“YOU WON'T BE LOVED OR HATED UNTIL YOU'RE KNOWN.”
Do you like any songs that you don't really like?
Humans are unbelievably prone to liking things for no other reason than simple familiarity.
It's called the Mere-Exposure Effect.
I'm going to show you how to leverage it for your brand, but first, examine these two scientific charts explaining it.
(figure 1: quantitative representation of the psychological effects of exposure)
(figure 2: practical representation of the psychological effects of exposure)
HERE'S THE ROUNDUP
I'm going to talk about:
Mere-Exposure Effect
What Brand Valuation means
How to become more valuable
Wag the Dog
The Mere-Exposure Effect
Familiarity is a funny thing.
In, The Four Loves, C.S. Lewis wrote:
“The dog barks at strangers who have never done it any harm and wags its tail for old acquaintances even if they never did it a good turn.”
Humans are pretty much the same.
It’s called the mere-exposure effect, and it states that people tend to develop a preference for things or people that are more familiar to them than others.
In other words, repeated exposure creates a predisposition to liking something.
(Once again, figure 1)
There are limits to this, of course; but basically, this is how we start liking new things.
Famous for Being Famous
What Brand Valuation means
One of the most succinct descriptions of the Kardashians is Famous for Being Famous.
(Someone who attains celebrity status for no clearly identifiable reason and appears to generate their own fame.)
Whether you love or loathe the Kardashians (or any sub-unit thereof), they've built a strong brand on very little substance.
Kim Kardashian is currently worth an estimated $1.8 billion. Of that, a whopping 95% (or $1.7 billion) is tied up in her personal brand.
For comparison, Coke - one of the most valuable brands in the world - has a market cap of $270.48 B with ~31% tied up in the brand.
So what does that mean, and how can you leverage it?
Glad you asked.
Brand Value is a relatively new term.
Rani Cohen, Chief Marketing Officer, Australian Family Lawyers, comes a good definition.
“The ‘perceived value’ [of a brand], and how often people will choose one brand over alternatives.”
In other words, the value of preference is created through familiarity. Now familiarity isn't the sole determination here. But consider this, in the Southern US, the common term for any carbonated, soda-like beverage is "Coke" - even when the beverage is a Pepsi!!!
Do you ask for a bandage or a Band-Aid?
Do you search or do you Google?
Do you look for facial tissues or Kleenex?
Think about it this way: if someone told you Starbucks had a new drink, or Apple had a new gadget, or Disney made a new movie, that vague information (new drink, new gadget, new movie) would be enough for you to think positively or negatively.
Why?
Because it's no longer the product/service, now it's the brand you are attracted to.
Google is a Verb
How to become more valuable
There are 4 things that make your brand valuable - I talked about them in this week's Sunday Setup (hope you didn't miss it!)
Highly recognizable (people know who they are)
Positively perceived (people have a good view of them)
Popular (people actually buy and use the products or services)
Have a loyal following (customers are fans too)
So how do you improve those areas?
1. Make it an Experience
Experiences are emotional exercises. Technically, everything is an experience; but we also know the difference between going to Bob's Furniture store and walking into an IKEA.
A better, more impactful experience will strengthen your brand
P.S. It doesn't have to be grandiose, you could have an amazing customer service, sales checkout, or feedback experience and make a big splash.
2. Speak their Language
If you're like most people, your inner-circle has a plethora of inside jokes, had-to-be-there experiences, and other eccentricities.
Creating that kind of connection with your audience - where they feel like they are part of an in-tribe - will skyrocket your brand.
3. Be Remarkable
There should be one thing about you that stands above everyone else trying to be in your category.
Remember the MicroMachine Man? You probably don't know anything about John Moschitta Jr. besides the fact that he could speak 586 words/minute - that's pretty remarkable!
4. Be Consistent
Imagine if every time you went into your kitchen the cabinets and drawers were rearranged (if you have 3 kids, like me, you can picture this easily). That would be maddening!
If your brand wanders around whimsically like a first-time gym-goer looking for a quick fix, you're going to have a hard time keeping people around.
Language, look, feel, focus: all of these things should be consistent.
Today was a long one, and I'm proud of you for making it here.
As a thank you for hanging with me, I want to offer you a little gift:
Click this shiny button to get a free brand audit (no strings attached)
I'll look over your socials/website/blog/whatever and give you some feedback about what I think your brand is, and how I think you could strengthen it.