What is a Brand? What are the business benefits to having one and how to assess its value?
Brands are the most powerful business tools on the planet.
They help your customers to understand the positioning of your products or services in your marketplace; The core values behind your business, as opposed to your competition, as well as encouraging long term customer loyalty and word of mouth referrals.
A well-designed and carefully promoted brand becomes a major asset in its own right. It inspires confidence when launching your new products, and takes on a value all of its own when you come to sell your business.
To illustrate how powerful a brand asset can be, let’s look at Coca-Cola, one of the best-known global drinks brands. Although essentially just a soft drinks product, Coca-Cola the drink itself is eclipsed by the sheer might of Coca-Cola the BRAND.
In a recent survey by leading branding agency Coca-Cola’s brand equity was valued at just under half the companies total market value. This phenomenon can be best summed up by the following quote:
“If Coca-Cola were to lose all of it’s production-related assets in a disaster, the company would survive. By contrast if all our customers were to have a sudden lapse of memory and forget everything about Coca-Cola, then the company would be out of business!”
If you already have a brand, you can assess its value by asking:
• What does your brand stand for?
• What do your customers associate with your brand?
• How out of date is your brand?
If the answers to any of these questions raise doubts in your mind then should consider re-branding.
If you don't have a brand, you need to get one.
At the beginning, brands help people to identify with your business proposition. Your brand is a vital aid to correctly 'positioning' your company and your products and services.
Commission a new brand or a re-design from a designer or agency that can demonstrate a track record of experience. It's a very important mission: One you can't afford to ignore.
Here’s were we come in:
We love everything about brand and we’d love to help you create the perfect brand for your business.
All brand names and images recognised and are copyright of their respective owners