“A brand is a set of differentiating promises that link a product to its customers.” Stuart Agres
I believe a brand is the emotional link we have with a particular product or service. It aims to differentiate a product/service from the rest in the same category, by leveraging on its competitive advantages. Eventually, customers develop mental images and perceptions about the product/service, and this is what helps them during their purchasing decision. Without these associations, all product/services in a particular category seem homogenous and the customer is not able to distinguish one from the other. For example, at the supermarket there is an entire wall dedicated to toothpaste, yet somehow Colgate and Crest seem to stand out from the rest. Both these brands have invested a lot of time and money in positioning their product in a particular way to get our attention.
How would an entrepreneur with a boot strapped budget build one of these world class brands? My answer to this question is, solid foundations, focused strategy, consistency and perseverance. World class brands are not built overnight. Brands such as Starbucks, Apple and BMW has taken each organization many years to earn its right to be perceived in a specific manner by all of us. They have focused on giving their customers a superior product and service. What we take away from these examples is that, to create such a brand we need to begin with a strategy right from the onset of our venture. We need to identify specifically how we want to be perceived, how we plan to stand out and the sort of personality our product/service should have.
In the end, the goal is to create a strong sense of brand loyalty among customers. This loyalty will convert itself into recurring future streams of income. During the course of the next week I will talk about basic steps to look at when building a brand. I think this is an aspect many younger startups do not pay enough attention to at the beginning. This is a major mistake, as we have to be constantly aware of the image we want to portray. This image is developed through our product/service, customer service, website, packaging and any other interaction with our target segment. I look forward to your feedback and any insights regarding the development of brands.