Posted: 30/04/2014 3:04:26 PM by
They’re valuable and they transcend the products on which they’re placed.
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Every business has a name, some are even famous. They’re heavily marketed so that they appear and are heard often and perhaps they generate interest in the products and services. This saturation marketing probably generates a lot of sales and creates instant recognition of the business name but even amongst those well known names, a great brand is rare.
The difference between a name and a brand is not how well known it is. The difference isn’t how many sales it has. The difference is how it engages people. Even a small business can have a great brand and I’d argue that in order to prosper, it must! Small businesses have a huge advantage actually.
Small business can engage people much more personally – especially small service businesses. It’s not about being friendly or providing basic courtesy; that should be a given. When the owner and his team can instil in the business a sense of pride for their products and the values that they hold and demonstrate, only then does this easily rub off on how they interact with customers and potential customers. When the business owner wants to personally know every customer and confirm the quality of the service then there is the essence of his brand.
Ferrari built a brand on little more than passion. Sometimes the cars have been way less than excellent but still teenage boys the world over put pictures of a Ferrari on their bedroom wall. It represents a dream. A picture of success that even leads to the sale of a branded key-ring or perhaps a wallet – just to have a moment with that feeling and the dream person they’d like to be.
Scratch underneath a great brand and you quickly get to the clarity of their business purpose. It stands for something – just like the business owner who wants to deliver the best product and see to it that the customer is satisfied with their services. Their reputation means more to them than their business name. The clarity of the importance of their reputation, how they do things and why they do them is embedded in every team member.
A name does not have value until it alone generates a desire for people to buy your product or service and/or pay a higher price for it than your competitors. A brand does those things. The brand itself justifies the price, it justifies walking an extra two blocks or it justifies waiting for an extra week for the stock to arrive. Sometimes it justifies queuing outside the shop for 3 days just to be the first to have the latest product. A famous name alone never creates that depth of connection.
In your business, would you prefer a famous name and a lot of expensive saturation marketing? Or would you prefer to choose the ground on which you compete?