This is a question that needs to be answered before an organization can embrace branding as an investment rather than a cost. The fact is that while few view brands this way, they are business assets. This simple realization is something that many brand strategists have spent a good deal of time writing and speaking about. Brands have a value in the marketplace that can be built up over time or degraded through bad behavior.
A brand is the sum of all perceptions about a product, service, or organization. It is what customers, prospects, and employees feel when they think of your business. It is the music on hold, the sign on the door, and the conference table in your conference room. Every time your entity touches a customer, prospect, or employee they add one more experience to their perception of your brand.
What this means is that measuring and managing the kind of experience you’re creating for your customers and employees is a crucial part of building a valuable business. Businesses that are typically associated with great branding typically: charge a premium price, perform better in he stock market, have higher customer and employee loyalty, and increase the level of emotion in their category.
As we are bombarded with more and more information our emotions play a bigger role in decision-making. Brands that build rational and emotional equity with consumers will be the leaders of tomorrow. We at 92 West aim to take part and assist those in need.