The power of a Brand
Why is branding so important to us?
A company’s brand can be one of its most important assets, but when does the protection of a successful brand get in the way of innovation?
In the dim and distant past when I was studying for my CIM Diploma, branding was a key part of the learning. We were told that the brand meant everything to the company. The worth of the brand appears on the balance sheet of many corporations as an asset. This is nothing new:
“If this business were split up, I would give you the land and bricks and mortar, and I would take the brands and trade marks, and I would fare better than you.”
— John Stuart, Chairman of Quaker (ca. 1900)
And today the Apple brand is valued at $104.3bn (according to Forbes – Nov 2013).
No surprise then that the brand is nurtured, (some might argue mollycoddled) more diligently than some children in the world!
But why is branding so important to us? Marketers talk about consumers being rewarded when buying brands as they’re gaining added value, that they can trust the brand in the same way that they trust a good friend – the brand won’t let them down. Basically consumers are buying the brand promise.
Your agency is there to help with the job of communicating your brand effectively to your target audience, making sure that they understand that value and choose your brand over your competitors. However, the client has an important role in delivery. All trust for the brand will be lost if the provider does not deliver on the brand promise. Once you’ve invested, often huge sums of money, in promoting your brand – make sure that you don’t let the customer down – don’t promise what you can’t deliver.
Ultimately, the brand guardians are the decision makers. There is an inherent fear in changing anything about the brand just in case you make a mistake! The brand becomes the parent and thinks it’s in charge, that it is bigger than those who nurture it. So, be brave, be the decision maker, question the brand values regularly – are they still relevant in todays’ marketplace. Your brand will not succeed by standing still. Trust that you know what’s best for your brand and how to take it on to the next level and ensure that you deliver the promise! And don’t forget – your agency is your partner.