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Brand

Good Governance Needs an Ethical Culture

The Concepts of Ethics/integrity are not as difficult to grasp as quantum physics and yet corporate leaders just don’t seem to get it when in comes to Corporate Governance.

“… that since Enron, businesses are focusing more on compliance with the law than on building cultures where lying isn’t tolerated.” Patricia Harned, president Ethics Resource Center December 2007

This must be reversed, Boards and C-suite management must now go beyond compliance and build a culture in which ethics is the norm.

Open Compliance and Ethics Group

While employees generally can be expected to be honest, corporate governance matters can be involved and must be provided with the context and motivation to do their work with the highest ethical standards. This falls to the Board and C-suite management.

An organization’s culture includes the formal and informal norms that guide how people behave at work. The Board and senior management set the “tone at the top” regarding establishing an ethical culture. This is more that crafting a credible code of ethics. An essential starting point is that Directors and the C-suite need to focus on good ethical practices not as a cost of business but as an investment in building the firm’s reputation that in turn will lead to enhanced financial performance.

The Board and the C-suite, through their words and actions, establish the expectations that provide guidance for crafting and maintaining an effective ethical culture. This is an example of what can be done to promote ethical cultures.

Finally, here is an Ethics Quiz that may be useful to highlight areas that should be considered.

10 Questions to Ask to Develop Your Brand Internally

A critical component to developing a business brand strategy is ensuring that your employees understand that brand strategy, buy into that brand strategy and live that brand strategy.  In fact, one of the first steps you should take as you develop your own brand strategy is to look within your own company. 

Ask your employees to confidentially respond to the following questions:

  1. What word (or words) come to mind when you think of our brand?
  2. What does our brand stand for in the minds of consumers?
  3. What should our brand stand for in the minds of consumers?
  4. Do consumers trust our brand?
  5. Do you trust our brand?
  6. Do you purchase our brand?
  7. Do you recommend our brand to friends and family?
  8. Do you like telling friends and family what company you work for?
  9. Do you think our leadership is focused on delivering our brand promise to consumers?
  10. What other brand do you think does a better job than we do?

Asking your employees to answer the above questions will give you an idea of where your brand currently stands in their minds and where you need to make changes in order to have any chance at convincing them to buy into your brand strategy.  In other words, if they don’t think the company lives the brand strategy at the executive level or overall, then it’s highly unlikely they’ll be willing to live the brand strategy that is passed to them from upper management through training sessions, special events, etc.

In other words, your employees need to believe in your brand strategy to live it.  Begin building your brand internally first.

What other questions would you add to this list?  Leave a comment and share your thoughts with Corporate Eye readers.

Does Your Brand Matter?

Would anyone notice if your brand disappeared tomorrow?  Would anyone care?

Those are two questions that branding experts use in what’s often called the tombstone test.  By answering those questions, you’ll get a better idea of the importance of your brand in the marketplace. 

Is your brand easily replaceable in the minds of consumers?  Do customers feel a strong loyalty to your brand?  Try the tombstone test to learn the truth about your brand.

Think of it this way.  Would anyone notice if Coca-Cola disappeared tomorrow?  Undoubtedly, millions of people would notice.  Would anyone care if Coca-Cola disappeared tomorrow?  Certainly, millions of people would care, and they’d probably be very vocal about it.

Now try the same test with your brand.  If your own feelings about your brand are getting in the way of making an accurate assessment, then go out and speak to your customers directly.  Ask them if they would miss your brand or care if it disappeared.  You just might be surprised by what they tell you.  In fact, their responses might make you completely redefine your marketing strategy.

Another interesting approach to the tombstone test is to ask your customers the same questions about your competitors’ brands.  Compare the answers to those given for your brand, then look for opportunities or threats and modify your strategy to fill the gaps (or take advantage of them).

Remember, successful brands are those that people care about and would miss if they disappeared.  If you customers don’t care now, then it’s your job to make them care.

So does your brand matter?  If not, make it matter!

Give Your Brand a Check-up

When was the last time you sat down and evaluated your brand’s health? I don’t mean just looking at sales numbers and net profits, I mean analyzing every aspect of your brand to ensure it’s reaching its full potential. I call this process a Brand Check-up, and it’s an essential part of your ongoing brand strategy.

Conducting a Brand Check-up isn’t difficult. The simplest way is to use a classic SWOT Analysis and analyze your brand’s strengths, weaknesses, opportunities and threats. Many marketers these days devalue a SWOT Analysis, but I truly believe there is no better way to get all the details of your brand’s current position and to determine areas for improvement, concentration and growth than with a simple SWOT Analysis. [Read more…] about Give Your Brand a Check-up