What is a brand?
The concept of a brand was first used more than a century ago by US cattle ranchers. A branding iron was used to mark which animals they owned as they transported the animals across the US. A brand mark shows that a product or service comes from a specific source. It’s something entirely unique to your company.
In the late 20th century, the concept of branding and its value evolved. Advertising tycoon David Ogilvy famously described a brand as ‘the intangible sum of a product’s attributes’. What your customers think about your product or services is critical. Your brand exists only in their mind. What they think about it, will be key to your success.
Why is your brand different?
One of the biggest brand challenges for businesses is having clarity on their brand. Are you absolutely clear on the purpose of your brand? Why is your business different?Why should a customer choose your product or service rather than one from your competitors? Can your employees succinctly communicate this when they are speaking to a customer? Does your messaging clearly communicate what makes you different across every touchpoint with your customers?
What’s the opportunity for your business?
Ultimately your brand is how customers recognise and experience your business. Etihad Airways is a super example of a visual language grounded in what’s different and unique about this airline. The opportunity for your business is creating a clearly differentiated brand that engages and motivates customers to buy your product or services. The impact and opportunity for you – is business growth and customer loyalty. Etihad achieved 17% year-on-year growth following it’s rebrand. On average customer experience focused organisations grow 14% faster than those organisations who are less customer-centric.