Guest column

Brand identity for local businesses matter now more than ever, says Houston expert

Here's how to think about supporting local. Getty images

Businesses everywhere are struggling to survive during these strange times. From the largest global companies to the local mom and pops, these organizations are on the brink of losing the good fight.

Brands we all rely on — including J Crew, JC Penney, Neiman Marcus, Modell's Sporting Goods, and Gold's Gym — have filed or are expected to file for bankruptcy protection in the coming days.

Those are some of the national brands. Local brands come and go with such frequency that many times only the most loyal of consumers are the only ones that realize their demise outside of the owners and employees.

What is a local brand?

Echoing throughout our everyday quarantined lives is the mantra to support your local community businesses. What exactly does that mean? A neighbor of mine is the general manager of a large national retail store in our community. It is not a local business…or is it? I certainly do not want him to fail and lose his job due to a corporate decision to shut down locations. That would affect hundreds of folks in our area that work there.

Then there is the local flower shop that is a one-location mom and pop that a family has poured everything it has into building their retail dream. Now, they face a nightmare of losing it all if things do not turn around soon enough.

What does this all have to do with brand equity?

The equity in your brand is that perceived value customers place in your services or products that makes your brand stand out. It includes brand loyalty, perceived quality and your overall brand awareness. It is why a customer choose one brand over another as price is removed from the equation.

As consumers venture out from the COVID-19 isolation more and more each day, they have decisions to make. Decisions like "Where am I going to spend my money?" This gets even more compounded by the shocking number of furloughed and unemployed people that only weeks ago were humming along fine. Discretionary income is almost becoming a thing of the recent past, meaning every dollar spent beyond rent and food is under extreme scrutiny.

It is at this very point that brand equity can make or break a local business. We all know that the coming months will be trying, and brands are simply trying to hang on to make it through the unprecedented downturn. But guess which brands will come out of this with a chance to realize even more greatness down the road? Those companies that realized from day one the importance of their brand. How people perceive it. How to build value beyond the physical goods or services. The culture of their brand and whether it permeates the organization and every brand touchpoint with consumers.

Think of building brand equity like you would when shopping for home insurance. You do not go get insurance on your home after the fire destroys it. You plan ahead and build home equity by mitigating risk. The same holds for brand equity. You plan ahead and place the importance of an effective brand strategy at the very top of your business priorities.

I have worked on brand strategy from global brands to local and regional brands and you would be surprised to see how brand strategy is undervalued regardless of company size. Too many times (actually, almost always) I see companies large and small treat the brand and marketing strategy as an afterthought, once accounting, purchasing, HR, manufacturing, sales and more are given their proper due.

Brands face pressures daily from all sides including competition, government regulations, changing consumer preferences, technology, advertising expense and more. So those brands that have the focused leadership to build a strong brand platform, as a priority from day one, will win in the long term.

The higher the level of your brand equity in your marketplace, the more likely a consumer will migrate toward your business as they begin thawing their wallets from the pandemic freeze of uncertainty. Spending is under more scrutiny than most of us have ever seen, and brand stewards that have built a strong platform of awareness, value, service, quality and overall experience stand the best chance to earn that sale from loyal customers that appreciate brand equity, even though those customers may not understand how to actually define it.

It's not too late.

While you have the time, even though the slow crawl back to some sort of normalcy can seem overwhelming, prioritize your brand strategy. Spend time each day as you would with accounting and sales to consider how to improve the equity, the value, of your brand among your customer base.

Ask yourself how you can differentiate. What are the ways you can value-add to your services that make your product even more memorable with consumers? What about employee training? Consider whether or not your people believe in your business and have the passion to exemplify those brand attributes you clearly demonstrate day in and day out. Are you following up with customers to build loyalty and learn about how to improve?

Look at the competition, regardless of size, and build a list of what makes your brand better. Then continue to find ways to express that. There is still time if you prioritize differently.

There's an old sugar-packet saying I heard early in my career that I still use today, over 40 years later that goes something like this:

"He Who Has a Thing to Sell
And Goes and Whispers in a Well
Is Not as Apt to Make the Dollars
As He Who Climbs a Tree and Hollers"

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Mike Albrecht is currently a partner and director of business development at Houston-based 9thWonder, a large general market advertising and PR agency based in Houston with offices around the globe.

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Building Houston

 
 

Here's your latest roundup of innovation news you may have missed. Photo via Getty Images

It's been a new month and a few Houston startup wrapped up November with news you may have missed.

In this roundup of short stories within Houston startups and tech, three Houston startups across health care, space, and sports tech have some news they announced recently.

Houston digital health company launches new collaboration

Koda Health has a new partner. Image via kodahealthcare.com

Houston-based Koda Health announced a new partnership with data analytics company, CareJourney.

"This collaboration will aim to develop benchmarking data for advance care planning and end-of-life metrics," the company wrote on LinkedIn. "Koda will provide clinical and practice-based expertise to guide the construction of toolkits, dashboards, and benchmarks that improve ACP programs and end-of-life outcomes."

Koda Health announced the partnership in November..

“Beyond the checkbox of a billing code or completed advance directive, it’s important to build and measure a process that promotes thoughtful planning among patients, their care team, and their loved ones,” says Desh Mohan, MD, Koda's chief medical officer, in the post.

CareJourney was founded in 2014 in Arlington, Virginia.

"I'm hopeful next-generation quality measures will honor the patient’s voice in defining what it means to deliver high quality care, and our commitment is to measure progress on that important endeavor," noted Aneesh Chopra, CareJourney's co-founder and president.

Sports tech startup raises $500,000 pre-seed investment

BeONE Sports has created a technology to enhance athletic training. Photo via beonesports.com

Houston-founded BeONE Sports, an athlete training technology company, announced last month that it closed an oversubscribed round of pre-seed funding. The company announced the raise on its social media pages that the round included $500,000 invested.

Earlier in November, BeONE Sports completed its participation in CodeLaunch DFW 2022. The company was one of six finalists in the program, which concluded with a pitch event on November 16.

Space tech company snags government contracts

Graphic via cognitive space.com

The U.S. Air Force has extended Houston-based Cognitive Space’s contract under a new TACFI, Tactical Funding Increase, award. According to the release, the contract "builds on Cognitive Space’s work to develop a tailored version of CNTIENT for AFRL to achieve ultimate responsiveness and optimized dynamic satellite scheduling via a cloud-based API.

The $1.2 million award follows a $1.5 million U.S. Air Force Small Business Innovation Research award that the company won in 2020 to integrate CNTIENT with commercial ground station providers in support of AFRL’s Hybrid Architecture Demonstration program.

“The TACFI award allows Cognitive Space to continue supporting AFRL’s vitally important HAD program to help deliver commercial space data to the warfighter,” says Guy de Carufel, the company’s founder and CEO, in the releasee. “CNTIENT’s tailored analytics platform will enable HAD and the GLUE platform to integrate modern statistical approaches to optimize mission planning, data collection, and latency estimation.”

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