We've all heard of the 4 Ps in Marketing. Product. Price. Place. Promotion.
But what about branding?
Yesterday, a long walk in some softly falling snow brought these new Ps to mind. I was thinking specifically about corporate and product branding when I created this list, but the principle could obviously extend to personal branding. The fact that the words are all P-words is a coinkydink. Anyway, I wanted to capture this little mini-manifesto before it melted away.
So without further ado, here are The Six Ps of Building a Brand. (Among this P soup, you'll notice a special guest appearance from one of the Marketing P words.)
1. Building Pride
First, our organization must build and communicate an understanding of WHY it does what it does. Everyone within our organization must understand why their role is worthwhile and why it matters for the greater good. From boardroom to mail room, each contributor must understand the big picture. Each person must grasp the real value of what they “do” as an individual, as well as what our company accomplishes as a group of individuals. Pride results in a better product and a genuine concern for how to continually make the brand experience better for customers. It also yields greater career satisfaction.
2. Building Process
Second, an organization must consider the process by which it creates its branded product. Is this process something that can distinguish our company from competitors? Aside from efficiencies, does it add real or perceived value to help improve the experience of the brand? The process may be internal; it may be external. (Picture the Krisy Kreme assembly line – the in-store manufacturing process. Can you see the river of hot, Krispy Kreme donuts floating along on a little
cooling-off runway for all the in-store patrons to see? This process melds with points three, four and five. Read on.)
3. Building Product
Third, the product (or service) must be designed and built to be remarkable. We must create an offering that supports our remarkable brand. (And the brand, in turn, supports the offering.) If our product is created with a clear understanding of why it matters, it will be built, sold, serviced and supported with more quality, more TLC, more sincerity, more concern, more insight, etc. These types of products and services will stand the test of time and are truly worthy of remark.
4. Building Presentation
Fourth, the branded product must be presented via a compelling experience. How do we wrap it up? How is it delivered or picked up? How is it received? How is it priced? (Even a price that’s “much too high” can be a remarkable presentation, because it can yield a fulfilling brand experience for those who enjoy the cachet of being able to afford exclusive luxury.) What are we saying, selling -- or even singing -- when we present our remarkable offering via a branded presentation? (At that same Krispy Kreme store, picture the “HOT Krispy Kreme donuts NOW!” neon sign that lets passers-by know a hot batch of mouth-watering glazed donuts is ready.)
5. Building Preference
Fifth, we must create a brand preference in our customer's mind. It is our responsibility to create a reputation for our process, our product and/or our presentation. We must create a preference for our way of delivering our product or experience that people come to expect, or better yet, demand. If we do this uniquely, successfully and repeatedly, it will lead us to the sixth and final P...
6. Building Profit
The sixth P is profit. If there is no profit, there is no progress. And if there is no progress, soon there will be no brand. The sixth P is necessary for a brand, a business, its shareholders, employees, vendors -- and oftentimes, its customers -- to thrive. Profit enables continuation of the first 5 Ps.
Profit can provide reward for past performance as well as a nest egg for future downturns. It also enables preparation (R&D) for continued and improved future performance. Profit is necessary in order to perpetuate operations, equipment, marketing and people, as well as giving back to our community and our world's charitable causes.
Ultimately, profit should result in pride of accomplishment, and the 6 P cycle repeats itself.
Now... what did I do with that donut?
Keep it even,
Scott Kuehl