What Is Your Brand Recognition?February 15, 2017 (0 comments)
By Andie Weinman, President and CEO, Preferred Jewelers International and Continental Buying Group
Miami, FL--There are some great innovative companies out there that can teach us a lot about brand recognition. Companies like Taco Bell, Spotify, GE, and Bristol Meyers Squibb, to name a few, are all on the “Most Innovative Companies” list for brand recognition.
Brand awareness has become an increasingly significant topic with the rapid evolution of the Internet and digital technology. Your audience or clientele are more equipped than ever with mobile and social media tools to communicate quickly about your brand -- good or bad. Establishing a strong reputation for good products or services, integrity in your business practices and community involvement are even more important now for your long-term success.
The highest level of brand awareness is what they call “top of mind awareness.” This is when customers think of you first when they need to make a purchase within your product category. Through repeated exposure and consistent delivery of a good product or service over time, you can build that top of mind awareness. This is a huge advantage in your market when customers enter a buying situation and your brand immediately comes to mind first.
Great advertising always earns extra credit whether we talk about banner advertisement or TV commercials or any other digital advertising; but, when we talk about slogans, there are many things we should keep in mind i.e. they should be memorable, conceptual, state a mission (elaborate company goal), predictable and actionable. I.e., “Experiences That Last A Lifetime™”
Equity is the value of your brand beyond your physical assets like buildings and product. To develop a strong brand equity, you must develop a high level of brand awareness. The more people are aware of you and the stronger your reputation, the greater your profit potential and overall brand value. Word of mouth in the market plays such a strong role in helping your brand grow its customer base and develop loyal relationships with top customers.
The most innovative ideas can often come from unlikely places. Cash is not always the most important ingredient in making an innovative idea work. Some newer companies thrive on a continual evolution of their products and inventory, but constant change can wreak havoc on an independent retailer if not managed properly. Culture that supports change and curiosity is key.
Older companies can be just as innovative as start-ups. Some companies were singled out for overhauling their legacy. GE (formerly known as General Electric) is not only the nation’s largest industrial company, it’s now setting its sights on software and technology, and is leading the change on the Industrial Internet of Things.
It’s often necessary to make tough choices. Let’s take CVS. As CVS Health strives to become a one-stop shop for healthy living--not just a drug store--the pharmacy chain has added new services such as the Minute Clinic. New apps to help customers manage their health, and healthier food choices. But the retailer also made the difficult decision to ban tobacco, a very profitable product line, to align with its healthy branding.
This one reminds me of Preferred retailers who at first did not want to give up charging for repairs. The world today wants more; they want to have trust and assurance and they want an experience. I am very proud that Preferred has over 49,000 pieces of jewelry under warranty to date, and at no additional charge for the consumer. This works! So, it’s time to rethink the way things are done.
One way to catapult yourself to the top of the heap is to focus on mobile services. The number of top companies that built a brand by focusing on mobile services is significant: Uber, Airbnb, and Snapchat all are companies with new services that are changing the way we do all kinds of business. For example: Robin Hood is an app for commission free stock trading. Hudl- is a platform where athletes and coaches can upload videos of a game play. And Shyp is an on demand mobile shipping service.
You must differentiate and stay with what’s going on in the world you’re living in. Don’t let brand recognition--which means YOU--be passed by. Make the list! Let’s do this! --Andie
Andie Weinman, president and CEO of Preferred Jewelers International / Continental Buying Group Inc., was born with the “Jewelry Gene” working in the jewelry industry since she was only ten years old. Her first job was as a cashier in the opening of a catalog showroom doing a fantastic job even at that tender age. Andie holds a B.A. in musical theatre and a B.S. in marine biology from The University of Tampa. When she realized that seawater and marine biology were not good on her hair and she wasn’t quite good enough to make it on Broadway, the jewelry business beckoned. Andie has picked diamonds, sorted color stones, shot waxes and performed a multitude of jobs in the manufacturing of jewelry. Her negotiating experience and prowess has given her the reputation as being tough but fair in her dealings with vendors. In 2012 the Indian Diamond and Color Association awarded Andie the Prestigious Doyenne Award of the Year.