Building a Brand Using Tips from Top MBA Programs
Washington Post contributor JD Harrison recently noted some of the most common branding missteps made by burgeoning businesses. First, he warns against emulating the tactics employed by other companies because “customers value individuality” and a unique product is likelier to generate a buzz. He also urges companies to pay attention to their levels of customer engagement and satisfaction. He suggests not only fashioning a distinct identity that customers can relate to, but also offering channels by which company employees can interact with the public and use feedback to develop new strategies. Finally, he adds that companies should never “lose sight of [their] aspirations.” While business growth is a good thing, Harrison notes that brand identities and values can get muddled as small companies expand into large corporations.
The University of Pennsylvania’s Wharton School of Business incorporated some of these principles in its recent “Knowledge for…” re-branding campaign. According to BrandChannel, the campaign is based on three fundamentals of business development: innovation, social impact, and global presence. The school has published several infographics to highlight the impact of Wharton students on a worldwide scale, and evaluated the program’s effectiveness, perceived legitimacy, and credibility by crowdsourcing thousands of stakeholders. In addition to Wharton, other prominent business schools have adopted distinct branding campaigns in order to differentiate themselves from competing programs. Northwestern University’s Kellogg School of Management, for instance, uses the slogan ‘“Think Bravely: We believe that business can be bravely led, passionately collaborative and world changing.” Harvard Business School uses the tagline, “We educate leaders who make a difference in the world,” while the Stanford University Business School appeals to prospective students with the phrase, “Change lives. Change Organizations. Change the World.”
Distinct logos and taglines have proven successful for business schools, but according to a report by the Allied Academies International Conference, MBA programs can also effectively build a brand using other strategies. First, B-schools can conduct a stakeholder analysis to establish a program’s “domain and advantage”; these findings can help universities determine the scope of their outreach strategies (global, national or local). A “brand audit” is another useful way to develop promotional tactics based on available data. Finally, the report noted stark contrasts between branding approaches employed by US MBA programs and those based in Europe and Asia. By thoroughly analyzing the effectiveness of various branding strategies within overseas markets, B-schools can draw in a larger number of students than competing institutions. “A well known brand name enables a B-School to focus its promotional efforts, create and sustain loyalty across generations, charge a premium price, and differentiate offerings from competing schools,” the report states.
Like any other corporate entity, business schools use branding strategies to gain an edge over competitors and establish a positive relationship with the public. And as a result, the colleges and universities that utilize the most effective tactics ultimately attract a larger pool of talented applicants.