Profitable audit: how to increase value intensity of your brand

Opinion

Recently, I was driving to a meeting and saw a local plumbing company truck that caused me to do a double-take. It was dirty and rusty and the driver was weaving in and out of traffic somewhat carelessly. These observations made me wonder if the value of the service would be correspondingly shabby.

Contrast this with another plumbing company that has a unique vehicle graphic that makes it look like the driver is sitting on the toilet. It always makes me chuckle. The van is clean and not rusty. Does this observation mean the value of this plumber’s work is better than the other?

I don’t know the answer, but if I didn’t already have a plumber I trust, I know which company I would call first.

While you may consider this approach superficial, I can assure you that everyone filters value factors such as the cleanliness of vehicles, among other things, when they visit a store or conduct business with a company.

Do you like to go into a facility that is dirty or unsafe? Who do you look to for assistance in the store — someone decently dressed or someone dishevelled? Do you purchase online if a company website is difficult to navigate and you can’t find what you need? Online shopping cart abandonment is still fairly high, at nearly 70 per cent, based on research from the Baymard Institute, an industry expert on the topic.

Companies need to consider all the elements that represent the value of their brand, commonly called brand assets. This includes logo, corporate colours, stationery, packaging, signage, vehicle decaling, etc.

Each one of these elements plants an image and is stored in people’s minds. The strength and consistency of the accumulation of these assets (their intensity) contributes to how people form an opinion about a company. When you add in the quality of your product, the customer service you deliver and the overall customer experience you create through all touch points, your brand’s value is defined by a person’s reaction to the sum total of these assets.

All these elements should be aligned to create the brand image you want to be known for. If any elements are not in sync, then the value of your brand may be tarnished in customers’ minds. The greater the misalignment and quality of your brand assets, the lower the value the customer places on your brand.

This is why you must continually audit brand assets to ensure you will be perceived consistently and positively. This does not mean you should be judged solely on looks and company vehicles. As mentioned earlier, the quality of product and customer experience are also critical to brand value.

Leading companies I have worked with know just because the business is delivering positive financial results, it doesn’t mean these results are guaranteed tomorrow. If you do not audit your brand assets, you run the risk of brand value eroding. If it erodes slowly, masked by average financial results, you may not realize how bad the situation really is.

Here is a three-step process to guide your brand value audit to ensure all assets are performing well and identifying what needs to be adjusted for improvement.

First, list everything, tangible and intangible, a customer may see, use or touch. This includes the entryway to your building, parking lot, vehicles, website, advertising, promotional items, etc.

Second, assess the quality of each of the assets listed. Apply appropriate measures of quality, such as cleanliness, to clarity to how items are displayed. Do all elements deliver value to the standard you want to establish and customers expect? Be specific about what you need to change and prioritize these changes for implementation.

Third, after implementation, develop a cycle to review these assets on a regular basis. The frequency of the review is dictated by the asset, its use and importance to overall brand value. For example, if you allow employees to smoke outside your building, provide a proper receptacle for the cigarette butts, so the entryway is clean. Let your employees be responsible for this area or the privilege could be revoked. Establish and emphasize overall brand accountability with all your employees.

When you consider this process, I believe you get the picture that how you present your brand should mirror how your customers perceive your brand. Consistency is key and requires constant attention. If you don’t take care of your brand assets, who will?

Tim’s bits: Leading companies continually work towards improving the value intensity of their brand. That focus is fundamental in developing and executing their winning game plan.

Tim Kist is a certified management consultant, authorized by law, and a Fellow of the Institute of Certified Management Consultants of Manitoba

tim@tk3consulting.ca