What is a brand?
Brands are the familiar signs that inspire and motivate people in their purchasing decisions. They are the source of identification — and the value a brand holds in the mind of the consumer can make or break the purchasing decision. A brand isn’t just a logo, product or name. Great brands appeal to their audience. They create an expectation and deliver their promise and experience well. Successful brands keep customers coming back for more.
When managed correctly, brands are valuable assets. Creating and nurturing a valuable brand requires investment, not only of time and money, but also creativity. This often means blood, sweat and tears. Whether a business operates in traditional areas, such as clothing and luxury goods, or develops products in new fields, such as wearable technology or blockchain products — identifying the different elements of a brand and guarding these, so that they can work for the business, is vital.
In today’s highly competitive world, marketing is much more sophisticated than ever before. A brand must be clear on what it stands for — a successful brand will be recognised not only by sales, but also through endorsements, social media followers, recommendations, reviews, sponsorships and awards. Together, these demonstrate know-how, generate goodwill and improve a brand’s reputation. This should be recognised and protected where possible.
For online brands with no tangible, physical assets, who rely on more ethereal qualities, protection of intangible assets is all the more important, as the brand may be the only item of real value on its balance sheet.
Whether your brand increases your sales, allows you to exploit it through licensing or franchising, or simply increases the potential purchase price for your business, brands must be nurtured and protected so they can add the maximum value to your business.
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