Today where digital marketing is critical, the definition of what a brand is, and how to measure and control it, can be difficult to appreciate and ‘sell’ to financial decision-makers. Yet branding is a valuable business asset.
Cut through the challenges of branding for business
David Ogilvy, the 20th century ad executive known as “The Father of Advertising”, famously defined brand as “the intangible sum of a product’s attributes: its name, packaging, and price, its history, its reputation and the way it is advertised”.
However, that was back in 1962 and the world is very different now. In a digital marketplace, branding needs to do so much more. A brand is in fact, a complex mixture of all the components mentioned in Ogilvy’s definition, coupled with the perceptions created by your past, present and future customers.
Branding is also a business’ identity and should reflect its personality and values. It should resonate with customers. It needs to stand out from competitors and it should encourage loyalty from its employees.
It needs to be ageless and work in a dynamic, heavily digital marketplace across a multitude of marketing and communication mediums.
Ultimately a brand needs to spring effortlessly to mind when customers are considering which brands they should include in their decision making process when selecting a product or service.
And finally there is the challenge for branding to address the need to focus on measurables and meet short-term financial results required by management responsible for the financial side of the business.