“Iconic Advantage – Don’t Chase the New, Innovate the Old” by Soon Yu with Dave Birss (Savio Republic, $25).Iconic brands exist in local business and on the global stage. What makes them icons? Yu’s been-there-done-that advertising and brand-innovation experience with Clorox, Chiquita Brands, and numerous, big-name apparel brands has identified three interrelated qualities that create […]
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“Iconic Advantage – Don't Chase the New, Innovate the Old” by Soon Yu with Dave Birss (Savio Republic, $25).
Iconic brands exist in local business and on the global stage. What makes them icons? Yu's been-there-done-that advertising and brand-innovation experience with Clorox, Chiquita Brands, and numerous, big-name apparel brands has identified three interrelated qualities that create and ultimately reshape icons. The three fit under the umbrella of “emotional connection with their audience.”
1. Distinction: They are different than their competition; they are memorable.
2. Relevance: Their distinction creates a loyal customer base. People trust the brand to deliver on its promise. Trust and sales go hand-in-hand.
3. Recognition: They're readily recognized by consumers in and out of their target market because of 1 and 2.
The strategy required to keep an icon an icon centers around three principles:
1. Create noticing power: Icons grab attention; usually using something sensory. Nike uses holes in the heel sole to show off its cushioning technology. Ferraris don't look or sound like Toyota Camrys.
2. Developing staying power: Connect the brand to the users through the human element. Let employees tell the story of company heritage and ongoing product creation; use consumer testimonials, too. Use social mission to connect, too. Example: Buy TOMS products and you'll give those in need shoes, sight, water or kindness.
3. Building scaling power: Forget “glitz” advertising; your brand's signature elements should dominate every message. Word-of-mouth passes it on. You can also tier-up by offering an added-features version, or tier-down by offering a just-signature-elements version. Tiering opens the door to new consumers.
The bottom line: Capitalize on the ongoing value of your existing products/services. A few tweaks can keep them from entering the maturity phase of their product life cycle.
