As a result of digital, mobile, social media and big data trends, we as consumers shop and use products and services differently. Which has inevitably impacted brands and the way they are built. It has however not changed the fact that brands are still extremely important. Brands are in many instances the company’s most valuable asset. If your brand is not one of your most valuable assets, you have work to do.
Understanding what a brand is and what it is not.
The fact that every consumer has instant access to all the world’s information has not changed how important brands are. It has however changed how fast things can change. Making it more important than ever to build your brand based on information, not opinions.
Your brand is a valuable part of your business and it is intangible. So, how do you measure a brand and improve it?
Before we dive into that, let’s make sure we are clear on what branding is and what it is not.
What branding is not
A brand is often confused with a catchy advertising slogan or logo. While it’s true that when you think of a brand, you often think of their logo or slogans, that’s not what their brand is. For instance, when you think of McDonald’s, do you see yellow arches, or hear the catchy tune, “I’m lovin’ it”? That is however, not McDonald’s brand.
A brand is not:
- Your logo
- An identity
- A tagline
- Your packaging
- Your maskot
- Your website
These are some of your brand elements, some of the building blocks of your brand. So, if this is not the brand, what is?
What branding is
Your brand really only exists in someone’s mind. Your “brand” is everything the public knows and feels about your company, product or service. It is the collection of associations that people have about a company, product or service. Sometimes it is simplified by saying, people have personalities. Businesses have brands.
A brand is how people perceive your product, service or organization. Therefore, branding is how you influence people’s perceptions and attitudes to your company, product or service.
Your branding differentiates you from competitors and should reflect your company’s values and beliefs. Since the brand exists in the consumer’s mind, everything you do and say affects your brand.
Once you have established a brand, the next step is to communicate it. That is brand building, or branding. That’s where the logos, taglines, catchy slogans and all the brand elements come in. That includes corporate social responsibility (CSR) and other initiatives that reveal what your brand stands for.
But, why build a brand
Because, when done right, it improves performance.
Strong brands have increased brand recognition, enjoy more loyalty and enjoy lower price sensitivity. They also save money on marketing communications (advertising) because of increased advertising effectiveness and have a high likelihood of success when launching new products. Last but not least, people want to work for strong, interesting brands, leading to more applicants when hiring and greater employee retention and happiness. Talk about a win, win, win, win….
However, actually building a brand and then measuring how the brand is doing is easier said than done, or rather it used to be.
Build a brand with The Brandr Index
Building your brand is too important to rely on opinions and guesses. By using The Brandr index that measures what actually matters to your customers and how your brand measures up to their expectations compared to other brands.
The Brandr index looks at how your brand is perceived by your clients in the following areas:
- Differentiation
- Image and perception
- Segmentation
- Social responsibility and sustainability.
Based on these four factors, your brand will receive a total brand health status. Then, you can compare your brand to local and global competitors as well.
Get started with The Brandr Index today.
