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What is Wal-Mart's brand promise? Everyday Low Prices? Saving People Money So They Can Live Better? Okay, let's say it's both. So, why then has Wal-Mart unveiled a radically new design for remodeled stores? A design, by the way, that includes:
Wal-Mart also announced last week that it's scaling back on opening new stores and will instead focus on remodeling existing properties. Hmm. Why is that? To better fulfill its brand promise? C'mon. Think about it. They're doing it to better appeal to the desires of shoppers. Shoppers whose expectations have been elevated by brands such as Target and IKEA.
HOW MANY TIMES DO I HAVE TO . . . oops . . . sorry . . . a little frustration coming out there. :) Look, a brand is NOT a static promise; it's a shifting expectation that's created in the minds of your audience. Wal-Mart is making these changes to try to keep up with the evolving expectations of consumers; especially women. Perhaps academics should qualify their definition of a "brand" by stating that it's a promise to consumers that it will keep up with their changing expectations. That's simple, and that's reality.
P.S. Please don't sit quietly for too much longer, contemplating the market, elections, consumer spending forecasts, etc. Because while you're waiting for some kind of sign, smart organizations are stimulating their OWN economies.
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Tom is timely, thought provoking and all about the new brand vision packaged as a Seinfeld stand up. I went to school on his ideas.
Jeff Taylor, Founder, Monster.com and CEO, Eons.
Although a brand may be a ever-evolving promise, the reality is is that the consumers have a hard time changing their beliefs about a brand after a cosmetic change. Wal-Mart may change its appearance but I don't think that that will alter people's existing view of the chain.
Posted by: Rachel Stelmach | December 02, 2008 at 05:07 PM
The negative aspects of the Wal-Mart brand (cheap, messy, trailer park, etc.) are what the Wal-Mart honchos are trying to change.
In order for brands to gel with their audience, there must be a balance of a) promise and b) the perception of delivery, right? Wal-Mart sends and we receive. If the two are disjointed, Wal-Mart has issues... which they do.
Are they trying to compete with Target? Absolutely! But their focus on upgrading the shopping experience and trying to appear less trashy and more upscale are exercises in brand management, aren't they?
You're right that brands aren't static promises at all. They're at least partly based on a perpetual promise vs. perceived delivery dance between companies and their customers.
Posted by: olivier blanchard | December 11, 2008 at 08:42 PM
You're absolutely right, Olivier. Branding is a perceptual, and perpetual, dance. For example, Target is missing a few steps on the "low price" value perception right now. However, they're working hard on those particular moves. Time eventually tells on all branding fronts. Just ask GM.
Posted by: Tom Asacker | December 11, 2008 at 09:46 PM