Is Your Brand Ready To Expand?
Brand Assessment Quiz
Many brands are missing the basics and need to focus on these before taking the next step. Most people have not written their brand story, developed their brand architecture or crafted their brand positioning. These three pillars are the heart of your brand strategy and serve as the foundation for everything you do. They are your north star, the lens from which you make decisions: who to hire, what opportunities to pursue, when to act, and where to go next.
Many people believe they have what it takes right now to grow their brand and don’t need to wait. They don’t need that strategy “mumbo jumbo”. If you are in this camp, and looking for a quick answer, I recommend you take our brand assessment quiz. By answering seven simple questions, you will know whether your brand is ready now to grow.
The scoring is not intended to be scientifically rigorous, but rather to give you a sense for the relative strength of your brand with its target. When answering the questions, don’t labor over each one. Rather, follow your gut and make an educated guess and assign an appropriate score. Mostly, have fun!
For those with established brands, I developed an algorithm to allow people to determine whether their brand can be expanded, extended or licensed. It’s based on the LASSO Model I co-created with Mark Di Somma. LASSO stands for Lateral; Addictive; Storied; Scalable; and Ownable.
This algorithm allows people to evaluate their brand and receive recommendations as to how optimally the brand is being extended. Using state-of-the-art statistical techniques, the algorithm aims to simulate an expert assessment of brand extension in an automated manner, allowing both consistent and objective brand evaluation.
The LASSO algorithm, an academic project free forever to the branding industry, can predict which of your brands has the greatest potential to expand by answering just five questions based on the five LASSO categories.
Rigorous statistical analyses show the algorithm currently has an 80% accuracy rate in assessing whether a user’s brand is Under Optimized or Optimized.
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