What is a brand?
A brand is the “name, term, sign symbol or combination of these, that identifies the maker or seller of the product or service.”
That’s all it is, and that’s everything.
The brand is the public identity of a product or service, a business or entity. The brand is the physical and emotional tie to the consumer. It is what every consumer identifies with. It is the brand that consumers build a relationship with and how companies earn their loyalty and their recognition through sales and repeat business.
Why do companies brand their products?
The main reason that a company would choose to brand their product is to differentiate their product from their competitors. It is possible to tell the difference from a Honda and a Chevrolet, even two models you have never seen before, simply by looking at the emblem on the hood or the trunk.
Again, it is this symbol which connects to the wider marketing campaign that consumers all over the world identify and bond with. The brand becomes the perfect vehicle for marketing and advertising and a successful campaign can gain lifelong customers through continued product satisfaction.
A product or service brand allows the company to begin a conversation with the consumer and build a reputation which will then increase sales and further the longevity of the product in the market. Make no mistake, however, a brand is only as good as the product. You must follow through with quality or the same pipeline to the masses that builds your popularity can have the same power to lower your public stock.
When you begin buying a certain brand, you will often continue to make a habit of buying that brand in the future. This cuts down on the residual advertising necessary once a brand has been established and consumer recognition has been built. Creating and building a successful brand is one of the essential tools that any business can harness to leverage the value of their product, their reputations or their services.
Rand Brenner is President / CEO of Licensing Consulting Group, an intellectual property management and licensing company specializing in assisting clients in IP Management, Strategic Consulting, Acquisition of Licensing Rights, and Property Representation. Rand has licensed some of the biggest Hollywood blockbusters, including “Batman” and the “Mighty Morphin Power Rangers”, both of which generated billions of dollars in worldwide merchandise sales. He has lead various international licensing programs as both licensee and licensor, and through consulting projects focused on licensing strategy, brand development, sponsorship sales and property representation.