By branding your company, you can add value that reaches beyond sales and profit margin. A brand provides an identity for your crowd to associate with. It enables your crowd to become avid followers by showing your company by support through purchases, word-of-mouth recommendations, and brand advocacy and interaction on social media sites. Who wouldn’t want buzz? Who doesn’t need a solid support system? A solid brand brings invaluable support and outreach to your company by giving your crowd something to rave about.
Let’s look at the brand that has been getting tons of buzz lately, Apple. Steve Jobs was brilliant at branding the company into what it is today. According to an article from MSN, the value of Apple’s brand is valued at more than $96 million , putting it ahead of the $76 million brand of Coca-Cola.
How can Apple’s brand be worth more than $96 million when they represent only share about 11% of the computer market? They are by no means the leader of the pack in regards to market share. But talk to anyone who is an Apple user and they are most-likely a die-hard fan. Once you go Mac, you never go back.
One thing that Apple has gotten perfected is the art of “first and only”. Apple was the first one to come out with a revolutionary mp3 player. It was the only one to survive the test of time. Sure, there are plenty of other types of MP3 players out there, but can you name one? The term “iPod” has come to be nearly synonymous to “MP3 player”. The iPod gained incredible popularity and was an affordable way to be identified with Apple’s brand. In more recent developments, the iPad seems to be following in the same footsteps. Can you name another model in the tablet market? I am sure any store that sells tablets has heard, “Hi, I am looking for Samsung’s version of the iPad” from more than one customer.
One last thing to think about. A tickle runs across your upper lip, parading up your nose. You sneeze. What do you reach for … a Kleenex … or a tissue? Is a Kleenex actually a product … or just another brand that got “stuck” in the minds of the consumer? The value of your brand getting mentioned every time your line of business comes up has more value than you can imagine.
Brand well and prosper!
Andy Cleary