Episode C.021 Brand Perception

Introduction
This week we continue our focus on the post pandemic re-opening of business. Other than dealing with customer and employee fears, there is nothing different or special about today's show except urgency. Unlike other expansions at the end of a contraction, this was not a structural - it was imposed. Normally a contraction (recession) is a result of over supply and decreasing demand awaiting a unplanned event to prick the bubble. In this case the demand still exists with diminished supply and we have sufficient information to predict the beginning of an expansion. The purpose of IBGR programming this month is to prepare the entrepreneur for the turnaround. it will require acting with urgency over the next 4 months.
​
Show Objectives
Assuming you have built a brand image (or are building one), it is one thing to make a statement of who you are, the customer's perception is another. Our goal for this show is the understanding of how to gain the voice of the customer and capture how they see you?

What You Need to Know
Branding has significantly changed over the last decade because of social media. A single branding statement is no longer enough because of the various media channels. The most successful small businesses have created three levels of branding statements: the company, its core products and/or services, and the owner or key executive.

Brand is the force that draws stakeholders to your company and it's offer; the creation and enhancement of an emotional bond; the relationship with customers, investors, suppliers, and employees. 

This is a process to understand the “perception” of your Company. 

What You Need to Do
This is a methodology used for conducting yearly Market Studies. The information is critical to evaluating your Brand Perception or Image in the marketplace. Market Studies are usually conducted by third parties to ensure honest answers. The goal is to collect the following information:

• Economic and Regulatory factors - perceived affecting the interviewee's business;
• Ranking of Competitors - where does your company stand against the competition;
• Brand Image - words that described each brand available to the customer and the rationale for purchasing.

​Questions

1. What impact is the economy having on your business or lifestyle? 
2. What factors are you following that will indicate when the economy is becoming favorable to your business or them personally?
3. How are your customers reacting to the economy?
4. What factors are your customers following that will indicate when the
   economy is becoming favorable to their business?
5. Based on what your customers are telling you, what must you do to keep
   their business?
6. In response to the economy and your customers, what are you doing to
   survive?
7. When you think of (your industry or business), which companies come to mind?
8. What features do you use to make a buying decision?
9. Given your list of companies, rank order the companies 1 to n, with 1 being
   the best?
10. (if they didn't mention your company), you didn't mention (your company) why?
11. If you are familiar with (your company), where would you place them in your
    ranking?
12. Starting with #1, what word(s) best describe their company?
13. Starting with #1, why would you buy from them?
14. Starting with #1, why would you not buy from them?
15. If (your company) wants to become (remain) your #1 choice what
    advice would give them?

​The rest is simple, compare their comments about your brand attributes for the company, products & services, and you against their list. Does it match? If it doesn't then examine how you are getting the message out and modify as needed. This the critical first goal of marketing - making future customers aware of your company against the imagine of the competition.

Next Show: C.022 Marketing Channels & Campaigns