The word “brand” has become so ubiquitous it has joined “innovation” and “synergy” in the land of lost meaning. There are a multitude of opinions about what it means and how to get it right. Brad Breininger, principal at brand agency Zync, debunks five brand myths:
1. Brand is how you look. Yes, but, it’s much more. It’s the voice of your communication, it’s the commitment of your people. It’s how you deal with issues and how you celebrate wins. Think of brand as the personality of your organization.
2. Brand is an expense with hard to measure ROI. Many feel brand can’t be monetized, but that’s a shortsighted view of a complex concept. What makes Coca-Cola the market leader, the drink itself or its personality? Interbrand values the Coke brand at over $81 billion – that’s the bottom line.
3. Brand reflects the people at the top. Leaders are essential, but brand is a business asset that must represent — and be delivered by — all levels of an organization. If the brand is created without attention to all levels, it won’t have staying power beyond those who are running it.
4. Brand is not as important in the digital world. Online, there is a huge increase in transparency and competition. Brands must be even more diligent to establish strong, positive associations. The global marketplace requires brands to be distinct to be memorable — and successful.
5. Brand it and forget it. As times and trends change, brands must evolve. You must carry the value you’ve built forward while constantly updating. It’s not only possible to respect your brand’s heritage while staying current — it’s essential.
