The power in a brand
Everyone business owner wants to be the leader by being a powerful voice in their market. Most believe that this ‘power’ is derived from it’s leadership and that utilising it is the company that makes the brand powerful. Actually that’s the wrong way around. Customers don’t buy companies….. they buy brands .
Take for example Nike. Imagine going into a Nike factory. What might you see?. You’d see a room full of people diligently working away on the products.- Sowing , stitching assembling . You’d walk past offices where accountants are busy reconciling the moth ends and you might pass the marketing department where work is underway completing a new poster champaign. Other similar companies with less powerful brand names have people doing the exact same in their factories. So what makes Nike as a company powerful, is the brand – a brand built up over many years. If the company was to liquidate the must valueable asset would be the use of the famous squash not the machines, or the staff or the product designs!
Business must appreciate the power of their brands. This should be managed and supported.