A brand is much more than just a name, logo, or catchy slogan - it encompasses all aspects that define your brand, from your unique selling points to the values you uphold.
A Short History of Branding
The idea of branding is relatively new, dating back less than a century. It began in 1931 when Neil McElroy of Proctor and Gamble authored a 3-page memo that laid the foundation for modern brand management.
Since then, a significant amount of academic literature has been produced on branding. According to this literature, “brands are among a company’s most valuable assets”, and companies have benefited from cultivating a successful brand image, enabling them to expand widely, command premium prices, and foster lasting customer loyalty.
Brands have now been around for many decades, are pervasive in today’s marketing environment, and have become synonymous with modern marketing. The 21st century has witnessed a proliferation of branded offerings, inundating consumers with a plethora of choices. The allure of a brand is stronger than ever. While we typically associate brands with the products we purchase (such as Apple, Coke, Nike), virtually anything can be branded.
Why Branding Matters?
Brands drive growth and profitability
Branding sets your business apart
Branding should foster brand loyalty
Branding is not solely about your products or services, but about your identity beyond them
Effective branding should resonate with customers, inspiring them to aspire towards a lifestyle
Marketers have realised that building and reinforcing their brand image is crucial for growth and profitability. In 2023, consumers face an abundance of choices, and brands that are well-known and trusted create touchpoints that assist consumers in streamlining their decision-making process.
Unlike products or services, brands do not have life cycles; they can endure indefinitely. A brand is not just a name; it is a name with the power to influence, a power that is only realised when it influences the market.
Brands now transcend mere names and logos. A brand represents a promise; it is something to aspire to, avoid, or even outgrow. Consumers do not merely purchase products and services from a brand; they purchase the brand's image to enhance their own identities.
Establishing a Brand
Over the past five decades, the concept of brands and branding has evolved significantly. Its importance has been acknowledged by pioneers and marketers alike. Brand management has become increasingly relevant in today’s competitive market.
In the evolving brandscape of 2023, building a brand revolves around crafting a narrative - telling a story that sustains and engages customers in the long run. Successful branding focuses on adding value as brands are intangible assets that provide additional benefits for businesses, aiding in communication, adding credibility and legitimacy, and enhancing visibility.
One way to illustrate the impact of branding is to examine perhaps the most renowned brand globally, Coca-Cola. Coca-Cola has been in existence since the early 1890s, owning the recipes and intellectual property but not the manufacturing facilities. If a catastrophe were to destroy all of Coca-Cola’s production assets, the company would survive; however, if all their customers were to suddenly forget everything related to Coca-Cola, the company would cease to exist. This underscores the idea that a brand is not merely a name; it is a name with the power to influence.
In Conclusion...
We advocate for branding to be a focal point of your company’s marketing strategy. If your company aims to unify its brand image and enhance opportunities for customer conversion, feel free to reach out by booking a call with a member of our team.
