread the word of your business<br />-Get referrals<br />-Network<br />-Get new ideas<br />-Public forum for good customer service <br />-You can choose your level of involvement and go at your own pace<br />
  18. 18. The Tools Are Free and Easy:<br />
  19. 19. Online connection creates a FACE & a VOICE behind your brand.<br />Online connection creates a FACE and a VOICE behind your brand.<br />
  20. 20. The Voice of Magic Hat<br />
  21. 21. -People like feeling as if they’re a part of something --> Community. <br />-Magic Hat created an online community at MagicHat.net (The People’s Place)<br />-Then we got involved with Facebook and Twitter, and further grew our online presence in an organic way.<br />-We constantly INTERACT with our followers. We ask THEM what beers they want, what they like/dislike, where we should conduct promotions…<br />
  22. 22. Why use Social Media?<br />-140 million people in the U.S. are on Facebook, 40% of whom follow a brand.<br />-51% of those following a brand will make a purchase<br />-60% of Facebook users are more likely to recommend a brand they follow.<br />
  23. 23. Why Use Social Media?<br />Why use Social Media?<br />-61 million people in the U.S. use Twitter, 25% of whom follow a brand.<br />-67% are loyal consumers of those brands.<br />-79% of Twitter users are more likely to recommend a brand they follow.<br />
  24. 24. Some More Numbers<br />
  25. 25. What Can You Do to Get Involved?<br />-Join a social network and get to know how it works.<br />-Follow similar brands and learn from them.<br />-Ask your friends to share your information<br />
  26. 26. What Can You Do to Get Involved?<br />Show your customers that you’re online by branding your store, merch, packaging, etc.<br />
  27. 27. These small symbols are all it takes:<br />
  28. 28.
  29. 29. There Is One Key to an Online Presence:<br />There is One Key to an Online Community Presence:<br />CONTENT!<br />
  30. 30. Content!<br />-Use your Voice and your Face as a connection point to your consumers.<br />-Plan to update your community pages on a consistent basis.<br />-Ask Questions of, Listen to, Engage Your Followers!<br />-Offer people something.<br />-Anything relevant is fair game.<br />-Don’t be a robot. Be human. Speak to people online as you’d speak to them face-to-face.<br />
  31. 31. Invest However You Want!<br />-You can reach someone in 5 minutes, or you can reach someone in 2 hours. It’s up to you.<br />-If you’re a small business, you don’t need to hire someone specifically for social media. <br />
  32. 32. If you’re thirsty after the Expo, head to the brewery for free samples, growlers and tours!<br />Cheers!<br />
  33. 33.
  34. 34. Dianne Hanlon-Druyff <br />Kelliher Samets Volk<br />ksvc.com<br />
  35. 35. Branding: sum total of parts<br />A brand is the sum total of the thoughts, feelings, associations and expectations a prospect or customer experiences when exposed to any aspect of a company’s product or service, including its name, logo, the actual product experience, word-of-mouth, marketing, etc.<br />
  36. 36. Baxter’s Sandwich Shops<br />Fresh<br />Creative<br />Fun<br />Natural<br />Home-made<br />Local<br />Fast/convenient<br />Charitable<br />Family-owned<br />Unexpected<br />Delicious<br />Good value<br />Friendly<br />Clean<br />Distinctive<br />Organic<br />Tech savvy<br />Healthy<br />Kid-approved<br />Customer focus<br />Sincere<br />
  37. 37. “The art of sacrifice”<br />Desirable Supportable Ownable Sustainable<br />“The art of sacrifice”<br />
  38. 38. Baxter’s Sandwich Shops<br />Fresh<br />Creative<br />Fun<br />Natural<br />Home-made<br />Local<br />Fast/convenient<br />Charitable<br />Family-owned<br />Unexpected<br />Delicious<br />Good value<br />Friendly<br />Clean<br />Distinctive<br />Organic<br />Tech savvy<br />Healthy<br />Kid-approved<br />Customer focus<br />Sincere<br />
  39. 39. Baxter’s Sandwich Shops<br />What makes Baxter’s special is our dedication to using only the freshestingredients, our wildly unexpected flavor combinations, and our commitment to making you a trulyhealthymeal.<br />
  40. 40. What does it take to get there?<br />Invite the right people (key stakeholders) into the process – too many cooks… well, you know…<br />Start big and broad, then do the hard work – the art of sacrifice<br />Document what you’ve done in a statement – a declaration of your brand DNA<br />Tell everyone in your organization and make sure they can articulate it – even if it is in their own words<br />
  41. 41. Brian Degen <br />Fieldstone Consulting<br />fieldstoneco.com<br />
  42. 42. Tip #1<br />Investors will value a strong brand higher when it comes time to sell your business.<br />
  43. 43. Drivers of Company Value<br />Profitability<br /><ul><li>Free Cash Flow (EBITDA)</li></ul>Stability of Profitability<br /><ul><li>Reduced investment risk</li></li></ul><li>Reasons Powerful Brands are More Valuable<br />Price premiums<br />Referrals<br />Profits<br />Reduced operating costs<br />Increased purchases<br />$ Dollars<br />Base profit<br />Years as Customer<br />Loyal Customers =<br /><ul><li>Higher profits
  44. 44. More predictable revenues, less risk</li></ul>Source: Zero Defections: Quality Comes to Services, HBR<br />
  45. 45. Loyal Customers Pay More<br />Example: Generic vs. Popular Brands<br />32%<br />Higher Price<br />Advil<br />200 mg Ibuprofen tablets (50)<br />$6.99<br />Equaline<br />200 mg Ibuprofen tablets (50)<br />$5.29<br />Customers typically pay 5-10% higher for brand-name products<br />
  46. 46. Revenues $20 M<br />Expenses ($18 M)<br />EBITDA $2 M<br />EBITDA Multiple 5.0 X<br />Company Value $10 M<br />46<br />Calculating Company Value<br /> Weak Brand<br />
  47. 47. 47<br />Higher Prices & Cash Flow<br /> Weak Brand Strong Brand<br />HigherPrices<br />Revenues $20 M $22 M<br />Expenses ($18 M) ($18 M)<br />EBITDA $2 M $4 M<br />EBITDA Multiple 5.0 X<br />Company Value $10 M<br />10%<br />100%<br />GreaterCash Flow<br />
  48. 48. 48<br />Lower Risk, Higher Multiple<br /> Weak Brand Strong Brand<br />HigherPrices<br />Revenues $20 M $22 M<br />Expenses ($18 M) ($18 M)<br />EBITDA $2 M $4 M<br />EBITDA Multiple 5.0 X 5.5 X<br />Company Value $10 M<br />10%<br />10%<br />100%<br />GreaterCash Flow<br />Lower<br />Risk<br />
  49. 49. 49<br />Increased Value<br /> Weak Brand Strong Brand<br />HigherPrices<br />Revenues $20 M $22 M<br />Expenses ($18 M) ($18 M)<br />EBITDA $2 M $4 M<br />EBITDA Multiple 5.0 X 5.5 X<br />Company Value $10 M $22 M<br />10%<br />10%<br />100%<br />GreaterCash Flow<br />Lower<br />Risk<br />120%<br />$12 M Additional Value<br />
  50. 50. Strong Branding Contributes to Shareholder Value<br />Brands account for more than 1/3 of shareholder value.<br />“Brand Valuation: The Financial Value of Brands” JP Morgan & Interbrand<br />On average, a corporate brand accounts for 8.5% of a company’s market cap.<br />Speaking in Numbers, The Language of Bottom Line Business<br /> David Stewart, The Univ. of Southern California<br />Brand contribution to shareholder value can be over 50% in the case of marketing heavyweights like Coca-Cola, McDonald’s, and Disney. “Brand Valuation” in Brands and Branding<br /> The Economist Series, Bloomberg Press<br />
  51. 51. 51<br />The Golden Rule<br />“Do unto others as you would have them do unto you”<br />
  52. 52. 52<br />The Golden Rule<br />“Do unto others as you would have them do unto you”<br />“Do unto others as they would have you do unto them”<br />
  53. 53. Bonus: Tip #2<br />Branding is not just about what you think. It’s about what your customers think.<br />
  54. 54. Kathy Murphy<br />State of Vermont<br />www.vermont.gov<br />
  55. 55. Overview<br /><ul><li>What is brand personality?
  56. 56. Why use brand personality?
  57. 57. How do you create brand personality?
  58. 58. How does brand personality create brand equity?
  59. 59. Brand Personality Models
  60. 60. Leveraging Brand Personality</li></li></ul><li>Brand Personality vs. Brand Identity?<br /><ul><li>Brand Identity: Characteristics Shared with Others – Race, Religion, Place You Live, Culture
  61. 61. Being Who You Are
  62. 62. Following Your Own Path
  63. 63. Brand Personality: Combines Identity and Image – Externally Focused
  64. 64. Becoming Who You Should Be</li></li></ul><li>What is Brand Personality?<br /><ul><li>Set of Human Characteristics Associated with a Brand
  65. 65. “Who” is a Brand – Traits, Qualities
  66. 66. How the Brand Behaves Externally
  67. 67. “Likeability” Factor</li></ul>Brand Dimensions<br />Sincerity<br />Excitement<br />Competence<br />Sophistication<br />Ruggedness<br />Brand Traits<br />Down to earth<br />Wholesome<br />Honest<br />Cheerful <br />Daring<br />Imaginative<br />Spirited<br />Reliable<br />Intelligent<br />Successful<br />Charming<br />Upper Class<br />Up to Date<br />Outdoorsy<br />Tough<br />
  68. 68. About Brand Personality<br /><ul><li>Like Human Personality – Distinctive, Enduring – Built Over Time
  69. 69. Outcome of Consumer’s Experiences with Brand
  70. 70. The “Weighted Average” of Past Impressions
  71. 71. Sets the “Expectation” Stage</li></ul>Personality traits are what the brand will live and die for<br />
  72. 72. Why Use Brand Personality?<br /><ul><li>Enriches Understanding of Consumer Perceptions, Attitudes towards Brand
  73. 73. Contributes to Differentiated Identity
  74. 74. May Be Leveraged Beyond Brand to Context Product and Experience
  75. 75. Guides Communication Adding Texture; Richer Meaning
  76. 76. Creates Brand Equity</li></li></ul><li>How To Create Brand Personality?<br /><ul><li>Product-related Characteristics as Drivers
  77. 77. Product Attributes Affect Personality
  78. 78. User Imagery
  79. 79. Events, Activities, Sponsorships
  80. 80. Brand/Business Age
  81. 81. Symbol</li></li></ul><li>How Brand Personality Creates Brand Equity<br /><ul><li>Self-Expression Model
  82. 82. Relationship Basis Model
  83. 83. Functional Benefit Representation Model </li></li></ul><li>Self-Expression Model<br /><ul><li>Brands as Vehicles to Express Self-Identity
  84. 84. Consumer’s Self-Identity - Actual/Real Identity or Ideal/Aspirational Self
  85. 85. Feelings Engendered by Brand Personality
  86. 86. Brand = Badge
  87. 87. Brand as Part of the Consumer’s ‘Self’ or Oneness</li></ul>Isis Respects and Values Women as They Are<br />Real Women Engaged in Outdoor Activities<br />Authentic, Informed Women in Mutually Beneficial Relationship<br />
  88. 88. Relationship-Basis Model<br /><ul><li>Consumer May Not Aspire to Possess a Personality Trait Yet Seeks a Relationship that Evidences the Trait
  89. 89. Elements Affecting Individual’s Relationship with a Brand
  90. 90. Brand as a Person
  91. 91. Type of Person the Brand Represents</li></ul>Banks, Insurance Companies, Financial Investment<br />Competent, Serious, Stable<br />Northfield Savings Bank<br />
  92. 92. Functional Benefit Model<br /><ul><li>Brand Personality as a Vehicle for Representing Functional Benefits and Attributes
  93. 93. Visual Symbol or Image Exists that Creates or Cues Personality
  94. 94. Country/Region of Origin Can Add Credibility to Identity
  95. 95. Quality Cue
  96. 96. Point of Differentiation</li></li></ul><li>Leveraging Brand Personality<br /><ul><li>Vehicle for Customers to Express their Identity
  97. 97. Represents and Cues Functional Benefits and Product Attributes
  98. 98. Sustainable Point of Differentiation – Difficult to Copy Personality
  99. 99. Propels Your Brand to Public Consciousness – Flock or Flee
  100. 100. Word of Mouth is the Best Marketing Medium </li></li></ul><li>66<br />Ross Evans<br />Simon Pearce<br />simonpearce.com<br />
  101. 101. Simon Pearce Background<br />Founded in 1971 in Kilkenny, Ireland by Simon Pearce<br />1980 – Simon moves to Vermont and begins renovation of the old woolen mill in Quechee <br />1981 – Simon opens glassblowing workshop at the Mill in Quechee<br />1993 - opens 32,000 square foot manufacturing facility in Windsor, VT<br />1999 – opens 190,000 square foot manufacturing and warehouse facility in Mtn. Lake Park, Maryland<br />2011 – the Mill in Quechee welcomes over 300,000 visitors<br />Currently eight company-owned retail stores<br />500 wholesale partners that carry our products<br />260 employees nationwide<br />
  102. 102. An anecdote<br />
  103. 103. Defining Your Brand Voice<br />Goal: Your Brand Voice should build confidence and consistency throughout the company, across all channels and levels. The Brand Voice aligns the entire value chain to use the same “central currency” and facilitates clear and directed communication.<br />Elements of the Brand Voice<br />Voice Tone<br />Desired Impact<br />Brand Personality<br />Personality traits that don’t represent your brand<br />Elements of History (how does history impact your messaging)<br />
  104. 104. Defining Your Brand Voice<br />How and Where do you use your Brand Voice in “real life”?<br />Social Media<br />Press material<br />Email Campaigns<br />Internal “speak”<br />Training<br />Customer Service<br />Sales <br />Collateral<br />Copywriting<br />Web content creation<br />
  105. 105. Defining Your Brand Voice<br />The point is that Brand Voice becomes <br />the guardrails and guideposts for <br />how you tell yourstory.<br />
  106. 106. Defining Your Brand Voice<br />Simon Pearce Brand Voice<br />Tone: Real, Approachable, Connected to our environment and present in the moment. We never try to be anything that we are not. We are helping customers enrich their “story”. <br />Impact: Eye-Catching/Arresting, Striking, Head-turning, Provocative, Surprising, Wow, Excite, Inspire<br />Personality: Nimble, Flexible, Approachable, Highly Responsive, Attentive, Stimulating, Selectively Whimsical, Confident, Advisory, Inspirational, Engaging, Great Listener, Valued Counsel (coach), Magnetic, Charismatic <br />Personality Traits We Are Not: Museum-like, Unapproachable, Stiff, Dry, Fragile, Overly-academic, Bureaucratic, Quiet, Reserved<br />Elements of History: History informing the future, history of location, history as a guidepost for future decisions. History of the Mill is our DNA<br />
  107. 107. Defining Your Brand Voice<br />Re-cap<br />Define the goal of your brand voice<br />Determine how and where will you use your brand voice<br />Define the elements of your brand voice<br />
  108. 108. Ken Millman<br />Spike Advertising<br />spikeadvertising.com<br />
  109. 109. Questions? <br />Please direct either towards a specific panelist or in general for any to answer<br />
  110. 110. THANK YOU FOR ATTENDING TODAY<br />Copies of today’s presentation are available for sharing or download at:<br />www.twitter.com/fambiz2point0<br />www.slideshare.com/dvdv<br />

×