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“Behavioral Bites” is a series of brief, thought-provoking behavioral economics ideas.

 

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What is Your Brand Personality?

Posted By Warren Cormier, Friday, December 14, 2018

One of my favorite behavioral economists, Meir Statman, devised a concept known as “brand personality." Essentially it says that your brand (and it may be your personal brand) is made up of three parts:

  • Utilitarian: What the brand product(s) (or you) actually does
  • Emotive: how the brand makes people feel about themselves when they associate themselves with the brand (including you)
  • Emotional: how your brand makes you feel about yourself

This model helps to explain why some people will pay $30,000 for a watch that doesn’t keep time as accurately as a $25 watch. Imagine your sales results if your brand had achieved this status -- I would get started on it right away!

Tags:  behavioral economists  brand 

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