Brand equity came out with its annual ‘100 most trusted brands’ list.
I like the qualities that they look for, seek for, when ranking brands.
I have been a passionate fan of and believe very strongly in the concept of ‘Personal Branding’
I wrote about BRAND YOU| Manage Your Online Identity
& How to Blog for Career Success
Here is my take on the criteria used by Brand Equity.
How to become a brand that people trust:
1. Always Maintain A High Level of Quality
Why is it that the simplest of things seem the most complex?
Here is my advice.
If there is one thing that you want to do, just one, forget all the branding, all the marketing, the new age or the archaic, forget the razzmatazz, do this.
Ensure that everything you do, everything is of a very high quality.
I wrote about how
Do
Review. Does it look/sound/feel like me. Am I smiling when I review it
If yes, keep smiling; give myself a little pat for a job well-done. If No, Re Do.
2. Are You Worth The Price You Command
I am willing to pay a premium for anything that fulfills a want, a need and does so better than anyone other product or service.
I have had the privilege of attending programs where the speaker was paid INR 300,000/- for a two hour session. Was it worth it? You bet.
Price is what all goods are measured against, but more than price the worth of the goods/services is measured against what it means to the person consuming them.
Here’s my quick guide:
Since you are the product and the service, do people negotiate for rates with you or whether you are available?
In negotiations, has anyone ever said, but so-and-so is cheaper than you?
For similar profiles/ Job roles/ services are you able to garner a premium?
3. Are you a brand someone would surely consider if they had to hire someone like you
I really like this.
If I have to buy a computer I will consider Apple. Whether I finally buy it or not is immaterial, it will be there in the first list of brands.
Similarly with other goods and services.
What about you? Are you an automatic part of the first list for the services you provide? Do not consider here whether you are over or under priced. If someone out there was looking for services that you provide, would you definitely be on the list.
4. Have you been a popular brand for many years
Consistency triumphs over flash-in-the-pan brilliance.
Trust is gained over a period of time, over a period of strife and over different periods of market conditions.
Ever notice how people introduce their deepest friendships? ‘this is xyz, we have known each other for the last 17 years!’
That is consistency.
TATA is not one of the most valued brand for nothing; there is a long history of trust associated with the name, across products, services and centuries!
Generally I get questions like ‘but I am just starting out?’
Here’s what to do. Start at the basic. Start at the point 1. Do good work, consistently. Deliver high value, very very soon you will be known as someone who can be trusted to deliver.
5. Do you have something that no other (brand) has
USP – Unique Selection Proposition
Its actually Unique Selling Proposition, but as with all things before this, I had to leave the ‘prabhjot bedi’ signature on it.
I coined the term Unique Selectioin Proposition to talk about what makes you selectable. Why should anyone choose you over all the others there are?
You can read the whole thing here - how to get selected by using a Unique Selection Proposition
My alma-mater, my employers, the people who hire me, all the brands that I work with give me a lot of pride.
Do people feel the same having worked with me? Having hired me? That is the question you are answering here.
Like to show off the ‘bitten Apple’ logo? What about the tick of Nike? The IIM t-shirt? There you are.
Companies like to say that so-and-so consultant has helped us.
People like to say that I worked with so-and-so, right with him/her.
That is pride.
As for confidence, if that is missing, you can kiss the pride goodbye!
7. Is a very special brand with unique feelings associated to it
Some things can’t be described. Putting to words the awe, the sheer magic of experiencing a very special product or service is difficult, sometimes impossible.
That, the X factor, that something else, is what makes some people/brands special.
You know you will get what you paid for, maybe more, but you also know that when you come back you will have added to your personal arsenal something you did not think you needed or even expect.
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