What’s in a name? It’s a question we’ve been asking since Shakespearian times. And though the genius concludes that a name does not change the object itself, I’m here to tell you he’s wrong. In a free market, your name means everything. Who goes through life without a name? Infact, if it is good enough for identification, it is good to have one, and a good one for that matter.
More than a logo or a pithy tagline in a particular color in a particular font, your brand is the way the outside world views your company. It is the language you use to express yourself; it is the way your employees dress, it is the look of your offices. Your brand is what makes each customer decide to choose you over a competitor.
Keep reading to learn more about how to evaluate your brand.
It’s all about the money
How much are you charging for your products and services? Is it higher than your competitors’ some or most of the time? If not, you don’t have a valuable brand. The time and effort put into your company’s image isn’t being paid back if you can’t make a profit on it. Read that again!
Take, for instance, Coca-Cola. Coke makes a simple drink of sugar, water, colouring and carbonation like many other products. It is truly comparable to Bigi Cola. Maybe you believe both taste different and therefore have different value, but that is only what a hundred years of advertising has taught you to believe.
Coca-Cola’s total assets come to $78.4 billion, and Rite Foods, owners of Bigi Cola, is worth less than $1 billion. That means Coca-Cola’s brand value comes to $77.84billion.
Public consciousness builds value
There are three real or imagined factors that apply to both business-to-business (B2B) and business-to-consumer (B2C) brands:
Status
Consumers think, “I’ll look cooler/more professional/richer with an iPhone.” Differentiate your brand status with sleek design, quality materials and the ever-elusive “cool” factor. It always wins.
Read also: Purpose driven branding
Better Quality
Consumers think, “Duracell batteries just work better than the Tiger brand.” The most effective way to boost your perceived quality is to own your bad qualities and show how you are fixing them. The best example of this is Domino’s rebranding several years back. They admitted their sauce, spices, and toppings were problematic, and then they came out with a “whole new formula” for the consumers. How much really changed?
Safety
Consumers think, “I don’t know about the standards of that car repair shop, so I’ll just go to Elizade or Stallion Motors.” The perceived safety of choosing your product can be proven by openly putting it through a series of tests for the consumers to see. Does it hold up to the competition? They will be able to tell without any question.
What’s in it for me?
Aside from the money mentioned above, there are additional perks to having a valuable brand:
Safety
Yes, this fits in both categories. When your brand value is boosted and consumers trust you, they will choose you when they can’t afford to take risks. So, in times of economic hardship, your brand can keep you afloat. This is important because consumers will always value their lives and well-being above any other consideration.
People want to work with you
The more valuable your brand, the more valuable it is on a resume, too. So more top-notch people are applying for your jobs and will fill your workplace. Who doesn’t want a name like Mobil, MTN, Nestle, Globacom, Zenith Bank or Nigeria Breweries on their resume?
Less competition
The higher the value of your brand, the harder it is for potential competitors to compete at your level. Ikea creates a simple product that they convince you to take home and put together yourself! A black end table can be bought from thousands of stores, but people will travel out of state for the “Allen wrench” and confusing instructions because of the perceived value and in-store experience. Even with eateries all over the place, many people will still walk the needed extra mile to get to a Tastee outlet or tell me how it is easy to resist the rich and tasty array of treats at Chocolat Royal
Last line
Yours can be that brand that is chosen and loved above others. When you enter that prestige league, do all necessary to remain there
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