Building a Brand, Building a Business in 2010
A brand is a declaration of distinction, or the fulfillment of a distinctive promise that a business makes to its customers. In the business world, brands have turned into a new form of currency. One of the biggest mistakes a company can make is to overlook the ongoing development of its brand.
Nowadays, people have become tired of an overabundance of advertising messages, tricks and gimmicks. People do not like having products pushed on them. They want to select their own purchases and make their own choices. Sellers must learn how to cater to a buyer’s proposition instead of the other way around. Ongoing brand development is crucial in establishing a rapport- between seller and buyer- that is based on the buyer’s ability to make choices. Whether or not a company delivers on promises made through its brand directly affects a continued seller/buyer relationship.
Moreover, social media has given the general public a voice. People are tech-savvy; they can and will “Google,” “Yahoo,” “Facebook” and “Twitter” (just to name a few) anything and everything. It is the age of the empowered consumer. A lot of companies truly fear this, as consumers’ word-of-mouth power can potentially do one of two things: it can build up a business, or it can destroy it. Because of this new power, it is imperative for business owners to recognize the significance and real value of brand development as it correlates to both obtaining and retaining customers.
A brand and how it is accepted by its target audience is an exceptionally valuable marketing tool. The proper development and execution of a brand is definitely not the same as the use of tactical marketing. Brand implementation should be consistent and comprehensive, almost holistic in nature; it should inspire loyalty and stir up emotion. In truth, people come to love their favorite brands because they can identify with them. Brand solidity, and what it symbolizes to its target audience, is comforting. Also, people relate to others through brands: clothing, cars, sports equipment and apparel, cosmetics, appliances, etc. In essence, people become their brands. The power of a brand, and the strength of the customer/brand relationship, creates a powerful incentive for a buyer to remain loyal to a product or company.
A brand that is implemented effectively should not rely on tactical marketing, tricks and gimmicks. Instead, a brand should be built on a foundation of trust and reliability. It should spark a sense of pride and loyalty within the buyer, which plays a central role in strengthening a lasting seller/buyer relationship. Successful brand development is ongoing; it secures buyer loyalty and promotes brand advocacy. Without that, all that a company has to rely on are purchasers who may or may not come back for return business.
