I believe a “brand” lives in the mind of the consumer. What the consumer perceives your brand to be – is what your brand is. Being a high caliber company is only true if the consumer believes it to be true. Branding is by far one of the most important factors influencing an organization’s success or failure in the marketplace, and can have a dramatic impact on how the “organization behind the brand” is perceived by the discerning buying public with, for the most part almost limitless purchasing options. In other words, the brand is not just a representation of a company’s products and services; it is a symbol of the organization itself, and that is where the core of brand loyalty lies. To build brand equity, all elements of the promotional mix are required to develop and sustain the desired perception in the mind of the consumer. Initially, the challenge is to build awareness, then to develop the brand personality and reinforce the perception. This leads to another important factor in brand-building: the need to invest in the brand over the long-term. Building customer awareness, communicating the brand’s message and creating customer loyalty takes time, but ultimately translates into sales and reputation on a local and national level. Successful organizations “invest” in their brand, often at the expense of short-term profitability.
Branding November 17, 2010