Halos and graveyards

Your brand is like a bank account you share with your people (including customers, advocates, competitors, peers, neighbours, and more). The currency is trust. If a person enjoys your product, you’re making a deposit of trust. If a person finds your product confusing or disappointing, you’re making a withdrawal. Trust builds true fandom. The main business goal of accumulating trust is so that people can see the value in paying more for your products. On top of this, other brands will want to associate with your brand. You’ve created a halo effect. Other companies will offer their assets to partner with your brand, and you’ll have a stronger say about the terms. The opposite is true, too. When you’re running low on trust with your people, your brand will be perceived as a graveyard. People will only buy your products at a discount, with reluctance, and you will need to pay more to acquire customers and advocates. When you’re investing in marketing, consider how you can make an…

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