What is a brand? Often, brands are confused for branding assets, such as logos and slogans. These are important components of any effective branding strategy, however, they are far from the only aspects of a great brand. Conceptually, a brand can be thought of as a “bridge” between customers and businesses.
Let’s contemplate some good ole 18th century economic philosophy. What drives both your business and consumers? The meaning of life is complex, but this aspect is rather simple: consumption. Businesses and people want to consume goods and services for some particular reason(s). Increasing profit margins, filling a hungry stomach, reducing shipping headaches, businesses and people are driven to consume.
At some point, businesses are going to fulfil the demand. Before they do so, they’re going to have to compete. This gives rise to two parties: buyers and sellers. So you’ve got two parties, let’s imagine that they’re divided by a ravine. Buyers hold the key “power”: they get to make the choice of what to buy. Sellers need a bridge to get across that ravine to the buyers.
That bridge is their brand. It’s what connects sellers with buyers, builds trust, and ultimately gets them to pull the trigger. Brands are vital for conveying the ethos of the company and the advantages gained by their products and services. Brands also establish and strengthen trust, which in turn is vital for getting the customer to make a purchase.