"Is the BRAND dead?" - that is the question I have been asking myself for quite some time now. I have no doubt that every brand manager, marketing manager and ad agency out there is going to argue with me and is going on to tell me why companies are spending hundreds of millions of Rands on their brand/s and why they should continue to do so and possibly even spend more on their brand/s .
A brand is a set of perceptions and images that represent a company, product or service. While many people refer to a brand as a logo, tag line or audio jingle, a brand is actually much larger. A brand is the essence or promise of what will be delivered or experienced.
A few weeks ago I was sitting with a client and we proceeded to have a debate about this very issue. We naturally had
opposing viewpoints in that my client maintains that brands are here to stay and companies must spend more on developing their brands whilst I on the other hand, firmly believe that brands are dead as far as small businesses are concerned. Many consumers and manufacturers will openly admit that the power of brands and brand loyalty is not what it used to be. There is definitely a case for both sides of the debate as documented below.
For the larger corporate the argument is simple: "Brands are a must. It is imperative that a corporate has an identifying brand" and for all the reasons that we would all agree with.
However, for the "Small Business Owner", brands are dead and here is my reasoning for this:
- 80% of small businesses do not exist after 2 years;
- Only 3% of these small businesses will be around after 10 years; and
- Small business cannot compete with the larger corporate companies in building a brand.
Does small business need a brand? In MY opinion: NO, small businesses do not need a brand in the strictest sense that one knows from the years gone by. Small business can and should compete on good products and
awesome service. This
will build a brand and your company.
Consumers today are different from 10 years ago when the brand meant everything. Today the consumer wants a good quality product that meets his/her needs coupled with the assurance of excellent service. Give your clients this and your business will grow in leaps and bounds.
In today’s times of the internet era, brands are easily built by using the combination of technology and the
internet. The easiest way to start building your brand is by having and by making use of a professional website as well as the cost effective and far reaching tool of email marketing.
Have you started building YOUR brand
today?
