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“A brand is the intangible sum of a product’s attributes: its name, packaging and price, its
history, reputation and the way it’s advertised. A brand is also defined by consumers’ impressions
of the people who use it, as well as their own experience.”
--David Ogilvy 1955 .
It may be 50 years old, but Ogilvy’s definition is as good as any you’ll hear today.
And you’ll hear a lot of them. Search “branding” on amazon.com and within
seconds, you’ll be offered 552 publications on the subject. Why all the attention
on branding when the concept has been well-defined and in practice for more
than a half century?
Because branding, which was once considered the touchy-feely domain of marketers,
has finally captured the attention of the board room as a key business enabler.
Strong branding is proven to have a significant and measurable impact on a
company’s growth and profitability. In fact, not paying attention to this subject
today while your competitors do will cost you market share.
Just how much value are we talking about? Take a look at the Global Brand
Scoreboard compiled by Interbrand and published by BusinessWeek each year and the power of
branding becomes abundantly evident. While many of these companies have been
building their brands for decades, some like Nokia (#8) are relatively young
companies that have created spectacular brand value quickly.
Branding, while it requires some creativity, isn’t a wholly subjective art form. There’s
a fair amount of science involved. Ever considered why Target’s logo is red?
Psychological studies have revealed the color red represents bargain/excitement/
danger. People associate blue, on the other hand, with reliable/intelligent/businesslike.
Rest assured, IBM, or “big blue,” didn’t choose its dominant color by accident.
Shape is another area where science can be our guide. The oval shape taps deepseated
emotions of secure, pleasurable experiences while the circle is perceived by
men to be feminine & soft and by women to be tender & warm.
As Ogilvy pointed out, branding goes far beyond a company’s name and logo. Every
aspect of a company’s behavior must be consistent with its desired brand attributes.
Every employee and process must embody those characteristics. Since a brand is a
living organism that will change over time, branding is not an event. It’s important
to have a brand steward who will help manage your company’s brand evolution
versus allowing it to happen haphazardly.
What are your company’s brand attributes? If we surveyed your customers, would they correctly associate those same attributes with your company? The answer is important to know because customers make buying decisions based on their perceptions of your brand. And that’s what all the hoopla’s about!
Credits: Psychology of color and shape data source: Bill Gallagher, Ph.D., Guerilla Marketing
