20 Mar How To Define a “Brand”
Brand is a big item on everyoneâ€™s agenda. There is service branding and product branding. Social media makes personal branding popular, too. But those of us at JHG Media believe that throwing around the word, â€œbrand,â€ can result in a definition loss of just what it means; how powerful branding helps commerce and how a good brand brings in additional income.
Organizational theorist, consultant and retired professor from the University of California, Berkeleyâ€™s Haas School of Business, David A. Aaker, wrote the following in his book, â€œManaging Brand Equityâ€:
â€œA product is something that is made in a factory; a brand is something that is bought by a customer. A product can be copied by a competitor; a brand is unique. A product can be quickly outdated; a successful brand is timeless.â€
The fact of the matter is that branding goes beyond the product and involves an encounter that is unforgettable and exceptional so as to leave a lasting impression. The customerâ€™s involvement becomes more important than the product or service. Thatâ€™s the essence of branding. Intelligent business owners create an upbeat experience which produces customers who tout the company brand with person-to-person communication, which oftentimes today occurs through social media sources. These are the ambassadors, or the advocates of your brand.
What creates a lasting impression? Maybe the purchasing the product or getting the service was a simple act that the customer likes. Perhaps it has exceptional quality, or maybe your business hands out exceptional customer service. A number of possibilities go into a memorable experience.
The Difference Between Personal Branding and Business Branding
Personal branding pertains to an individualâ€™s personal identity. As with brands for commerce, a personâ€™s identity involves features such as strong associations, feelings, attitudes, observed value and quality, along with distinction. When you establish a blog, or create your own page on Facebook, YouTube, Twitter, or Google+, you form your personal brand.
Everybody has favorites. If you wear Nike shoes, ask yourself, what is it that this company does that makes me like their product? Why do people like Disney? What sets Coca-Cola apart from other soft drink companies? What do these businesses associate with to make their brands likeable?
Think about it and analyze the essentials that make brands from these companies successful. Those might be the same fundamentals needed in making an outstanding brand and memorable experience for the customers who play a part in your business. Gather these points for your brand and youâ€™re well on your way to success.
Posted by:Â Joel Canter