When a brand is developed and maintained professionally it can achieve the same (not necessarily the same in dollar value but in percentage growth) for small to medium sized businesses. That is the power of a good brand.
The business name, logo and vision that you have right now have the capacity to generate even more - if you allow a brand expert to assist you.
Each year brands are assessed on value. It’s probably no surprise that the world's most known-trusted brand is Apple estimated at $US87B.
Apart from having good products and after sales support they know who they are and what they are about. As one commentator says, "Apple redefines categories and addresses our needs even before we realise we have them."
Microsoft is number two in the world ($US54B) and every year it pumps $US1.6B into advertising. It too has a clear vision. Bill Gates says: "We started with a vision of a computer on every desk and in every home. Every day we're finding new ways for technology to enhance and enrich peoples' lives."
Having a vision for your business is very important. It means thinking about where you want to be and how you’re going to get there.
It can be large-scale or as simple as coming up with a way to provide an existing product to the market in a completely new way. A well thought out vision helps your employees understand your direction and values.
Coca Cola, ranked 3rd in the world with a value of $US50B, has built such a powerful brand that it says: "If Coca Cola were to lose all of its production-related assets in a disaster the company would survive."
Your brand highlights what makes you different and more desirable than your competition. It elevates you from being "just like everybody else" to being something unique.
It creates an emotional resonance in the minds of your customers who choose products and services using both emotional and pragmatic (logical) judgement.
People often pay more for a brand they like and trust. For this reason you want your brand to form perceptions of being distinctive, trusted and reliable.
There are 10 values that most businesses want to be known by: quality, openness, innovation, individual responsibility, fairness, respect for the individual, empowerment, passion, flexibility, teamwork and pride in their work.
Of course, people are not robots and you can't have absolute control over how they respond. However, intelligent use of your brand by communication experts in design, marketing and advertising will generate the right responses.
Away from your marketing, you need to have everyone in the business embracing the brand and what it stands for. It's no use promoting friendly customer service and failing to train your staff.
It is this connection with people which is so critical to building a powerful brand. Delivering a promise or solution. Think of when Apple came out with the iPod. Apple had connected with the people. It said we know you love your music and being active and outdoors, so we'll make it really easy for you to take your music with you.
As you look at your brand consider what you do and why, and how are you going to impact your market? What is your vision for the future? What are your values and beliefs? How do you want to be portrayed in the market and perceived by your potential customers (your brand personality)?
Visit Modemedia at www.modemedia.com.au
