At my Puget Sound AMA meeting last week, we had a presenter from the Frank Russell Company, the global investment services firm. He spoke about his brand and some of the challenges of being an investment company based in the non-financial hub of Tacoma, WA. As a finance guy, he joked that it was a company requirement to have some sort of mathematical equation in his presentation. So he shared his marketing math…
AWARENESS x REPUTATION = BRAND
Now, I want to adjust this a little…
AWARENESS x REPUTATION = BRAND RELEVANCE
A nice equation.
AWARENESS - Do people know about your product, service or company? Do they talk about it? Do they tell others? Do they know the great things that you do?
REPUTATION - What do people say about your product, service or company as good or bad? What do customers think? Are they satisfied? Do you deliver on your product, service and brand promise?
Let’s look at this equation from two perspectives at Starbucks Coffee Company.
STARBUCKS COFFEE/ESPRESSO
Awareness - I’ll refer to a common theme “there’s a Starbucks on every corner” - 'nuff said.
Reputation - Starbucks is a destination for coffee and espresso beverages. They make it convenient. They make it the way you want (a la double-short, non-fat, extra-foamy latte with sugar free vanilla syrup). Starbucks has been credited with helping to improve the quality of coffee consumed in North America.
So if you calculated this equation, when it comes to COFFEE/ESPRESSO at Starbucks the BRAND RELEVANCE score would be VERY HIGH.
STARBUCKS COMMUNITY GIVE-BACK
Awareness - Did you know that with nearly every store that Starbucks opens, there is a local long-term charity partnership? Or that the local store manager not only wants to serve the community but strives to be an integral part of it? Early on in the company history, it was considered too self-serving to blow the Starbucks horn and brag about community giving. It's not considered a ‘tactic’ it’s just how to be a responsible business. However, that has left Starbucks with low awareness of this part of the business.
Reputation - Starbucks is known to be everywhere, and is known for coffee. But, despite being a great neighbor, does not have the corresponding reputation. The message of BIG overshadows the message of GOOD.
Therefore, when it comes to COMMUNITY GIVE-BACK, the Starbucks BRAND RELEVANCE score would be LOW.
Since you know your desired total for this brand equation, you can flip the equation around and solve for the missing variable.
What’s your product, brand or service BRAND RELEVANCE score?
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