First Things First

At the heart of a strategy based on authentic brand value there has to be, well, a brand.

For a while marketers talked about the death of the brand – or at least the death of brand loyalty. Certainly, it’s true we’ve seen the painful death of some badly managed big brands in recent years. It’s also true that economic downturns can make consumers more price-conscious, putting their brand loyalty to the test. But the brand dynamic is always there unless your business is completely commoditized.

By commoditization, I mean that there’s absolutely no qualitative difference between you and any of your competitors. It’s all about who can offer the lowest price. A higher quality product or a more convenient location or superior customer service – none of those things make a difference because your customers are completely driven by price.

If you are purely a commodity player, then you had better be selling something relatively scarce. Otherwise, you’re going to have to find some point of differentiation and fast. That differentiation is what allows you to market your products or services, and what distinguishes you from the competition. It goes right to the core of your value proposition.

Cultivating a rich, sweet Honey Pot requires three things: brand alignment, authenticity and a compelling core value. But in order to pursue a strategy that leverages authentic brand value, first you need to build authentic brand value. And that means you have to be able to do three basic things:

• identify your core value
• develop a brand experience that embodies your core
• foster a culture that aligns with your core

These are the necessary prerequisites. Without them, a Honey Pot – even if it’s well executed – just won’t work for you.