Companies that attain a competitive advantage in their market niche are very clear about who they are and how they create value for their customer or clients. The way that value is communicated is through a brand promise. Essentially, a brand promise is what the company says it will do for its customers. At its core, the promise implies that a customer's "world" will somehow be better because of the product or service that is being offered.
For a brand promise to be realized there needs to be continuity and integrity between what is offered by a company, what is delivered or executed by that business and what is ultimately experienced by the customer or client. As a result, there are at least four stages to the fulfillment of the brand promise.
- Communication – a promise is conveyed to consumers
- Scrutiny – the consumer analyzes and considers the promise
- Acceptance – the consumer chooses to accept the promise
- Maintenance – the consumer continues to compare the promise with the experience
"A business' culture defines what gets appreciated, respected, and, ultimately, rewarded; those rewards and their linkage to performance are the foundation of changing behavior. If a company rewards and promotes people for execution, its culture will change. However your organization determines rewards, the goal should be the same – your compensation and rewards system must have the right yields. You must reward not simply on strong achievements on numbers, but also on the desirable behaviors that people adopt. Over time, your people will get stronger, as will your financial results."
- What form should the compensation take?
- How and at what interval should the compensation be paid out?
- Who should participate in each rewards program and why?