Many people use the word brand quite loosely. So let’s define what a brand is? For many people, a brand is just a logo with a unique identity and nothing else.
So let’s define what exactly a brand is and how we can use it to position ourselves in this crowded marketplace.
I was once talking to a brand expert and she said “Several decades ago, perhaps even centuries ago, if people wanted to buy flowers, they would just buy it from a vendor on the street. People were mostly commodity shoppers.”
Today, the market place is so crowded that almost everybody sells a similar commodity. How do you differentiate one from the other? It could be the exact same product but they could differ in quality and performance. So, now enter brands.
A brand to me is a reputation and also a personality. People buy based on reputation. If two people went to raise capital in the market one was Warren Buffet and the other was XYZ, most people would invest in Warren Buffet because Warren has built a reputation of being a wise businessman with a great track record in building multi-billion dollar companies. And, nobody has any idea who XYZ is. (more…)
