Remember our formula for building brand equity: BE = SA + PQ + SD* (If you're a new reader of BRANDWORTH News, you may click the link below for previous articles in this series). We now come to the third component of building brand equity, Singular Distinction. We begin the third of our four-part series on the Brand Equity Formula by asking a question.

What business are you in? C'mon, what business are you really in? If someone riding an elevator with you casually asks about your occupation, do you answer with such generic words as: "banking, healthcare administration, insurance, children's apparel design, law practice, physical therapy, advertising, wholesale distribution, and so on?"

You cannot always tell when that "someone" on the elevator is potentially your best new business prospect. The fact is, that "someone" probably has many familiar and trusted options available if she happens to be in the market for "banks, hospitals, life insurance, children's clothes, lawyers, therapists, ad agencies, etc." Your boring, generic answer would likely end that conversation because you offered no differentiation, nothing notable, relevant or exciting. Like most marketers, we believe in the importance of differentiation, but, to have any value, the difference must be relevant to the priorities of your customers. Singular distinction can be defined as differentiation with relevance.

The business you are really in should engage your customers and prospects on an emotional as well as rational level. What one thing does your brand represent that is truly meaningful in peoples' lives and businesses? People make buying decisions emotionally and justify their purchases logically. Perhaps if you were to answer in terms such as: "dreams fulfilled, quality longevity, peace of mind, adorable fashions, freedom, restored vitality, brands personified, stocked shelves, and so on" your elevator mate might picture themselves benefiting as well from your offerings.

Perhaps you've heard the phrase, "elevator speech." In very few words, we should be able to articulate our brand promise in a way that captures the imaginations and touches the emotions of our audience. We want them to yearn for more information, or better yet, ownership of our product/service. Having a singular distinction in a competitive marketplace makes your brand more easily remembered and simplifies choices for your customers and prospects. With a singular distinction, your brand is far more likely to be in your target audience's consideration set. Just remember the Volvo example from our last issue. If you want to buy a safe car for your family, chances are you'll test-drive a Volvo. Volvo owns the word "safety" in the car business, and they are justifiably proud of that singular distinction.

In the next few weeks we look forward to summarizing the brand equity formula in its entirety. We'll provide illustrations and put the formula in context regarding you, your customer, and your competition. You won't want to miss the next BRANDWORTH News!