A brand is not a name, trademark, logo, package or product. A brand is a collection of thoughts and feelings that reflects your experience with it. These are intangible factors that you cannot touch or smell. How do brands make you feel?
- Harley Davidson. Riding a Harley Davidson feels liberating.
- Federal Express. Delivering a package via FedEx feels safe.
- Disney. Experiencing Disney World with your children feels magical.
People make decisions based more on how they feel than they do on how something logically fits with their needs. Brands compete on their intangible qualities. A strong brand is:
- Cost effective to sustain
- a foundation for new launches
- an ideal partner for co-branding opportunities
- a barrier to competition
And everyone in the organization is a reflection of the brand. A brand will not be strong unless everyone in the organization embraces branding as a core function. Every strong brand stands for one differentiating attribute.
Return on Investment
The return on investment in a brand is how it drives:
- Trying. Being intrigued by the promise of the brand experience enough to try the product or service.
- Loyalty. Staying connected to the brand as a result having a series of consistent positive brand experiences.
The ultimate goal of branding is loyalty. A loyal following seeks more brand experiences and recommends the brand to others. Unlike branding, promotional strategies are centered on pricing strategies and short term results.
Brand Essence
This “brand essence” is the single intangible attribute that differentiates the brand from the competition. There are several criteria for establishing that brand essence:
- Unique. The essence of a brand is how it is different from competitors in the same category. People make decisions based on what is unique and not based on what is the same. You will not hear people say “I married him because he was like everyone else I dated.”
- Intangible. Tap into what the audience feels. No one is more independent because they ride a Harley Davidson, but it certainly feels that way.
- Single Minded. To have the true essence, a brand must be able be described in one word, maybe two. More than two words indicates that the brand does not have enough focus.
- Experience. The essence captures what the audience feels during an experience with the brand. For example, driving a Volvo makes you feel that my family is safe.
- Meaningful. There is no point in defining in essence that is not significant to the audience.
- Consistently Delivered. If the proposed essence is not consistently delivered, it is not essence. If magical is Disney’s essence, then every trip to Disneyland must deliver on the promise. Consistency of experience as basis for brand loyalty.
- Authentic. The essence of a brand must be credible or the brand will be rejected.
- Sustainable. A brand’s essence does not change over time.
- Scalable. The true essence can be applied to multiple products and services.
Developing Your Brand
Developing your identity is a process that defines what your brand stands for: its goals, its personality, the emotions you want people to experience when they come into contact with your brand, and a clear conveyance of that identity through a positioning statement. Here are the steps to put your brand identity in place.
Step 1: Vision Statement
A vision statement describes what you want your company to become in the future. It should be aspirational and inspirational. Ideally, the statement should be one sentence in length and should not explain how the vision will be met. When developing your vision, keep these questions in mind:
- What are your most important products and services?
- What products and services will you never offer?
- What is unique about doing business with your brand?
- How would your customers describe your brand?
- Where do you want your company to be in five years?
