In today's world of advertising, business owners should be focused on the most effective method for creating brand 'awareness' without breaking the bank. The resounding answer seems to lie in establishing a powerful and consistent brand image. So why is brand development so important, and why now? And how exactly is more expenditure on the brand supposed to help your business if all you want is a website, a few print pieces, or even 'just a little more exposure?' Truth is, brand development is an investment - a proven investment. In my professional opinion, every business owner should budget for a brand discovery session, mainly so you can uncover your business' core truths - those qualities which you are not even aware exist yet - so you are able to put you and your business in a much better position for success. For those of you who still need some convincing, perhaps it's best you take an objective approach while I point out a few enlightening facts about brand development.
By definition, branding is the use of a name, term, sign, symbol, or design - or a combination of these - intended to identify the goods and/or services of one seller or groups of sellers. In other words, your brand gives you a distinction to claim, an identity to own - it has the potential to single handedly set you apart from your competition. Regardless of which business you're in, branding will always bear a significant importance. It's that simple, and that hard - and that inescapable!
According to Interbrand, “regardless of your view of the world, in good times and bad, your brand is your company’s most valuable asset. Understanding how your brand creates value for you is key to maintaining market leadership or establishing it in the first place.” Perhaps the most compelling evidence that supports the power of brand development can be found within the Coca-Cola brand. They are ranked number one on Interbrand's top 100 global brands of 2009, a spot they've held for nine consecutive years, and their brand alone accounts for 51% of the company's stock market value. The reason the Coca-Cola brand has survived since 1886 is largely because Coca-Cola has always known the importance of their brand. Coke has been very successful at integrating current, relevant and consistent branding strategies. It is this methodology that has gained them "brand of preference" status, along with an enormous amount of support from their many loyal consumers.
While a strong identity has always played an integral role in the world of advertising, it is true that your brand differentiation carries more weight today than ever before. The reason being, there are simply more businesses competing in each market today than there were 100 years ago. As consumers, we are exposed to thousands of messages a day. Fortunately, with the help of a brand discovery session, you will be able to uncover your unique selling points - "core truths" - which, in turn, will help as you begin the process of distinguishing your brand from your competitors. Next, you should begin the process honing in on the values that you believe truly represent your business, even though you may never reveal them to the public. They should become visible in every aspect of your business' routine, from customer service, to your website, to phone calls and emails, right down to the treatment of your employees - past and present. Once you have completed a brand discovery session, your brand essence will be revealed and your marketing firm will be able to use this as the cornerstone for developing your brand's image.
Fortunately, no matter how young or old your business is, you can still bring your brand to life. For starters, you can help an existing brand evolve or you can develop strategies to reinvent your brand. Either way, one hurdle that stands between you and the future success of your company is having a well developed strategy to grow your brand. Honestly, you shouldn't be asking yourself, "why is branding so important or why now?" What you should be asking yourself is, "can I really afford not to jump on the brand wagon?"
