What the heck is brand momentum, and why should it matter to your business?
This one is a little more jargony, so bear with me. ⠀
Momentum is significant because it’s not just about what’s happening now, it’s a glimpse into what the future of your brand could be. 🔮⠀
The main reason a company invests in its brand is to help customers navigate through the sales journey by building trust. Trust is what makes people want to buy from you again and brand momentum is what makes them want to tell their friends to buy from you.
Brand momentum refers to the quality of a brand’s market position and its ability to consistently beat competitors. The trickiest part of measuring brand momentum is that it’s based on the subjective reactions of your customers. Overall, it’s less about what they think and more about how they feel.
The thing is, feelings are pretty hard to measure. ⠀
How can we dig a little deeper to know if things are moving in the right direction? Here are three elements to assess when determining brand momentum:
✅ Speed — is your company quick enough to keep up with industry changes? ⠀
✅ Reputation — does your company live up to its promises? ⠀
✅ Relevance — does the value that the brand brings means something to people? ⠀
How do you measure brand momentum?
Can you even measure feelings? Not really. However, there are six elements that pack a punch 🥊 when it comes to assessing brand momentum. Here’s what you should be asking: ⠀
1️⃣ How important is your brand promise to customers? ⠀
2️⃣ How well does the brand handle industry changes? ⠀
3️⃣ Does leadership (CEO) bring life to the brand? ⠀
4️⃣ Is the brand increasing or decreasing in popularity? ⠀
5️⃣ Is the quality of the brand’s products perceived as getting better or worse? ⠀
6️⃣ Does the brand help people make or save money? 🤑
Overall, you’re trying to understand if people know you, like you, and believe in what you’re doing. ⠀
Who has strong brand momentum right now?
Theoretical concepts are fine and dandy, but they don’t always help to paint a picture that encourages you to take action. Instead of talking about ideas, let’s go over a success story. In 2020, the company that is delivering on all of the elements of brand momentum is Tesla.
I’ve actually seen people stop to take pictures of strangers’ cars when they see them on the street. Governments are restructuring to help encourage people to buy their products. The media highlights mundane Twitter posts from their CEO because people are so entranced by the whole story of what they offer.
To say it, without saying it, Tesla is the ‘it girl‘ brand strategists around the world want to hang out with.
Don’t believe me?
Let’s recap all of the primary questions we highlighted earlier…
How important is Tesla’s brand to customers?
If you check out their Instagram account, you can literally see all the ways this brand is providing value for people all over. Cities have actually started changing their infrastructure to better accommodate electric cars. I personally can’t think of another industry that’s been able to achieve this, apart from maybe automotive or rail.
It’s nuts. 🤯
How well does Tesla handle industry changes?
They’re responsible for actually leading industry changes instead of just reacting to them, so I’d say they’ve got that one covered too.
Is the brand getting more popular?
Yes, yes, and yes.
Does their CEO bring life to the brand?
Tesla has a $0 marketing budget. This is incredible considering the $11 Billion dollars other car companies collectively spend on marketing every year. The bigger question is, how are they making this work?
Elon Musk is in the media all the time presenting new ideas and updates on what’s happening with this brand. He goes out of his way to share his vision and has developed an audience. A real audience. This is what’s driving (no pun intended) Tesla’s brand momentum and competitors aren’t able to keep up.Tweet
It’s uncomfortable to step into the spotlight for a lot of people, but the main takeaway here is that your leadership needs to do it to build brand momentum.
Is Tesla getting more popular?
Is the quality of Tesla’s brand perceived as getting better?
This one is fairly subjective, but overall I’d say yes.
I don’t know if I’ve ever seen someone complain about their Tesla. I do know people who’ve gone shopping for one of their products and personally herd them BRAG about the experience of shopping for one of their cars. They haven’t even bought anything from these guys yet and they’re already singing their praises.
Does Tesla help people make money?
Well, no. However, Tesla customers are obviously spending less on gas. There’s also a rumour that in the future people will be able to use them as part of a ride-sharing system. Tesla owners would get a kickback for letting people use their cars when they’re not using it. Theoretically, this product could be making people money at a later point. Though, some are a bit skeptical.
The perceived product quality of Tesla keeps going up (minus that weird truck they released). Tesla’s CEO, Elon Musk, brings nonstop energy and ideas that the media LOVE. More importantly, the audience he’s built loves them too. The brand promise continues to grow and people are truly excited to see what they come up with next.
This brand has momentum that is breaking industry standards and shaking things up in a big way.
What’s the real lesson here?
You don’t need to have a billion-dollar budget to start building your brand momentum, but you should be paying attention to what the big guys are up to. If you’re running a small business and looking for ways to get in front of more people, building your brand should be a top priority. Oh, and it’s free to get started.