What is a brand?
Brand is one of those words that everyone in business and marketing uses, but not everyone understands.
So, what is a brand anyway?
In this article, we will bring clarity into what a brand is and its importance.
Let’s start by saying what a brand isn’t. A brand is not a logo. A brand is not a promise. A brand is not the sum of all the impressions it makes on an audience.
A brand is a result- it’s the customer’s gut feeling about a product, service, or company. It’s in their heads and their hearts.
A brand is your reputation.
Think of a brand. Any brand. We’re big fans of Apple, so we’ll use it for this example.
What is the Apple brand? It isn’t computers, phones, and the stuff we use every day. Those are the products Apple manufactures. And it isn’t fun ads or all white-minimalistic stores. That’s marketing, not the Apple brand. Even Apple’s logo and name don’t encompass what the brand is actually about. It turns out the Apple brand isn’t any “thing” in the classical sense of the word. You can’t hold it or see it or hear it.
That’s because brands live in the mind of everyone who experiences them. Your brand is the set of perceptions people have about your company
IMPORTANCE OF HAVING A DEFINED BRAND:
One of the biggest brands in the world is Coca-Cola, so let’s use it for this example.
Coca-Cola’s brand is how the company is perceived by those who experience it. That’s why when I tell you to think of a soda, the first thing that pops into your mind is Coca-Cola. It’s not just the product, but also the way they project their image onto the customer. They want you to think of something good when you hear their name.
The Coca-Cola brand or Apple brand is probably why so many people are loyal to those companies. For this exact reason, having a defined brand is a company’s most valuable asset.
A strong brand enhances your chances of winning over customers over your competitors. By doing so, you will attract more customers who will pay a bit more and buy a little more often, while the cost per acquisition will be lower.
Brands are business tools that drive measurable ROI (return on investment). Your brand is the single most important thing your company is going to have. It may be intangible, but it still is extremely valuable.
Ultimately, your brand is how the world perceives your company. So what could be a better investment than shaping that perception?
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