WHAT IS A BRAND?
A brand is a set of associations that a person (or group of people) makes with a company, product, service, individual, organisation or destination. These associations may be intentional – that is, they may be actively promoted via marketing and corporate identity, for example – or they may be outside the company’s control. For example, a poor press review for a new product might harm the product manufacturer’s overall brand by placing negative associations in people’s minds.
If Coca-Cola were to lose all of its production-related assets in a disaster, the company would survive. By contrast, if all consumers were to have a sudden lapse of memory and forget everything related to Coca-Cola, the company would go out of business.
In a 2016 survey of the value of global brands, Coca-Cola’s brand equity was valued at US$80.31bn, a short way from being a third of the company’s true market value.
If a brand results from a set of associations and perceptions in people’s minds, then branding is an attempt to harness, generate, influence and control these associations to help the business perform better.
Any organisation can benefit enormously from creating a brand that presents the company as distinctive, trusted, exciting, reliable or whichever attributes are appropriate to that business.
A lesser known fact about brands is that even countries have a brand value associated with them, and that these brand values are of great importance to each country’s net worth.
A STRONG DIGITAL BRAND EMBRACES THE VAST ARRAY OF DATA AVAILABLE TO HARNESS THE INSIGHTS WITH WHICH CRITICAL BRAND STRATEGIES ARE DEVELOPED.