The Importance of a Brand (Plus 3 Key Elements)

For most small business owners, the majority of their business-launching efforts go directly into developing a successful product or service – that is, the function of their company that will directly translate into sales. And this is understandable, right? The importance of establishing a positive cash flow for startups has been heavily documented, and strong receivables can mean the difference between failure and success. It’s no wonder, then, that entrepreneurs pour limitless resources and energy into research and development, packaging, distribution and marketing and promotional efforts.

But there’s actually a piece of the startup puzzle that’s even more important than a company’s product: The Brand. According to Forbes.com’s Jerry McLaughlin, a brand is “what your prospect thinks of when he or she hears your brand:

It’s everything the public thinks it knows about your name brand offering—both factual (e.g. It comes in a robin’s-egg-blue box), and emotional (e.g. It’s romantic).  Your brand name exists objectively; people can see it.  It’s fixed.  But your brand exists only in someone’s mind.

In other words, a company’s brand is a mix of tangible (the factual) and intangible (emotional) elements that, when commingled in the psyche of customers and potential customers, determines how they perceive a specific company and whether they will be motivated to buy products or services in the first place.

Establishing a strong brand is critical, then, because without it, all the money poured into product development is a waste. And with the life spans of successful products nearly impossible to predict (if the product proves successful at all), a well-built brand can effectively transport a company beyond feast-or-famine sales cycles and into the comfort of true customer loyalty.

Sound overwhelming? It’s not, really. Every successful brand, from McDonald’s to Starbucks, is comprised of three key elements that are surprisingly easily to replicate – especially with our help.

Logo

Not too long ago, a picture of an apple would have conjured thoughts of Galas or Fujis, or perhaps Granny Smiths. Today, though, you’d be hard pressed to find anyone who doesn’t recognized the simple fruit design (with strategically placed bite mark) as the logo of Apple Inc., one of the world’s most iconic brands.

According to lore, Apple’s apple was designed in tribute to Alan Turing, a man who pioneered early research in computer technology, but later died in 1954 from biting into an apple laced with cyanide. Apparently, then, when Apple was launched some twenty-plus years later, the founders wanted to honor Turing’s impact on their field. And while the color of the apple has changed some over the years (the first version was filled in with a Technicolor, rainbow motif), the overall design has remained constant, simple and clean.

Indeed, Apple’s logo serves as a perfect case study for entrepreneurs who, like Jobs and company, should be striving for the perfect balance between emotional connotation and sophisticated aesthetic.

Website

This should go without saying in 2014, but creating a beautiful, functional website is a must for reaching today’s internet savvy consumers. An active social media presence is important as well, but profiles on Twitter, Facebook, Instagram, etc. are secondary to having your own online home base that you control.

Say what you want about Walmart’s employee wages or overall business ethics, but the retail behemoth has one of the most effective and customer-friendly sites on the web. There’s the shopping function, of course, that allows customers to navigate the store’s massive inventory and place orders quickly and easily. But there is also a considerable amount of real estate dedicated to the company’s non-sales identity. There are links to WalmartLabs, the company’s in-house product incubator, as well as detailed information on Walmart’s charitable giving and global responsibility efforts.

In short, your website shouldn’t just be about selling. Consumers need to feel good about your company’s brand outside of its money-making activities. Some other website must-haves: mobile functionality, easy to find contact information and regularly updated content.

Engagement

Logos and websites are critical components of a successful brand, but they are both fairly static entities that, if well-developed, shouldn’t change much over time. The reality, though, is that the world is constantly evolving, and it’s important for companies to stay abreast of these changes, especially as it relates to their customers. And the best way to do that is through online engagement.

Thanks to social media, companies have an opportunity to interact with their customers in real time, gaining valuable feedback on their brand and products in a once-impossible two-way dialogue. Moms think your latest back-to-school clothing collection for tween girls is too risqué for their 11-year-old? You now have the ability to gather that information and make necessary tweaks before spending a fortune in manufacturing and shipping.

More importantly, though, through online video engagement, companies have the opportunity to craft a message that communicates their brand attributes in a fun, exciting way while playing up the entertainment factor for an increasingly visual consumer base. Old Spice is a perfect example of a company that has leveraged the power of viral video to increase brand awareness while making people laugh and generally feel better about their day.

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Building a solid brand is not an overnight process by any means. In fact, it can take years to develop the kind of brand recognition and loyalty that resonates with millions, like a Walmart or Apple. But if you incorporate the three elements discussed above, you will definitely be well on your way. Need more help? See our services above.