Branding: its not just about stock control
The cowboys of the wild west used (and still use) branding to control their stock. Nowadays, modern day entrepreneurs do exactly the same thing: They too brand their stock - it's just the type of branding that differs.
A brand is an image, name, or symbol that identifies where the product is from. It differentiates company A from company B and carries the characteristics, values and qualities synonymous with the company that manufactures that product. Those companies which the public has a good perception of, and therefore knows, are those which are most frequented. These are the guys getting the lion s share of the (ever-shrinking) pie, and that is exactly what is needed by any business in these difficult and trying economic times. The worst thing anyone can do right now (whether a corner shop or multi-national corporation) is to stop advertising, and let up on their branding strategy. The company's brand has to be kept in the public eye, to ensure that Mr Joe Public chooses your product when faced with the countless options battering him/her all of the time. It is vitally important that you start thinking and promoting your unique (and yes, it is unique) product differently at this time. This will make you stand out in the crowd.
The creation of the brand is invaluable to your company and should not be a rushed process. Time needs to be spent creating that brand, for it ultimately will become the symbol of your company. It needs to portray the values for which the company stands and will hopefully become the only brand the consumer looks for, and asks for. A well thought out and managed brand will get the customer to see you as the only solution to their needs.
A great brand will also eventually (if you are fortunate) become synonymous with the product it represents. Think of Kleenex (tissues), a Band Aid (plaster) or iPod (MP3 player). These brands have become such a part of everyday culture that it is one and the same in the minds of the consumer. I actually met a guy once from Texas, USA, who asked for a Coke, no matter what cooldrink he actually wanted. The drink "type" was Coke, the flavour was then determined to be a Sprite, Fanta etc. And, according to Eddie the Texan, the whole of Texas thought the same way.
I m not saying we have to be cowboys when it comes to branding, and by no means should we be careless with what we are trying to portray, but no product should ever be let out of your factory without your brand on it, and with it every good value you are trying to portray. That brand positions your goods / services where you want them to be in the public s eye, and every care needs to be taken to ensure it is managed properly, thereby ensuring that the qualities associated with your product meet, and exceed, the customer's expectations.
I write a regular marketing column for Invisage, a subsection of IE Magazine. Read it here with the most recent listed first.