Dear Valued Customers
If you are not a brand you are a commodity, goes the adage. And then price is everything and the low cost producer is the only winner. In fact, marketing is the art of brand building. Branding means endowing products and services with the power of a brand. The latter is a differentiating device, a name, words, sign, design or symbol which singly or in combination, differentiate one product from another in the eyes of the customer. At the core of this is an appreciation by the consumer of the product’s values and character and associated with this an element of trust.
A successful brand emphasizes the individuality of the product within a highly competitive market place. Also a successful brand name involves art, science, lots of money and often luck. Basically a brand is an emotional connection which helps in creating wealth and shaping a business culture for an organisation. It makes you stand out of the competitive market place especially nowadays with access to internet.
Among the famous definitions of brand, we have:
David Aaker, author of Managing Brand Equity:
A brand is a distinguishing name and/or symbol (such as a logo, trademark, or package design) intended to identify the goods or services of either one seller or a group of sellers, and to differentiate those goods or services from those of competitors. A brand thus signals to the customer the source of the product, and protects both the customer and the producer from competitors who would attempt to provide products that appear to be identical.
Scott Davis, author of Brand Asset Management:
Brand is an intangible but critical component an organization “owns” that represents a contract with the customer, relative to the level of quality and value delivered tied to a product or service. A customer cannot have a relationship with a product or a service, but may with a brand. A brand is a set of consistent promises. It implies trust, consistency, and a defined set of expectations. It helps customers feel more confident about their purchase decision. It is also an asset and next to your people, no asset is more important.
Duane Knapp, coauthor of The Brand Mindset:
A brand is the internalized sum of all impressions received by customers and consumers resulting in a distinctive position in their “mind’s eye” based on perceived emotional and functional benefits.
See you soon.