Brand is a mystery. Or an enigma. Maybe both. Yeah, probably both.
Some claim to have an answer to what it is and why it’s so important. Others have no answer and can’t explain why it’s important or why they should care, but at least admit it’s a thing to harbor.
The real explanation for what constitutes as a brand is more complicated and nuanced per industry and per instance.
Here, at LEVEL5, we speak to brand quite often, but we’re not a traditional advertising or marketing agency. We Design and Build branches and Headquarter Buildings for premier Banks and Credit Unions across the country. We understand the importance of brand, more specifically, Brand Deployment, and how it can be designed and deployed across your locations.
And now, when so much has changed, the only thing that can likely control is your brand.
But again, what is a brand. Everyone has a varying opinion or thought.
But what if there was a formula to prove the importance of brand. Because, for every Executive that understands the importance of brand, there are at least 5 others who do not. To further this point, countless times have met with heads of Retail and Marketing departments who have said brand was a “bad word” in their executive meetings because it couldn’t be defined or quantified.
So here, we present to you a formula, quantifying the importance of Brand. Tongue is firmly planted in cheek here, but this just may be crazy enough to actually make sense, too.
The formula breaks down like this:
B = Brand
S = Satisfaction
$▲ = The financial difference between a “Satisfied” and “Emotionally Connected” client
EmC = Emotionally Connectedness
6 = The factor of 6 according to a 2017 study by The Financial Brand and Motista.
Looking at the 2017 study conducted by The Financial Brand and Motista, the study reveals the number of products used by a client and the difference between those that are “Highly Satisfied” versus those that are “Emotionally Connected” to the brand. When you calculate the averaged lifetime revenue of a typical client, the factor increases by a matter of 6, taking the average LTV from $10,189 to $59,500.
If you look at it through a brand lens, you can begin to see how brand can indeed be quantified.
A good brand has highly satisfied clients. Brand loyalists are great to have, but brand enthusiasts are better. Emotionally connected clients are a brand enthusiasts. They want to utilize more products, consume, do business with, and spend money at this company (or on this product).
Let’s put this in the terms of Coke vs. Pepsi.
If you are a satisfied Coke customer, you drink the product, likely several times a week, maybe even a day. If you are emotionally connected to the brand, you likely consume Diet Coke, Coke Zero, and eagerly anticipate any other flavor or variation. And, likely just as importantly, you DO NOT order a Pepsi – even if it is the only cola brand at the restaurant.
Now, let’s put this in banking terms: your brand and its equity are the difference between you having someone as a satisfied customer (likely a single product) and one with a great share of wallet, a customer who is emotionally connected to you as a brand, and its product. They will stick with you and your suite of products, even if they can get a better rate somewhere else.
Everyone has a brand. A great brand is one that surpasses satisfaction and connects with people at a deeper level.
Or, you can Contact Us directly to talk about your brand and how we can help you take it to the next level.