Spring/Summer 2010 - Robert M. Kerr Food & Agricultural Products ...

usiness & marketing
By Jim Brooks
FAPC Business & Marketing Services Manager
jim.brooks@okstate.edu
Building your
BRAND
The importance of branding
T
his article is one of a series addressing
some of the criteria in
building your brand.
A brand is the name attached to
a product or service. However, after
additional thought, a brand represents
many more intangible aspects of a
product or service. It can be a collection
of feelings and perceptions about
quality, image, status, or lifestyle. It
creates in the mind of the consumer a
perception of no product or service on
the market is quite like yours.
In essence, the brand offers the
consumer the guarantee of consistently
delivering and confirming their purchase.
It is a normal progression of
thought, if you build a strong brand,
you should be able to create a very
powerful marketing program.
However, if you can’t convince
consumers your product or service
is worthy of purchasing, there is no
amount of promotional dollars, unique
or fancy packaging that will help you
achieve your sales goals.
Successful branding programs
begin with superior products and ser-
vices, backed by excellent customer
service, and supported by everyone in
the organization.
One consistent factor in modern
business is there is almost nothing
your competitors can’t duplicate in
a matter of weeks or months. If you
have a great idea for a product or
service, you can be sure it will be noticed,
and someone will have a similar
version before long.
Not only will they try to replicate,
but they also may have more resources
than you and be able to do a better job
or sell the product or service at a lower
price.
The question then becomes, what
competitive edge do I have to offer,
and cannot be copied by anyone else?
The answer ... Your brand.
Building a strong brand identity
is one of the strongest competitive
advantages you can have. As a result,
consumers will think of your product
or service first when they think of your
brand category.
For example, when you think of
tissues, one of the first brands that
A brand is the one thing you can
own and nobody can take away
from you. It creates a lasting value
above and beyond all the other
elements of your business.
comes to mind might be Kleenex. If
you are looking for tape to wrap a
present, you’re first thought could be
the brand, Scotch.
The reason behind these strong
brand-product associations is these
companies have built rock solid brand
identities.
A brand is the one thing you can
own and nobody can take away from
you. It creates a lasting value above
and beyond all the other elements of
your business.
The value of a brand is commonly
called brand equity, or the worth of
the brand. Brand equity unlike other
intangibles can be quantified based on
history and consumer acceptance of
the product or service.
The importance and value of
branding becomes apparent when an
entrepreneur wants to sell his or her
company or seek an infusion of capital
or possibly take it to Wall Street for
public offering.
It is often the brand that a business
owner has to sell rather than the product
or service.
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