Products are made in a factory but brands are created in the mind. – Walter Landor
This quote from Walter Landor embodies the conceptual relevance and gravity of branding and the importance of branding.
Whether a product is made in a big factory or someone’s backyard, it’s an object that has the capacity of being replicated no matter how great that product is. Or it can be completely replaced as soon as something bigger or better comes along.
While the obvious factors of running a business are centered around product or service development, it’s hardly the lubricant that keeps the machine in full gear.
SuccessWise describes a brand as the personality of a company. “It’s the first thing consumers think of or feel when they see a company’s logo or product or hear their name.”
Seth Godin describes a brand in this way, “A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.”
Do you have one?
And how does your brand affect or impact your audience?
There has been much debate over the differences that separate a business from a brand. In short, your brand is your promise to your customer. Your brand is derived from who you are, who you want to be, and who people view you as.
Branding is the overall process of creating and maintaining a brand.
Products are made in a factory but brands are created in the mind.
– Walter Landor
Branding doesn’t happen by happenstance.
You may now be wondering what your customers think about your business and whether you’ve even established yourself as a brand. Many business owners overlook the importance of branding, but somewhere along their journey as an entrepreneur, they are introduced to the term brand.
Developing a brand for your business impacts every element of how you operate. It influences how you speak, how you listen, how you package, where you show up, how often you show up, who you build relationships with, how you engage and so much more.
Branding doesn’t happen by happenstance; once you understand the importance of branding, you become very intentional about the experiences you create for your team, audience, clients, and anyone that interacts with your business.
Successful brands have mastered their markets and they understand the importance of branding and what matters most – their audience’s experience and perception. Being great at what you do isn’t always enough to build a sustainable business. Businesses that stand the test of time are companies that have invested in building their brand.
Many elements influence how people perceive your brand. Take for example Nike – a brand known in the global marketplace. What immediately comes to mind?
Just do it. Their value statement embodies the perception of persistence, courage, vulnerability, risk, excellence, triumph and ultimately winning.
Important to remember:
1) Branding can be the deciding factor for consumers when they make a purchase decision.
2) Branding gives your business identity beyond its product or service. It gives consumers something to relate to and connect with.
3) Branding makes your business memorable. It’s the face of your organization and helps consumers distinguish your business across every medium.
4) Branding supports your marketing efforts. It helps your promotion pack that extra punch with added recognition and impact.
5) Branding brings your employees pride. When you brand your business, you’re not only giving your business identity, you’re also creating a reputable workplace culture.
Now that you know the importance of branding, ask yourself if you’ve been intentional about developing your brand. If you’re not sure where to get started or what to do next, speak to one of our brand experts here at Elemental Business Solutions LLC.
– Aisha A., EBS Founder