Ana Andjelic wrote this about brand valuation in her newsletter The Sociology of Business:
Brands build awareness for a company beyond its target audience, hopefully propelling it in the domain of culture and increasing its chances to be part of the consumers’ initial consideration set. Through its brand promise and brand values, a company can reach customers who ordinarily wouldn’t consider its products.
She was talking about expanding the size of the addressable market.
Truer words about brands have rarely been spoken. An indelible brand strategy sees all targets, current and future and attempts to corral value that appeals to them all. Discussions getting into culture are a bit haughty, if you ask me, but I get it. We play in culture. Inform using culture, but I’m not so sure we make culture. Society and communities make culture. Geography makes culture. Not language. Not product design. Anyway, it’s not worth the quibble.
Peter Kim a mentor of mine at McCann-Erickson talked about outlining and understanding all the different targets that will come into contact with your brand. Looking at each target individually then culling to find common values (or care-abouts) concerning the brand. He suggested take all these different targets and “remassify” them. Into one. Finding a shared higher-order value.
Dangerous? Might it omit some more potent value? Yes. But will it speak to more people in simpler language? Yes. Language that builds a brand appreciated by more targets.
Tink about it, as my Norwegian aunt used to say.