‘Iconic Advantage’ by Soon Yu with Dave Birss
Iconic Advantage is a strategy to create lasting differentiation and build deeper relationships with customers, by unlocking the value that’s hidden away in existing products and services.
Three key elements:
- Noticing Power by being distinctive and memorable.
- Staying Power by being relevant and meaningful.
- Scaling Power by being universally recognised.
BMW revived the Mini for the modern market. It emphasised the Mini’s classic, distinctive features – headlights, radiator grille, door handles, chrome surrounds – to give it Noticing Power.
By retaining the car’s classic character but upgrading it to modern standards, BMW gave the Mini Staying Power.
It then expanded the range, introduced Mini merchandise and gave it engaging, high level promotion through advertising and PR to give it Scaling Power.
Companies like Nike, Disney, Amazon and In-N-Out Burger defined what it was that differentiated them from the competition and created a process to protect this essence and expand their business over time.
Iconic Advantage is a cumulative effect that gains power over time.
It isn’t just branding or design, but a strategy that runs deeper than aesthetics.
It’s about baking in desirability, by creating benefits that resonate with the audience. It puts the audience before the product and emotional benefits before rational features. It involves every area of the company.
Focus on innovating the old – where your existing strengths lie.
Iconic branding goes beyond what your audience sees, thinks and feels. It reaches a deeper part of what people believe about themselves.
4 levels of branding – visual, functional, experiential, iconic.
With an Iconic Advantage strategy differentiation and cost leadership are not mutually exclusive.
Don’t just solve problems, add pleasure.
Create signature elements – ownable look, emotional story, iconic experience, iconic name, iconic spokesperson.
It isn’t always the biggest mousetrap that wins. Often it’s the stinkiest cheese that gets the mouse.
Become timeless, by balancing the familiarity of the old with the excitement of the new. Gradually evolve the brand without departing from its core character.
Iconic Brand Pyramid – Purpose & Values, Personality, Promise, Point of Difference.
One or two great signature elements are better than a dozen competing ones.
Outward success starts with inner understanding of your brand DNA.
Define the core of your story. Not as a linear narrative. Think of the story elements – the protagonist, the challenge, the scenario, the relationships, the moment of truth, the mission, the resolution. Articulate and protect these elements. Then you can tell the story in a myriad of fresh ways.
The hardest part of Iconic Advantage is avoiding distractions and staying the course.
If you want to make big waves, you need to be all-in.