The short answer is:
A brad represents the sum of people’s perception of a company’s customer service, reputation, advertising, and logo. When all of these parts of the business are working well, the overall brand tends to be healthy. On the flip side, we all probably know a company that offers excellent products or services, but has a tarnished brand due to poor customer services.
Brand can give you stability, growth potential, loyalty and longevity.
“So what, you might say, “I have got 20,000 customers who have been buying from me for 10-20 years… So who needs a brand?”
20,000 people might buy from you this week or this month, or even for the next year, but if you have not engaged them as a brand, then there is no particular reason for them to buy from you again.
At the heart of a great business is a first class product or service, and every business wants to be a customer’s ‘first choice’. Building and managing a brand can play a large part in making this happen and if you want to strengthen and manage the perceptions of your business, then a strong brand is needed. Good branding elevates and differentiates your like-for-like products or services and gives your customers a reason to choose you over your competition.