the power of place branding and competitive identity by chris fair, resonance consultancy
DESCRIPTION
Panel discussion at CEOs for Cities 2014 National Meeting covers the power of place branding and competitive identity in cities. For more info, visit ceosforcitiesnationalmeeting.org.TRANSCRIPT
THE RESONANCE REPORT
RESONANCECO.COM
THE DISTINCTIVE CITY DIVIDEND: THE POWER OF PLACE BRANDING
AND COMPETITIVE IDENTITY
WHAT IS A BRAND?
Estimated Value of Coca-Cola’s “brand” is $79.2 billion - Interbrand 2013
Brand Equity is “the set of assets and liabilities linked to a brand’s name and symbol that adds to or subtracts from the value provided by a product or service to a firm and/or that firm’s customers.”
-DAVID AAKER, MANAGING BRAND EQUITY
BRAND EQUITY
Place Equity is the set of assets and liabilities linked to a city’s name and identity that adds to
or subtracts from the perceived attractiveness of a city as a place to live, visit and invest.
PLACE EQUITY
Unlike Brand Equity, Place Equity is built and shaped by much more than marketing
and promotions.
In an age where traditional marketing and advertising influence people less and less,
locals and visitors themselves are increasingly influencing and shaping the identity and
perception of cities through their evaluation and recommendation of experiences in social media networks – broadcast via the comments, images and reviews they share with family, friends, and
people around the world.
The Place Equity Index is a measure developed by Resonance Consultancy to quantify and
benchmark the relative quality of place, reputation and competitive identity of one city to another using both traditional statistical measures and
qualitative evaluations by locals and visitors in 24 fields grouped into six core categories.
PLACE EQUITY INDEX
PLACEPerceived quality of a city’s natural
and built environment
PRODUCTPerceived quality of a city’s key
institutions, attractions and infrastructure
PROGRAMMINGPerceived quality of a city’s arts,
culture and entertainment
14 | U.S. Place Equity Index 2015
PEOPLEPerceived character and diversity of
a community
PROSPERITYPerceived wealth and opportunity
in a city
PROMOTIONQuantity of articles, references and
recommendations online
17 | U.S. Place Equity Index 2015
THE RESONANCE REPORT
RESONANCECO.COM
THE DISTINCTIVE CITY DIVIDEND: THE POWER OF PLACE BRANDING
AND COMPETITIVE IDENTITY