The Economist states that for companies like Apple and McDonalds, the brand is possibly worth more than all the machinery and property. A strong brand mostly serves to differentiate your offerings. Cola with a red and blue circle is Pepsi. It’s a very different taste and experience than the cola with red and white swoosh.
For most of the brands that we use every day, we don’t even think about why or how they appeal to us, we just use them. It would take me a few seconds to remember the exact name of the cereal I eat many mornings each week–I just recognize the box. I know what it is when I see it. (And I pay attention to this stuff for a living!)
Your brand is a visceral reminder of the experience your customers have with your company and your offerings. Often their reaction is so quick and programmed, they do not know they are having it–strengthening or weakening their loyalty. I love the Trader Joe’s brand because it uses Hawaiian flowers. Even in the winter I feel a tingle of tropical nostalgia when I walk into their stores.
And customer loyalty is the #1 indicator of future success of an organization.
As I said last week, our brands have many, many facets to them. Now you know a little more about why it pays to pay attention to them.
What one thing will you do this week to strengthen your brand? Do a SuperBowl commercial? Or connect more with customers on a personal level. Anything that contributes to the most valuable asset is useful.
Please share by commenting below!
**I use the term “owns” loosely because the value of the brand is in the eye of the beholders, and can possibly drop faster than the stock price.