The Ultimate Driving Machine. If you haven’t been living under a rock for the past 40 or so years, you know this tagline belongs to BMW. The German automobile manufacturer selected this tagline in the mid-‘70s in an effort to change the way people perceived their vehicles. While in hindsight, the phrase seems brilliant, truth be told, the duration BMW has spent promoting it is where their brilliance lies.
The Power of Brand Equity
Much like interest compounds financially, brand equity builds upon itself over time in a rather covert way. The more companies stick to their guns with their brands, products and related messaging, taglines, logos and imagery, the more they are associated by their consumers and prospective consumers in a meaningful way. And in a time like the present, where there are more options for consumers than every before, brand recognition is paramount.
How is Brand Equity Measured?
While it’s hard to measure brand equity; you know it when you see or hear it. … Think Coca-Cola, McDonald’s, Porsche and Starbucks. The Harris Poll, which is one of the longest-running surveys measuring public opinion in the U.S., is one way companies can tell how consumers view their brands and related products. Companies that rarely waver from their logos, color schemes, taglines and experiences to provide consistency tend to get high marks.
Change for Change Sake
Most corporations have short attention spans. New “leaders” come in and want to put their stamp on everything. These ego-driven tactics confuse the marketplace leaving valuable mental space for competitors that place value in its brand equity. There are no short cuts; only time will tell. Companies that consistently take the high road, place people first, and leave positivity in their brand’s wake will build the ever-elusive positive brand equity over time.
What Does Your Company Stand For?
Over the years, I’ve created Squier Guitars’ “Stop Dreaming, Start Playing!”, Gretsch Guitars’ “Coolness Incarnate” and others. I’m pleased to see the former has been in place for almost two decades. Not as long as BMW’s, but on its way. So, what does your company stand for? What tagline can it stand behind for the long haul? To talk about your company’s brand equity and how it can work for your business, contact me at www.jasondfarrell.com.
