What’s in a brand? If you own a franchise part of the value of your business is the name that the franchisor has created. The franchisor has spent many years building up a name, often many outlets, reputation for service and quality leading to a relationship of trust with customers. When you come along you immediately jump on board and take advantage of all that has been created.
In early times a brand was synonymous with name or trademark. Cattle were branded. The name of the property was applied to the hide of the animal. Towards the end of the twentieth century marketers started to appreciate there was more going on here than recognition associated with a brand name
Advertising guru, David Ogilvy described this thing brand as “the intangible sum of a product’s attributes”. Put simply, your “brand” is what your prospect thinks of when he or she hears your brand name. It is the emotion evoked. It is the feeling. It is the “thing” that really defies description. It is the yellow. You know what it is but words don’t quite do the trick when trying to define yellow.
So you are not a franchise and you don’t have David Ogilvy as part of your advertising team. How do you create brand? I would say “very slowly.” It might be the genuineness of your design, or your honesty with your customers. It will be built by reputation sent around by word of mouth. In the age of social media it can be spread very quickly. Good and bad brand news spreads like “wildfire” If you are fresh and new and exciting, there is a greater chance your brand will spread. I put together a little video on Emotion Perception and Need, the things you can get working for you when you are building the value of your business. The point considered around the area of emotion and perception are very relevant when you are wanting to build your brand.
Brand building is so important considering one day you will sell your business. Selling your business is a long-range project. You won’t build your brand in a day and you won’t get your business ready for sale in a day. Over time you can make wonderful progress.
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Sorry to bang on about brand but you will see that a lot here on this blog.