Take Control of Your Brand Identity and Brand Integrity
One of the facts of business life is that there is almost nothing about your business that a competitor can’t and won’t duplicate. If you’ve created the proverbial “better mousetrap”, you can be certain that somebody will copy your model. It’s just a matter time. And eventually they may be able to do a better job or sell the product or service at a lower price. So the question becomes, “What can I offer that can’t be copied by anyone else?” The answer: your brand.
Creating a strong brand is one of the strongest competitive advantages your business can gain. When you do successfully build your brand, customers will think of you first when they need a certain product or service. For example, when your child wants a hamburger, as often as not, she won’t ask for a hamburger but will ask if you’ll take her to McDonald’s. The reason: McDonald’s has built such a solid brand identity and maintained brand integrity.
A brand is the one thing about your business that nobody can completely duplicate. Everything else – including trade secrets, patents, physical plant and technology – will eventually expire, wear out or become obsolete. But your brand can go on – even outliving your business. Your brand creates lasting value above and beyond all other aspects of your business.
The importance and value of your brand becomes even more apparent if you want to sell the business or acquire investor capital. It is often the brand that is your most valuable asset. Your brand can be quantified. For instance, potential investors often value your company by looking at the assets tied to your brand first. They then identify the value of your physical assets – office, patents, machinery and staff. And often the physical assets are valued at a fraction of what you can sell your brand for.
So whether you hope to grow your company for yourself or eventually sell it, your brand is one of the most valuable assets your business can have.