So... What is a brand? Why is it important to build one?

Written by Elishia S. Thompson

Everyday we hear about brands in some capacity. You’ve probably heard a variation of the following statements:

“I’ve just launched my brand.”

“Brand X is expanding into Y market.”

“You should protect your brand with a trademark.”

“I’ve just entered into a brand partnership with X.”

“Build your brand.”

The word is used in so many capacities that it may leave you wondering, “what is a brand?”

According to the American Marketing Association (AMA) a brand is defined as a name, term, sign, symbol design or a combination of these things intended to identify the goods and services of one seller or group of sellers to differentiate them from those of competition. In the legal field we would say this is the definition of a trademark or service mark. (We’ll discuss this in another post.)

Although the concept of branding or a brand started with this notion, the concept has expanded. Brand professionals would describe a brand as much more than an identifier of the source of goods or services. A brand is the reputation, awareness, and prominence. The Branding Journal describes it this way: You can consider a brand as the idea or image people have in mind when thinking about specific products, services and activities of a company, both in a practical and emotional way. It is therefore not just the physical features that create a brand but also the feelings that consumers develop towards the company’s product. This combination of physical and emotional cues is triggered when exposed to the name, the logo, the visual identity, or even the message communicated.

If I was to compare a brand vs the business to a human being, I would say the business is the body carrying out different functions and actions in the world and the brand would be the soul. It drives the way a person behaves and their decisions. It gives the person a certain swagger and style that in some instances may be similar to someone else but is never the same.

This is why building a brand is important. It’s your way of truly distinguishing your business from competitors and connecting with your audience. A symbol or name has no value if it doesn’t mean anything to others. Investing in the proper development of your brand is key to increasing your company’s value. This is the reason Nike can charge $250 for a pair of sneakers and a generic company using the same materials and manufacturers as Nike can’t. Fans of Nike has attached a value to the brand that transcends beyond the actual product being delivered. The are willing to pay a premium because they value the brand. For this reason neglecting to invest in the development of your brand is dangerous. You miss the opportunity to level up from a product or service that consumers view as an average commodity that can be obtained from any source to having a loyal base who only want to do business with YOU.

Elishia S. Thompson, The Brand Building Esquire™, is the founder of EST Global LLC, where she combines her business and legal expertise to help creators, entrepreneurs and companies build their dream brands while guarding their interests. Looking to create or grow your brand? Visit www.estglobalpro.com to book a consult.