According to Seth Godin, branding is “the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another. But your brand is a story, a set of emotions and expectations and a stand-in for how we think and feel about what you do.”
In summary Branding = Experience. I was researching the most common lies about branding. Here are the top 5 branding myths;
Logo ≠ Brand
A logo is a quick, visual representation of a brand. It is easily recognizable and often includes a name, symbol, specified colors or trademark. It is one of the primary means by which customers recall a brand.
Brands always compete on price
Not always, maybe sometimes. You see a strong brand will encourage brand preference but not always with a lower price, but with the intangible benefits, a consumer gets when using their product that makes them appear trendy, smart or fashionable by association.
Personal branding is really a big deal
Yes, personal branding exists, but you need to be aware that everything you say and do and everything others say about you impacts your reputation which is your brand. Try your best to manage it. That’s pretty much it. That’s not branding. It’s kinda common sense.
Brands are only for consumer products.
Nope. B2B companies don’t market to consumers but to other businesses. If you think deeply about it, you’ll realise that it is even more critical to have a brand that conveys a strong, cohesive image, one that is associated with trust, credibility, and quality. This does not speak to only product companies but for service-based businesses.
There’s little to no ROI on branding
Your brand sits at the heart of your business strategy and is one of your most valuable business assets. Branding is not the same as marketing. It is the core that should guide your business, culture and external communication.