Last night I had a discussion with my flat-mate on the difference between marketing and sales and the impact of an established brand on the both. In the process, both of us came to a conclusion that branding plays a very significant role on the success of a business. And the reason why branding is so important is branding and its perception in your customers mind, differentiate you from the competitors.
But most of the new entrepreneurs, specially the ones in SME segment, either do not understand what exactly brand is or branding drops down in their list of priority as they fail to relate the value added by a well groomed brand to their business. I have seen people creating beautiful websites in the name of re-branding, creating logos and related stationeries in the name of branding. But brand is not just a logo, a website or a business card. As the company has its vision and mission, so does a brand has its vision and mission.
Apple being the most valued brand for the year with the brand value of $153,285 Millions shows the power of a brand. Have a look to the top 10 brands in the world:
Top 10 Global Brands
I believe brand is much beyond the logo, websites, and brochures. Brand is the faith of an entrepreneur on his business, on his product and service and this faith is made to be traveled across to the customers.
Brand is how your customers perceive your company and your products. Brand is customer aspiration; a customer seeks to get fulfill while connecting to your product and brand.
Brand is your strategy towards achieving your organization’s goal. Brand is how you speak, how you communicate with your customer, how you behave. Brand is how you associate yourself with your customers. Volvo is associated with the safety. Customers consider it to be the safest vehicle and they believe so because people at Volvo believe so. Brand is to communicate your trust and faith in your product to your customers.
A customer always seeks value in his purchase; hence a well-crafted brand provides an assurance of the desired value from the product.