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Who Are You? How to Evaluate Your Brand
One of the first things I advise clients to do when they are evaluating their brand is to fill out a S.W.O.T. Analysis.
Often times when I meet with clients who are trying to develop their marketing, specifically develop their brand, I find there are discrepancies with what they want their brand to be and what their brand actually is. It’s important to have a strong sense of identity before launching any marketing endeavor.
What is a S.W.O.T. Analysis?
Simply put, it’s a metric that lays out the strengths, weaknesses, opportunities and threats that align with your brand. It can be used to evaluate any brand, whether it’s an industry, a company, a product or even an individual. It’s an excellent starting point to figure out who your brand is in a more candid manner. This is the time for honesty, so check the ego at the door and really lay into what makes you you.
To start, ask yourself, what are our:
Strengths: What are we good at? What sets us apart from our competitors? What do we specialize in? What qualities make us better geared for success?
Weaknesses: What do we need to work on? What are we not great at? What holds us back? What do we not have that our competitors might have?
Opportunities: What are the untapped markets? What do we have potential to do? What could our strengths and unique positioning allow us to accomplish?
Threats: Do we have any major competition? How do we fit in the economic landscape? What has the potential to derail us?
For example, let’s look at a favorite food, peanut butter.
If I want to market peanut butter, I may gear my strategy around how peanut butter can be used in ways almond butter can’t, or maybe that it tastes better, it’s cheaper, more kid-friendly, etc. I may capitalize on selling not only jars of peanut butter, but also jars of jelly, chocolate peanut butter treats, peanut butter stuffed snacks, etc.
If you are launching a new brand, the next step is to determine your positioning and strategy based on these newfound insights. If you already have an established brand, the next step is to figure out if your perception aligns with your customers’ perception. If there are discrepancies, take those into consideration before developing the positioning and strategy for your next marketing effort.
Need help? We’d be happy to sit down with you and help you evaluate your brand. Shoot us a message and we’ll be in touch.