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 What is the use of a brand?
Recently, while reading a book I stumbled upon a very unusual question that led me to pause and consider... The question was: "How many buyers tattooed your trademark on their biceps? If Harley-Davidson can do it, why couldn't you?" Really, how has Harley reached the point where its buyers are so in love with the brand that they are ready to "carve" it into their own skin? Or how do some companies succeed in mesmerizing their buyers so much that they are prepared to give more, wait longer and go farther in order to buy just THAT product? The answer, of course, lies in a powerful BRAND! Brand/name/trademark is the carrier of the image, the magnet that draws consumers, the generator of added value, as well as the creator of trust and of loyalty. It is a quality guarantee (often a status symbol) and the fundamental reason why consumers are willing to pay more (although they could buy the same or similar no-name product for less). In short, it is your most important weapon in the fight against competition and your most valuable asset. In its time, Nestle paid 2,6 billion dollars for the British company Rowentree Macintosh, which was about 500% greater than the real book value of the company. The reason for this hefty price? World-renowned brands: After Eight, Kit Kat and Smarties. If someone were to buy Coca-Cola, without a doubt they would have to put up billions and billions of dollars, however, these astronomical figures do not only consist of Coca-cola's factories, plants, bottling facilities, trucks and so on... 70% of Coca-Cola's value lies in its NAME, its brand. Today, you can't even fool a seven year old into buying Pepsi by saying "it's just like Coca-Cola". Coca-Cola is Coca-Cola and Pepsi is Pepsi. No matter how similar the products may be, their brands are what differentiate them. Today, uniqueness and success are built on brands. A good, high-quality product is important, but what you are selling can be purchased elsewhere too. Even if you do come up with an "exclusive idea", your competition will steal it in a few weeks. Nowadays, building and maintaining a powerful brand is becoming harder and harder. Over 3000 new brands appear every year on the American market alone and all of them are fighting for the attention and favor of the audience called consumers. If we add to this the fact that the average adult consumer runs into about 300 product names on a daily basis, it's pretty obvious just how hard it is to get the consumer to notice, remember and get to love your brand among all the rest! Even Cicero claimed that our names mark us or, to put it in marketing terms - the NAME sells the product. Throughout the world, there are about 15 million brand names - if we take into consideration that the average adult person daily uses about 1000-1200 words, it's pretty obvious why the hunt for a new, fresh and brilliant name is so difficult. Various brands have received their names in various ways. Apple Macintosh was named after a type of apple in California. David H. McConnel, the founder of Avon Cosmetics, was a huge Shakespeare fan so he named his company after Shakespeare's place of birth - Stratford on Avon. Former LRC International CEO - A. R. Reid came up with the name for his contraceptive product on some evening in 1929 when returning from London - Durex (from endurable). Unfortunately, this choice turned out to be a little bit awkward for Australians in England asking for Durex and expecting to get adhesive tape. The majority of Japanese brands are simply the surnames of the company founders, with the exception of Sony. Sony's story begins in the 1950s when the first transistor radio was built. The directors of the company at the time realized that they needed a shorter, simpler name that could be used internationally (of course this was the only way to go when your company is called Tokyo Tsushin Kogyo Kabushai Kaisha!). And so, after many combinations and suggestions, the Sony brand was finally born (from the Latin word Sonic - sound), which, in 1958, became the brand of the producer. A brand is not only a name or a trademark. It is your promise to every consumer because it incorporates the quality and characteristics of your product, its image and reputation, the behavior of your company as a whole, the experience of your customers, what has been passed on to them about your brand independently of your messages, their perceptions, ideas and emotions, context in which you brand appears... Do you think it a coincidence that the latest Harry Potter book has been accompanied by the information that "not one tree will be chopped" for the printing of the book and that the book will be printed on recycled paper... or that the author J. K. Rawling is careful to keep the brand Harry from any negative publicity, for instance, fast food restaurants? Brands are not created overnight. A great deal of investment is needed to turn something from a regular product into "a product with a NAME". Before becoming a globally familiar brand and a cult symbol for an entire jeans generation, Levi's jeans were just "work clothes" for gold diggers that were produced during the gold rush of 1850 by an emigrant from Bavaria - Levi Strauss. When Nike sneakers were first produced, they were neither expensive nor well known. However, Nike was more aggressive later on, started to endorse famous athletes (remember Air Jordan) and began introducing innovations, quickly making it the strongest and most influential brand in its category. For a brand to "make it", it has to be special, different. When Absolut was "just" a vodka, it was hard to compete with personified brands that "embody" individuals who know what a drink should be, who are sophisticated, have tradition and a career... As a result, Aboslut took a totally different route - it built a brand that said, "I am modern, trendy... I know film, music... I'm young..." and what happened? The sale of Absolut rocketed to figures in the millions in no time. Or Barbie that has for decades already been leading in the battle for market share with other dolls. It is sold in 130 countries, has its own magazine, films, boyfriend, house, car, even her own perfume - Barbie Adorable. And finally... if Lindstrom is right when he claims that sound, sight, smell, taste and touch are necessary for the creation of a powerful brand, it's time to ask yourself how your brand "sounds", what kind of "smell and taste" it has and what you feel when you "touch" it...  educON Relationship marketingThe New CompetitivenessWhat is the use of a brand?Logo |
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