Why settle for being a company when you could be a Brand?
I was talking this morning with a friend of mine over coffee at one of the many coffee shops that have invaded the streets of East Austin, and while we were sharing holiday anecdotes, he said something that forced me to grab my pen and take note: Many company founders could use the clarity of knowing how to build a brand. Most entrepreneurs are great at building a company around a service or a product, but few have the knowledge or resources to build a brand.
My friend has founded three companies and is in the process of launching yet another one. He can’t help himself. He notices market opportunities while most of us just look for parking spaces.
I respect my friend’s experience, and his comment made me wonder:
Can you build a successful company without developing a well-established brand?
Many people have built well-managed, smart, and successful organizations. But a company and a brand are different concepts.
While every company has a brand, not every company actively manages or shapes its brand. To become a brand, a company needs to actively shape and manage its image.
While a company operates a business, a brand is the perception and image that the company conveys to the public. A brand is the total of people's experiences, values, and associations with a particular company.
This is an important difference between a brand and a company;
a company is the tangible business itself, while a brand is the intangible idea in people’s minds about that business.
In today’s competitive market, building a strong brand is crucial for any company that wants to stand out and achieve long-term success.
How to bridge company and brand.
When consumers see a prominent brand name, it immediately triggers a set of ideas and emotions. This mindshare is what turns an ordinary company into a successful brand. It’s about identity, not just products.
A brand is the identity of the organization, and it exists in the perceptions and feelings of customers and the public. The perception people have of your company is your brand.
In my experience working with startups and entrepreneurs, most company founders face two choices:
You can just focus on developing your products and services: running a profitable company, helping it grow, raising capital, and building the right team.
Or
You can create a well-defined plan that guides how the brand will be positioned, communicated, and perceived in the market.
This is what is known as brand strategy.
And brand strategy makes growth, profits, capital, and attracting talent much easier.
Your company’s identity is its purpose.
For many people, a company’s identity is made of elements like the company name, logo, slogans, web page, and visuals.
It’s important to move beyond simply defining what your brand looks like or what it offers and focus on why it matters.
A brand purpose defines why a company exists beyond just making a profit and articulates the positive impact the brand aspires to have on the world.
The brand's purpose is the authentic identity of your company, and everything your company does is determined and influenced by its purpose.
Purpose educates your go-to-market strategy, your target audience, your content strategy, your user experience, your partnerships, and your innovation strategy.
The best brands in the world are built upon their brand purpose. Apple, Patagonia, Nike, Dove, Netflix, Disney, Red Bull, Santella’s Microsoft, and countless others have demonstrated that a clear and compelling brand purpose goes beyond products; it creates a narrative that resonates with consumers, fosters loyalty, and establishes a lasting connection by contributing to something meaningful in the world.
What is Brand Strategy?
I love the definition made by Jasmine Bina from Concept Bureau: “The point of brand strategy is to orient every single business activity toward the same outcome.”
A good brand strategy, therefore, aligns all business activities and everybody employed under one purpose and one outcome.
To achieve this, your brand strategy should:
- Identify a unique value proposition that resonates with the target audience.
- Describe the needs of your target audience and how your company can help solve those needs.
- Outline the key messages, channels, and communication tactics to convey the desired identity.
- Maintain consistency across all brand elements and interactions.
- Consider how the brand can evolve while staying true to its core identity.
- Define the stories that showcase your brand’s values and purpose to build trust and authenticity.
Can your company exist without a brand strategy?
Yes.
But… why?
Companies that implement brand strategies enjoy several financial advantages:
• Strong brands allow companies to command higher prices for functionally similar products. Customers are willing to pay a premium for better brands.
• Brands attract greater customer loyalty and less susceptibility to switching brands. This provides more reliable sales and revenues.
• Brands with high awareness spend less on marketing to acquire customers. Their devotees promote awareness through word-of-mouth.
• Well-known brands experience increased bargaining power with retailers which grants access to the best shelves and promotions.
• Brands valued over $1 billion benefit from name recognition that drives international expansion and licensing opportunities.
• Admired brands enjoy easier access to funding if needed. Their market dominance is an asset.
• Companies with strong brands tend to have higher market capitalization and valuations based on perceived brand equity.
• Fortune’s most admired brands ranking shows a strong correlation between brand value and profitability.
Brand Strategy is accessible to anybody and everybody.
All you need is the desire to be extraordinary
The conviction to play the long-term game.
And the clarity of purpose to guide your decisions.
Meet with us, and we’ll help your company become an epic brand.
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