There’s been an everlasting myth and confusion circulating about the word “Brand”
What is a “Brand”? How can you create a “Brand”? How do I know that I have a “Brand”? Can I make more money if I have a brand? and if so when do I know that I have a “Brand?”
In this blog post we are going to cover:
- What is a brand?
- What are the efforts needed to create a “Brand?”
- What do successful business owners have in mind when they are creating a powerful brand?
During many of our consulting sessions with company owners, we are always building the “Heart and soul” that powers the business which is called the “Brand”.
There are 2 types of businesses
- Make Money Business – A Business that was created and funded by its owner with the sole purpose of increasing revenue and generating “Quick” profits for the business owner. Without a long-term vision, this type of businesses does not see the importance of having a legacy and an impact rather than that focuses on numbers and ROI.
- Passion Business – A business that was created and funded by its owner with a sole purpose to feed his passion for change and for creating a powerful impact on his respected industry. This type of business does not really see the importance of increasing ROI and revenue streams. rather than that he focuses on putting his heart and soul into his business hoping it will be enough for him to get through the month. This business usually succeeds in the long run because of persistence, and owner’s drive.
Not judging anyone. We believe both attitudes are crucial in creating a strong lasting powerful “Brand”. A business MUST be profitable in order to survive the competition. and must deliver a message that will make an impact and will resonate with the user and customer they are trying to acquire.
We believe that users and customers always purchase “Brands” and not products. Sure, your product MUST be good enough and cater to your customer’s needs. However, consumers tend to buy what they WANT rather than NEED.
So who really needs branding? and what is it?
A brand is the heart and soul of the company. A “brand” is what people think about you or your business. A “Brand” is an emotion and the margin of how much they are willing to pay for that emotion. If at least one person in this universe is currently thinking about you or your product – Congratulations, You have a Brand. It is at that moment that your brand no longer belongs to you it belongs to your customers, Consumers, People who think about your brand.
Companies are using Brands in order to set themselves apart from the competitors. it is simply an instrument for competition.
Price VS Value
Price: if you build your brand around “Price” you need to be a large scale retail company who can optimize their branding and marketing expenses due to their large volumes. Therefore, Compete and justify its own worth. However, Price is competing for the right to be hungrier than your competitor. We here at mesolazyy millennial media are not willing to play that game.
A famous quote says that to be successful in the modern game of marketing and branding you should:
- Think like a Marketer
- Act like an I.T.
- Behave like a comedian
Think like a Marketer – Always be innovative and think about creating ways to help fuel your day-to-day business efforts.
Act like an I.T. – Always think about the easiest most cost efficient solution for your businesses problem while staying up to date with your industry’s trends and updates.
Behave like a comedian – Do never be afraid of exposing yourself and get negative feedback rather than that leverage that to create positive motivation for your working staff.
Value: If you build a brand that is built on value your efforts goes towards building a brand that is rather than competing on purely economic terms, A brand that competes based on the degree to which their benefits make their customers happy.
Brand benefits refer not necessarily to the features the product has, but rather the outcomes from the brand acquisition or use that meet customers’ needs, wants, and goals, as human beings. This holds true regardless of whether these humans are occupying the role of B2C customers, B2B customers, sports and or celebrity fans, or targets of nonprofit marketers. Our perspective on customer value is both novel and parsimonious. Specifically, A brand that is built on value identifies three broad classes of benefits that underlie human happiness: benefits that enable, benefits that entice, and benefits that enrich customers.
What is a Brand and how to create the right attitude towards your “Brand”
Brand is a business tool and a non-physical asset from a business perspective a brand is something that can be sold but what could be sold? Future business revenues, Ideas, Ventures.
A Brand is an answer to the question “How are you different from the competition? And why should I pay more for your services when there are so many great people out there?
It is the idea of “Why” and “How” you are different from the competition. When the business owner has the answer to this question his life becomes much easier. Because this is when your brand becomes an instrument to attract talents, your brand becomes an instrument to create motivation for employees. Your Brand becomes an instrument for innovation because you constantly need to think what YOU have that the others lack.
Mesolazyy millennial media
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