Qualities of Great Brands

Based on my research and personal experience, I believe great brands share five key qualities:

1- A compelling idea
An organization begins with a great idea/product/service that will satisfy an unmet consumer need in the marketplace. Google began with the simple idea of making search better.

2- A core purpose
As mentioned in my second post, this is the crazy hairy audacious idea/dream/goal that guides the organization. The purpose usually falls from the initial compelling idea.

3- Consistent brand execution
In order to substantiate the purpose and truly live it, every member of the organization should ask themselves this question prior to moving forward with any initiative or action: "is this going to help us accomplish our guiding purpose?" Brand consistency is usually instilled by the founder of the organization - the person with the initial idea and created the organization's purpose. Steve Jobs is a great example of a strong brand compass for his organization. The moment he left Apple in the mid-80s, the organization instantly lost it's focus and purpose to change the world. But when he rejoined the organization 10 years later, Apple was back on course - back to the one box design and a focused product line up that was ready to change the world!

4- Innovative & relevant
The organization's brand purpose should never change, but the world is always changing, so the brand must remain relevant and meaningful to its changing customers through innovation. Nike has done an impeccable job at remaining relevant to it's customers by leveraging digital technology. In its effort to help people achieve Authentic Athletic Performance (Nike's purpose), Nike partnered with Apple to create Nike+ revolutionizing the running culture. By combining an individual sport with people's digital lifestyles, Nike has been able to create the world's largest running club. And according to Interbrand, it is Nike's digital initiatives that has helped raise its brand value over the past year.

5- Differentiated
In order to stand out and be truly great, organizations need to break through the clutter and remain unique amongst its competitors. The organization needs to carve out a unique positioning within its market creating a category of one. A great brand who has done this well is IKEA. When looking into IKEA's direct competition, I was surprised to learn there are none! IKEA has no direct competition. No other furniture company is willing to make the same kind trade-offs IKEA makes to balance low price and respectable design - it's usually one or the other! IKEA's dedication to its brand purpose - Democratic Design - that has allowed it to truly become a category of one.

Note: Image from Interbrand's 2008 Best Global Brands Report