Lately I’ve been reading articles and opinions about the value of branding. Some “experts” recommend that companies stop investing in their brand during the current economic downturn, suggesting that branding is a type of luxury that can be put on the shelf in tough times.
For anyone to believe that statement, they must truly not understand what a brand is and how critical it is to any business. A brand is the soul of a company or a product. It’s so much more than your logo, your tag line and your color pallet. It’s the essence of who you are or the role your product plays in the life of the consumer.
In an overly cluttered market, where consumers definitely have the power of choice, businesses without a true commitment and understanding of their brand will meld into the competitive abyss and simply perish.
Do you have to spend millions of dollars to create and build your brand? Absolutely not. But it does require an expertise and a commitment. If the process is conducted properly, you will be forced to answer some very difficult questions. You’ll be forced out of your comfort zone and into the minds of your consumers. But without it, you are putting the business at risk.
The only brands that believe brands don’t matter are simply those that don’t.