Next time you are considering the 3Rs above, you might wish to consider enlisting the help of the 4Rs model.
First coined in “Light Your Firebrand” (Mike Symes, 2011), the 4Rs model serves to highlight four distinct and ideally balanced attributes that are shared by class-leading financial and professional services brands:
Relevant – The appropriateness of brand ‘fit’ to customer / stakeholder wants and needs.
Remarkable – The distinguishing nature / uniqueness of the brand in the context of customer perception.
Reputational – The level of trust, respect and esteem gained by a relationship with the brand.
Real – The degree of emotional involvement and depth of engagement with the brand.
As stated above, the 4Rs can also be applied effectively to determine the inflection points at which brand repositioning, revitalisation or rebranding become essential, notably when one or more of the following conditions exist:
Your current positioning is no longer relevant or appropriate to your market and has therefore stagnated or is confusing – or – you have found a way to re-invent your brand to keep pace with customer needs (e.g. services, accessibility, convenience, choice, style, technology).
A differentiated benefit has become regarded as a ‘table-stake’ or cost-of-entry benefit – or – you have identified a powerful and specific advantage or opportunity to differentiate your brand.
A new competitor with a superior value proposition enters your industry – or – you have recognised an opportunity to leverage and extend your reputation and sphere of influence into new areas and industries.
Your brand has emerged from a crisis situation with a tarnished image – or – you have seen a way of aligning yourself with a cause that matters to people, creating a common sense of purpose and unified identity.
This model is not only a powerful starting point to validate your brand, it is also the basis for managing it effectively and with greater clarity over the long term.
If you are considering brand repositioning, revitalisation or rebranding, talk to Financial Marketing about the one-day brand workshop to set you on the right track.