Volume 8 No. 3: Why does brand matter?
People often use the same words to mean very different things.
In marketing, "brand" is the perfect example.
When your coworker talks about brand, are you sure you know what they really mean?
What does “brand” really mean? And why does it matter?
Each week, we break down another marketing trend so you can skip having a breakdown.
A standard definition of brand may tell you it’s the names or visual elements that help people identify a company, product, or individual. But it’s a lot more than that.
Brand today is more than a visual identity. It is how consumers think about your business. What they associate it with. And what your business stands for. Changing your brand can affect how people feel about your business.
So why does brand matter?
- Perception dictates behavior, which means branding can affect how consumers make spending decisions.
- Brand awareness drives ROI and brings meaningful growth to your business.
- It defines your business values to set you apart from competitors and make your positioning more effective.
Brand has evolved into a concept that is central to a business’s strategic focus. But it’s important to recognize that brand is not the business. Rather, it brings value to your business.
Key Takeaway: Businesses that intentionally invest in brand-building are more successful in the long-term because they create demand they can capture in the future.
The Growth Lab
Question: How do you balance thinking long-term with daily work and tactics?
We ask an experienced group of business leaders, marketers and statisticians about strategies for success.
Answer: "Prioritize. Some days you need to focus on the short-term. You have a deadline, are short-staffed, or have an unexpected situation that needs attention. That’s okay. But don’t stay in the details indefinitely. Block your calendar. Invite other perspectives. Foster a culture of learning and long-term goal setting. Modeling this approach will help the organization balance long- and short-term more successfully."
— Nicole Nye, VP Client Growth
Nicole thrives on big ideas that drive impactful results for clients. But in her spare time, you can find her whipping up new recipes in the kitchen!
Follow: Byron Sharp
Here we celebrate books, podcasts, videos, and influencers that are actively pushing marketing into the future.
Ehrenberg-Bass Institute director Byron Sharp takes a scientific approach to buying behavior and brand growth. He has published three books, including the well-known marketing text “How Brands Grow,” and is currently a professor of marketing science. Sharp believes real data and experiences can indicate what marketing techniques truly succeed.
Our favorite insight? Sharp explains that brands should not be built on a higher social purpose. Rather, marketers should have confidence in their product’s main purpose and plan for driving long-term growth.
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