It will not be farfetched to say that new businesses are daily birthed, across the globe. That competition is tough is not an overstatement, and businesses sweat to survive competitions and other factors. A key and strategic tool that a business can deploy to effectively stabilize and establish itself, in the market, is Brand Pyramid.
A brand pyramid can be defined as a framework or the tool that answers the fundamental questions related to a brand and its operations in the market. It is one of the most crucial and integral aspects of a brand’s journey in the market.
Components of a Brand Pyramid
1. Features and Attributes:
These refer to the Unique Selling Propositions (USP) and distinguishing characteristics of a brand, as well as its offerings of products and services that give it competitive advantages in the market. These answer questions such as why is the product or service designed by the company. What does it do?
2. Functional Benefits:
This component of the brand pyramid throws light on the questions such as, what is/are the problem(s) that the product or the service will solve? How will the customer use the product? What will be the customers’ expectations after using the product? It basically throws light on the tangible and problem-solving aspects of the product or service.
3. Emotional Benefits:
Every brand weaves a story in the minds of its customers, and this creates an emotional connection between the brand and customers. This is the bedrock of customers’ loyalty, and this component harps on the factor of emotional bonding. In short, the agenda is that the customer should feel good about using the product or service.
4. Brand Personality:
It is vital for a brand to possess human characteristics and personification, so that it is able to create an emotional and psychological connection with its customers that will result in long-lasting loyalty.
5. Brand Essence:
This component of a brand pyramid holds the apex position as it answers the questions of what the brand stands for. It also defines the brand’s DNA, as well as formulates and accentuates its position in the market. Working on a brand pyramid is a strategic exercise for any brand that wants to be a headliner and top-of the-mind-recall as it helps the brand to create a lasting impact on the target audience, attain its objectives of sales and profits, and helps it to sustain its place in the industry, amidst competition.
Importance of a Brand Pyramid
The crucial components of a brand pyramid need to be jointly arrived at, and concluded upon by the senior management and the key members of the team. Hence, it facilitates the consensus on the values of the brand, essence, vital fundamentals including, but not limited to, what the brand wants to be, its target market and prospective customers.
It helps to clarify the fundamentals of the brand that sets it apart from the rest of the competition in the market and it also helps to figure out the essence of the brand that is very important for the brand to carve a distinctive identity in the market and in the minds of the customers.
It formulates the strategic foundation of the brand that helps to decide its long term and short objectives. It provides the factor of consistency so that every key member involved is on the same page as per the targeted plan to attain the goals and objectives.
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How to build a Brand Pyramid.
1. Brand Audit:
The first step in building a brand pyramid involves deciding whether the existing brand pyramid is working well or a new one is required. It further involves conducting a brand audit with key stakeholders of the company by asking them the core values, fundamentals, mission statement, vision statement, and essence of the brand that they have envisioned for the brand and the company as a whole.
2. Ascertain the attributes of the brand:
The next step involves deciding the key features and characteristics of the brand that works as a distinguishing factor in the market, amidst the competition offering the similar types of products and services to the target market.
3. Positioning Statement:
A brand’s positioning statement differs from the mission and vision statement. It answers questions such as why is the brand in the market. What does it have to offer? Who are its customers? How is it different from others in the market?
4. Design the experience:
Whenever the customer indulges in the purchase of the products and services of the brand, the main element that is remembered is the experience that is derived during the entire activity of the sale and purchase. Hence, it is quite vital for brand managers to set a new benchmark in customer service, as well as the overall brand experience for the customers, at the various levels and platforms where the sale takes place; be it online or physical.
6. Brand Voice:
The next step encompasses working on the voice and tonality of the brand. The voice should complement the nature of the business and its products and services. It is very important that the brand’s unique selling propositions and core distinguishing factors should convey the message, loud and clear, to the target audience. Also, it is crucial to maintain unison of voice and tonality on all the media and promotional platforms for the best recall factor.
7. Key Messages:
Next comes in line is working on the key messaging statements such as vision and mission statements that are to be arrived jointly by the key members of the management and the branding department.
8. Logo and design aesthetics:
This step involves working on the visual features such as logo, tagline, and the other related design aesthetics of the brand. They need to be in tandem with the product and service offerings, objectives, core values, and fundamentals. It should be attractive and catchy to grab the instant attention of the target market and audience.
Last line: Creating and structuring a brand pyramid is key but more important is the need for continuous and consistent work by everyone, especially management, in order to promote and sustain the brand and ensure it thrives in the market.
