By Seth Grimes
Brand value is what a brand means to its stakeholders – to consumers, retailers and other partners, and investors. Semiotics come into play – that is, the mechanisms a brand uses to convey identity – but really it’s ability to deliver on brand promise that’s brand-value central. Underdeliver and your reputation will tank. Delight and you’re golden.
FleishmanHillard is a public relations and marketing agency, part of the Omnicom group, that (in my view) lives and breaths brand value. That’s why I was thrilled that Ryan Smith, VP Insights and Analytics, proposed a talk at an up-coming conference I organize, the Sentiment Analysis Symposium, and that’s why I was pleased he agreed to an interview about his work, in essence –
How to Measure Brand Value: A FleishmanHillard View
Ryan Smith, VP Insights and Analytics at FleishmanHillard
Seth Grimes> You describe your work at FleishmanHillard as building teams that guide and inform the stories brands tell about themselves. What role do data and analytics play in FleishmanHillard’s work?
Ryan Smith> Data and analytics are central to how we make most of our decisions. We use it to inform what campaigns should be from the outset, to measure the impact of those campaigns, and all throughout those campaigns to optimize what content or messaging or influencers we should be working with. It is central, part of everything, and a guide. It is something that enhances creativity not a limit to it. The cliché of art and science is true. My favorite thing about FleishmanHillard is that our most creative people want data the most. Our executive creative director in our Dallas office is a huge fan of data driven creativity. She doesn’t just tolerate analysts; she craves their involvement in creative projects.
Seth> A basic question: What’s your definition of brand value and why does brand value matter?
Ryan> People used to say that reputation is what other people say about you and brand is what you say about yourself. That just isn’t true anymore. Your brand is how people feel about you. It is a mixture of people trusting you to do the right thing, to handle doing the wrong thing honestly, to create a product that lives up to expectations, and to align with who you say you are. Every person has their own set of criteria for what’s important to you. Brands that match those criteria are more emotionally rewarding to buy from and easier to forgive.
Seth> Customer experience informs consumers’ brand perceptions, but it is a very broad concept. CX is shaped by brand/product interactions that extend from initial awareness, often formed by advertising and word of mouth, to post-sale customer service. Of course the product itself, and its packaging, market positioning, and price also affect perceptions. So how do you sort out what elements contribute most to brand value?
Ryan> That is a loaded question. The one of those that your brand does worst is what contributes the most.
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Source:: Business 2 Community