How important is your brand identity?
When you are about to buy something, in the middle of researching a product or service, how much does the brand come into play? It may cross your mind briefly, influence which brands you research or affect your final decision if you’re comparing two similar products – so yes Brand does play an important part of your business’s success and market share!
What is a brand – what does brand Identity actually encompass?
The definition of Branding by Wikipedia is the “name, term, design, symbol, or any other feature that identifies one seller’s product distinct from those of other sellers.” The fact that a brand is defined as an intangible asset in accountancy terms suggests that a brand is more than just a logo, it’s an asset to a business.
How does a brand add value?
Your brand identity is more than the product or service you offer, it’s more than your logo, marketing collateral or online image. A brand is conveyed in your customer service, ethics, mission statement, positioning, deliverability, outward communications tone and message and intrinsic to your company ethos. So how does it add value? Your brand stands for your company, warts and all and if your brand is strong, it becomes synonymous with what you stand for or what you are trying to achieve. Great examples of this are:
Quality Brands – Bosch Engineering and M&S Food
Luxury Brands – Jaguar Car & Thornton Chocolates
Value for Money – IKEA Furniture or Primark Clothes
Innovation – Apple, Amazon
When you have a strong brand, customers will look for you over and above your competitors and keep returning. This has tremendous value, in fact it’s priceless as it means your customers are finding you and should keep returning. Think about which brands you choose when you need a new product and service…. you can see the power it has over us all.
So, Is your brand Identity strong enough?
Brand identity is the elements of your brand which allow consumers to clearly identify your company, products or services. These brand components reflect how you will be perceived within your marketplace.
Brand identity is made up of both tangible and intangible elements. Tangible elements are the physical features of a brand such as colour, style, font, logo, name, symbol and imagery.
Intangible elements are how you deliver your brands promise and meet consumer perceptions and expectations through your brand identity.
As your signature in the marketplace, it is worthwhile checking that your brand holds up.
- Is it aligned to your company vision and mission statement?
- Do your tangible assets match your desired brand positioning?
- Does it resonate with your target audience?
- Is there brand continuity across different platforms and channels? consistency is one of the key elements in developing a strong memorable brand!
If not, your brand could be letting you down and having a detrimental effect on your sales performance.
Famous Brand Quotes
“If people believe they share values with a company, they will stay loyal to the brand.” HOWARD SHULTZ, CEO OF STARBUCKS
“Products are made in a factory, but brands are created in the mind” WALTER LANDOR
“Your brand is the single most important investment you can make in your business” STEVE FORBES, EDITOR IN CHIEF OF FORBES MAGAZINE
“Brand is the sum total of how someone perceives a particular organization. Branding is about shaping that perception” ASHLEY FRIEDLEIN
If you think your brand maybe letting you down or you would like some advice, please contact our team at [email protected] or call 01926 887555