What separates great brands from all the rest? Strong and impressive consistency over time. The best brands exhibit consistency in their promise and consistency in their core brand message. They also demonstrate consistency in delivering on that promise -- at every touchpoint and with every customer encounter.
Consistency in a brand's promise establishes familiarity among the brand's prospects as well as its customers. Customers come to know what the brand stands for, and what differentiates the brand from all others. Great brands become trusted and relied upon in large part because of this consistency. Disney. Kodak. Mercedes. 3M. Sony. McDonald's. Customers know the brand stands for something that is not only meaningful but also enduring.
Consistency, however, should never be confused with stagnation.
The message of a great brand stays the same, but the relevance of the message -- and the customers' acceptance and endorsement of this message -- doesn't abate. Great brands don't live in the past. They look toward the future. They continue to grow.
Growth is important because consumers often jump on bandwagons. Whether they're investing 401k funds or merely buying a sport coat, consumers pay attention to trends. They're attracted to what is growing and are often apprehensive of that which is not.
The meaning of momentum
Momentum is a key attribute in many industries because it
represents not just a snapshot of the present but a glimpse into
what the future could be. Momentum is a concern not only for Wall
Street investors looking for growth opportunities or for weather
forecasters gazing into tomorrow, but for teenagers anxious to stay
in touch with what's hot (and avoid what isn't) and for sports fans
eagerly anticipating the start of post-season competition. Momentum
matters.
Momentum is traditionally a stock in trade for pollsters -- and for those contributing to political campaigns -- who pore over the apparent trends in public opinion to discern whether support for an issue, or a candidate, is growing . . . or shrinking. Momentum is especially critical to the entertainment industry. For example, Billboard magazine notes an album's current sales numbers, and highlights its recent sales growth. Sales growth is important because it suggests what's likely to happen next. It gives clues to tomorrow.
Why is this so important? Because a brand's (or a candidate's or a recording artist's) present marketplace position matters -- but so does the direction in which it's headed.
Hopping on the brand bandwagon: image momentum
Brands have momentum, and it's important to be aware of it. And, of
course, to understand how it's achieved, and what it means.
Importantly, it is not simply a brand's "sales" momentum that
matters, although this sort of momentum is clearly important to
stockholders and financial analysts.
"Brand" momentum, however, refers not to such objective measures as sales, volume or profit growth, but to the subjective reactions and responses of consumers. Is the brand seemingly increasing or decreasing in popularity? Is the quality of the brand's products or services perceived as improving, or getting worse?
Positive brand momentum tends to spur brand growth and enhance trial visits or purchases. It generates word-of mouth. The hot new restaurant. The reintroduction of the VW beetle. The latest microbrew. The new "look," or the clothing designer whose logo is "all the rage." The Sony Playstation. The Palm Pilot. Positive momentum offers important brand leverage.
There is, of course, a flip side to positive brand momentum. Negative momentum is every bit as important, and worthy of intense corporate concern. Negative momentum can indicate a brand on its way to becoming a Nehru jacket.
Can this happen to strong brands? It certainly did for Schlitz beer, a once-contending market leader that never managed to overcome the perception that its quality and popularity were both eroding. It happened to the Yugo automobile, and more recently to the far better established Oldsmobile brand. Brands that are perceived as being "not as good as they used to be" may never be able to recover. This sort of long image slide, once it begins, is not readily reversible.
Next week: Gazing into the future