Why your brand is your best business asset
We believe that your brand is your greatest business asset – no matter what you sell, how big you are or where in the world you work.
Yes, this is a bold statement for us to make so let’s talk you through our reasoning.
We’ve already posted about brand value, explaining why this intangible asset equates to up to 80% of your organisation’s overall value.
What gives your brand this value?
Our answer is simple. Great brands attract great people to work for them. Right! And we all buy from brands we like. Fact!
Basically, your brand helps you to build your second best business asset, your employees.
This is because people are attracted to a company or organisation because they identify with its vision and values. They buy into its ethos – it’s not just about the pay cheque.
Your brand also helps to create your third strongest asset, which is your data. We all know that customer information is king these days in business. Every connection that your brand makes is an opportunity to collect data.
How do you make a brand great?
Let’s turn to Jeff Bezos, founder of Amazon, one of the most valuable brands in the world. He should know what he’s talking about. Jeff says: ‘A brand for a company is like a reputation for a person’.
Bang on Jeff! This is exactly the point. Your reputation as a person or a business is critical to success in life. Make the right impression and people are hooked from the moment they first interact.
But, here’s the thing. Even if you make the right impression you still need to build on that instinctive, instant connection.
You need to invest in your brand to make it live and breathe – to show its personality. And you need to behave in the right way by making promises to your customers about what they can expect.
Our six golden rules
- Engage meaningfully
- Be authentic
- Earn trust
- Give something back
- Show you care
- Tell the truth
Look at the facts
Each of these six rules is backed up by statistics showing us how customers make choices on what to buy and from where.
And their importance is growing – heightened during the global pandemic. Relationships have been tested, built and broken during these difficult times.
Those businesses that have worked hard on their brand traits have not just survived, they have thrived.
Here’s a link which backs up what we are saying.
So, remember, it only takes a 1/10th of a second to form an impression of someone or something.
If you want to build a strong brand it has to be about personality and emotion. Think of it as a person. What’s its DNA? What does it look like? And, what does it feel like?
Now think about the brands you love and why. It really is that simple!
If you want to know more, don’t forget that we run Brand Doctor workshops. You can find details here.
