Your Brand Personality And Its Value
It’s a simple question, but the answer can have momentous implications for your business. What’s the value of your brand personality?
It’s more than a little challenging to differentiate the concept of your brand with your underlying business assets, but exploring that synergy between bottom line and brand equity offers a powerful insight into the staggering value of your brand personality. The right kind of brand personality builds loyalty, generates and amplifies brand recognition, and significantly contributes to your financial success as a business.
According to brand consultancy firm Brand Finance, the most valuable brand in the world in 2018 is that of Amazon, with a brand value of US$150.8 billion. That’s roughly one-sixth the entire market value of the business at the point of writing this article. That’s a whole lot of value locked up in just the idea of a brand. So how do you build your own brand concept to unlock those benefits?
What makes up a brand personality?
Branding suffers from a confusticated landscape of overlapping jargon at times. We even used the word confusticated just to make it seem more confusing. That’s how bad it is. So what do we mean by brand personality?
Brand personality is the fundamental feel, tone, style and image of your brand. It consists of everything from your brand name to your iconic brand imagery. It is, and should be, encapsulated in every communication you send, visual you create or conversation you hold. It’s often referred to as a personification of your brand, exploring the human characteristics that define your guiding principles.
Brand personality isn’t just about how you talk. It’s about how you act. And that really matters to your audience. Take a look at the issue of sustainability. If you’re a progressive brand looking to do your part for sustainable practice, you need to prove you walk the walk as well as talking the talk. What’s the benefit of developing and demonstrating that brand personality? 69% of Malaysian consumers are willing to pay more for brand’s committed to positive societal and environmental impacts. The verdict is in – brand personality inspires consumer behaviour.
How can you help develop your brand personality?
Brand personality can be a tricky beast to master. It’s not just about how you see yourself as a business, it’s also important to react to what your audience want to see in you too. Undertaking a creative brand as a person exercise is one way to tease out this kind of understanding, exploring how you think, feel and look as a brand.
The foundation of your brand personality is often defined by the market segment you operate in. It’s unlikely that customers want to see a trendy, fast-talking, shoot-from-the-ship style commercial law firm. It’s equally unlikely that people looking to buy urban clothing from a hip new skateboarding store expect the brand personality to be weak as half-stewed tea.
This means that knowing your audience is key to understanding how to develop your brand personality. There’s a trap that many young brands fall into where they rush off to define themselves, before considering the environment they’re defining themselves in. Always take time to undertake appropriate market and customer research before constructing your brand personality.
That doesn’t mean that you’re stuck in some monochrome world where every brand in each segment has to look, act and speak the same however. Consider Nando’s Malaysia’s cheeky and cheerful brand personality, clearly evident in their award-winning advertising. It’s unique, eye-catching, and ultimately successful. It also shows you can differentiate without distancing yourself from your market.
How do you safeguard a brand personality?
Consistency is key to the on-going value of a brand. That means understanding your brand personality and communicating that understanding throughout your organisation is crucial. A brand champion is one way to consider undertaking this task. These are designated and dedicated individuals who are empowered to promote your brand consistency and personality at a fundamental operational level.
Make sure you also establish a style guide or personality guide for easy reference within your business. This document can provide a simple template to help define how your brand should feel and act for both newcomers to your organisation, and those entering a new arena for the first time.
A brand ambassador is another potential consideration to help promote your brand personality on a wider scale. These well-known individuals can be a powerful representation of your brand, and often already come with a respected and recognised personality or style of their own. By linking your brand personality with an identified influencer, you amplify and celebrate that idea of your brand personality based on the ambassador’s widely recognised traits.
What next for your brand personality?
It’s easy to dismiss brand personality as some nebulous marketing concept. But if that’s the case, why does luxury watch brand Rolex hold such a dominant market position over the likes of Seiko, who offer arguably equal (or even better) quality of mechanics, and often at a more affordable price point. The answer is branding.
Brand personality is the foundation of how you act, and crucially how you’re perceived. That means dedicating time to understanding, developing and delivering consistently can be a powerful determiner of success. You want your business to shine? It all starts with brand personality. So maybe it’s time to explore what that means to you.