Branding Flashcards
What is a “brand”?
A “Brand” is a combination of elements or attributes that make up an experience about that business.
Brands (branding) Consist of:
- products or services
- feeling at a location
- logo, colors, and images
- words they use
- the stories they tell
- principles or values
- connection (& how it makes the consumer feel in relation(ship) to them)
David Oglivie Branding Definition:
“The intangible sum of a product’s attributes: its name, packaging, and price, its history, its reputation, and the way it’s advertised.”
How should you think about creating a brand for your business?
Think of it as creating a personality or identity for your business that differentiates you from your competitors in the marketplace.
What is the Function of a Brand:
1: Build trust (history, consistency, positive customer experience)
2: Build connections
3: Enable recognitions
4: Ease selection
5: Signaling Device (allows to consumers to signal they have the values or aspire to have the values espoused by buyers of that brand)
6: Foster loyalty
7: Reduce price sensitivity (ex: Apple, Starbucks)
8: Facilitates company decision making
How does branding benefit the consumer?
Ease of selection by taking the guesswork out of choosing a product.
EPIC Brand Framework (4 areas companies can build their unique brand, developed by brand experts at Facebook):
E: Existence
P: Purpose
I: Identity
C: Connection
What is the E in EPIC Brand Framework and why is it important?
Existence:
1: Includes the brand’s origin story and
2: What problem the founders were trying to solve.
What is the P in EPIC Brand Framework and why is it important?
Purpose:
1: What your company does but also
2: WHY your company does what it does, including
3: Articulating a set of values for the business.
What is the I in EPIC Brand Framework and why is it important?
Identity:
1: Visual look and feel (logo, color palettes, aesthetics of images, typography)
What is the C in EPIC Brand Framework and why is it important?
Connection:
1: How a brand connects with its customers through the written word (this includes picking the right voice for the business).
What makes a great origin story:
An account of how the business got started and includes:
1: the people involved
2: the problem to solve
3 Key Components of an origin story:
1: Name(s) of who founded company
2: The problem they encountered.
3: How they solved the problem.
Why is an origin story valuable?
- Because storytelling creates connections in a way that simple facts cannot.
- Because more areas of the human brain light up when we are hearing a story than when we are just hearing bits of information.
- When we hear stories our brains release chemicals responsible for empathy and connection.
- Bonus: Your customer may see themselves in your story (empathy chemicals) and feel like “I’ve been there too!”
Simon Sinek quote related to business’s purpose:
“We don’t buy what a business does, but WHY they do it.”
