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.
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, honey.
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.
Take, for instance, Coca-Cola. Coke makes a simple drink of sugar, water, coloring and carbonation like many other products. it is truly comparable to RC 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 Cott Beverages, owners of RC Cola, is worth $1.6 billion. That means Coca-Cola’s brand value comes to $76.8 billion.
Public consciousness builds value.
There are three real or imagined factors that apply to both business-to-business and business-to-
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.
Consumers think, “Excedrin just works better than the Walgreens 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?
Consumers think, “I don’t know about the standards of that car repair shop, so I’ll just go to Jiffy Lube.” 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:
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.
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 Disney on their resume?
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.
What brands do you find valuable? Why do you choose their product over others? Let us know in the comments below.