A couple of days ago I was perusing Twitter when I saw a tweet advertising a graphic design firm. The tweet was promoting the creation of company logos and implied that to create a brand, all you needed was an up-to-date logo.
This is, of course, nonsense. A brand is far more than a name or a logo. As I have previously shown in this blog, brand names and logos are just one element of the brand identity prism, part of its physique. Your brand also needs to develop a personality and culture. It should reflect the aims and ideals of the intended customer and reflect the relationship between customers and the brand owner.
Companies, if they are to be successful in the long-term, need assets which can provide longlasting competitive advantage and value. Today, the pace of change in markets can be extremely rapid. Markets can move quickly, timescales are contracting. Assets which can provide such long -lasting advantage include things like research and development capacity, developing a customer orientation, encouraging employee involvement, maximising efficiency and brands.
If you examine the activities of some of the most successful businesses in the world, you will find that they place great importance in protecting and developing assets which provide long-lasting competitive advantage and they do so in such a way as to adapt to ever-changing market conditions. These firms know that if customers are to be retained, and their loyalty ensured, they need strong brand identities. Loyalty is not based on price points or bargains.
Our modern society is materialistic. People want to put meaning onto their consumption. This requires brands which tell a story and that story should reflect the values and perceptions of its intended purchasers. You need to reflect both tangible and intangible buyer values. Your brand must deliver meaning.
Brand building requires more than just ‘Branding’. This may seem paradoxical but brand development is about more than communication. To fully develop a brand, you need to plan its development across all of the marketing mix.
Consumers also expect brands to maximise their delight. They want to feel empowered and have their expectation more than simply met. It is about providing consumers with ‘best value’. This is a crucial mix of values, not simply providing the lowest price.
Simply owning a logo or a name is not providing consumers with a brand. You also need to treat your brand as a strategic asset. This requires careful planning and constant vigilance on the adapting market environment. Philmus Consulting can help your firm to develop strategic marketing plans which make the most of your brand’s value.