brand

What is a Brand?

by Victor Lund on November 22, 2017

Brand

A brand is the difference between a pair of running shoes and a pair of Nikes. A brand is what people feel about you your product, the service you provide, or your organization. It’s part rational but mostly emotional. People will forgive a strong brand if it makes a mistake. likewise people won’t forgive a weak brand if it makes a mistake, remember Gateway computers? We thought so. WAV Group is not a branding agency – we leave that to leading firms like 1000 Watt. But WAV Group starts every project with an understanding of your brand. Marilyn Wilson, former Exec. Vice President of Marketing at Fisher Price managed the Fisher Price brand for nearly a decade. Fisher Price is one of the most valued and iconic international brands in the world. She did not build or create the Fisher Price brand, but every product they delivered (hundreds every year) had to deliver the brand promise, and everything WAV Group does for a client – strategic planning, communications, recruiting, and vendor selection – starts with brand. So what is the secret of a strong brand? The answer is surprisingly simple, focus. I’ll say it again, focus. Great brands stand for something, not a lot of things. One thing. For decades, Swedish car maker Volvo defined their brand with a single word, safety. Well, it seems to work for them. Sometimes you have to think beyond the category to know what your brand stands for. Harley Davidson makes motorcycles, want to guess what they stand for? Freedom.  Not a more powerful engine and not a more reliable bike or a smoother ride. Freedom. Brands are experienced. Take Starbucks. They differentiate themselves in many ways and offer a consistent brand experience in every Starbucks you visit. They even have their own language. Starbucks has created a unique community of coffee lovers that speak Starbucks-ease, and are true brand ambassadors – it’s customers. It doesn’t get any better than that. Starbucks has realized they aren’t in the business of serving coffee. They are in the business of serving people. What is a brand worth? So can you put a monetary value on a brand. The people at Interbrand research do that. Think about the fine folks at Coca-Cola. Guess what their brand is worth? According to Interbrand, about 61% of the value of the Coca-Cola corporation is brand. That is a lot of […]

{ 0 comments }