What is a brand anyway? A brand is what allows Starbucks to charge three times more for a cup of coffee than your local convenience store.
A company’s brand is the set of assets that contribute to the value consumers attribute to that company. A well-established brand, or image, makes your product or service worth more. It’s that simple.
A brand is an image that exists in the consumer’s mind, but it doesn’t happen overnight. Consumers come to believe in a product’s quality, results, reliability and status because they see repeated assurances that the product delivers those attributes.
When consumers are motivated by a product’s brand attributes, they choose that product over similar ones in the marketplace. Why buy a Cadillac over a Chevy? It’s all about the brand.
Branding is just as important to a small business as it is to large corporations. To determine your branding position, you must first take an objective look at your company’s or product’s strengths and weaknesses, how does it stack up against the competition.
Establishing your brand can involve advertising but also includes public relations and, probably most importantly, providing excellent customer service. A consistent message in your marketing will go a long way toward reinforcing your brand.
Building a positive brand image translates into higher profits. The perceived value of your product or service allows for favorable pricing, because customers are willing to pay for the value of your brand.
