The power of a brand is much stronger than most realize. A strong brand empowers and inspires consumers, employees, public, media, competitors, and potential investors.
Consumers want to buy from a place that’s effective with their products and services… but also if it’s validated and valuable in society. When using the term consumer, I mean potential or active consumers for your business. A great brand will create a loyal consumer who has the potential to invest in your business for a lifetime and spread the word about how valuable you are to others within their network.
Employees are people, and people are always looking for purpose to drive their existence. A Person spends most of their time at your company, and you better believe they are searching for deep meaning in their work. Brand will give employees at every level the driving purpose they need to want to work for your business.
Public must respect and value your brand in order to build a groundswell around the perception of your brand. Let’s say, you never bought an Apple product, given what you’ve heard from consumers of Apple, you see it as high value without ever having to experience it. And it may lead you to buy it down the line and become a consumer due to the longstanding societal value. Also, for if nothing else, public perception is important to sustain a nominal value and not create detractors.
Why The Media?
Media drives the public narrative of your brand for better or worse, so you will need to make them your ally in driving your preferred narrative. You can assist with the control of the media with your own marketing efforts, but you simply will not have the same power as the incalculable channels and outlets of the media.
A strong brand will help you differentiate from your competitors in a potentially saturated market. In a competitive market, there will be a time where you or your competitor may need to adopt a formula or a competitive advantage of the other, so how will stay competitive and distinct? How can a competitive advantage be adopted by still keep you unique and “on-brand?” Answer… you will need to have a strong understanding of your brand in order to interpret formulas, technologies, and markets in a way that will keep in alignment with your brand. No one should play the game the same.
Why Potential Investors?
According to a survey conducted by Reuters, 82% of investors are searching for brands with a healthy brand strength and name recognition as their main criteria for investing in a business. Why? Because a strong and recognized brand signals that the business has a good handle on their value and consumer base, which leads to measurable and long-term profitability. Wouldn’t you want to invest a brand that has all those boxes checked out? Absolutely!
It’s the foundation on which a strong organization can be built and thrive. If the foundation is cracked in certain areas, it would be in the owner’s best interest to re-evaluate the situation and put the proper processes in place to fix it. The same goes with companies and their brands.