People tend to consider a name, color, logo, and even a particular sound to be a brand. While this is somewhat true since they all constitute elements of a brand, they are merely scratching the surface. So let’s address the question – what makes a good brand?
A brand is an intangible asset. It’s an identity that separates it from others in the business world. For instance, when you come across the name Amazon, things such as ‘online store’ or ‘great service delivery’ will probably come to mind depending on the level of interaction you have had with the company. And that is no coincidence.
Below is a thorough guide we’ve created to help you understand exactly what a brand is, its relevance, and the common characteristics behind great brands.
What Is a Brand?
Simply said, your brand is what your customers think of when they come across your name.
Every company, regardless of size, needs to establish strong brand recognition and trust with its customers.
A great brand is defined by how it makes its customers feel, how it goes about customer service, how valued its products or services are, and how it aligns with customer values.
Importance Of Creating A Brand
In light of how a lot of companies nowadays are competing against each other as they offer similar products, creating a brand is important in developing a favorable market perception of your company.
A Brand Will Give You Identity
A brand helps establish a personality for any given company. Good brand marketing assigns tangible and intangible attributes such as name, shape, voice, colors, and logo to a company.
Increases Company Value
A brand is an intangible asset that commands its own value. This value can increase both financially and non-financially if it is curated appropriately.
Helps in Recognition and Differentiation
Having a brand can help a company become easily recognized and differentiated from competitors in the market. This makes it easier for marketing to promote and sell branded products.
Builds Customer Trust
Giving a company identity helps make the company products easily recognizable in the market. This, in turn, establishes a level of confidence in customers thus building trust in the process.
3 Common Traits of Great Brands
1. They Focus on Their Audience
All brands have to start with a core audience from where they can expand. For instance, Amazon began selling book lovers before expanding into a global conglomerate.
2. They Have a Defined Objective
Big brands have a mission statement that directs how they go about their business. What is the value you’re communicating to your audience? Nike’s ‘Just Do It’ is a great example of a mission statement that speaks to everyone.
3. They Know How To Tell Stories
Great brands know how to relate to the market through stories. A company’s story helps foster a good relationship between the company and its customer base.
Brand Marketing is Part of Brand Strategy, Not Vice Versa
The words ‘logo’ and ‘brand’ are usually used interchangeably. However, a logo can be the symbol of a business but it does not mean it encompasses the brand. To create a great brand, you don’t need to be the biggest, most famous, or most profitable. Just build a brand message and show it in every business function that you do.
