“A Brand is a shortcut, it’s a shortcut for all the expectations I have for what you’re about to do for me. It’s a shortcut for trust, for promises, for conversations.”
A brand is commonly referred to as a unique design, sign, symbol, words or a combination of these, employed in creating an image that identifies a product and differentiates it from its competitors.
It comprises a “reputational asset which has been developed over time so as to embrace a set of values and attributes, resulting in a powerfully held set of beliefs by the consumer and a range of other stakeholders” (The Westminster Business School).
For example, when you hear the name Coca-Cola, you probably picture its well-known logo, but you also might think of the polar bear, Santa Claus from its advertisements, the colour red, its “Share a Coke” campaign, or the classic ribbon-like imagery featured on its cans. All of these aspects are what makes up the Coca-Cola brand, not just the logo of the business.
Thus, a brand is the sum of the tangible and intangible benefits provided by a product or service and encompasses the entire customer experience. Brands are therefore pivotal to the relationship between companies and their customers. A successful brand has both a unique point of differentiation from the competition, and values that the customer segment really wants.
Keen to explore how brands shape our world? Visit the Museum of Brands in London:)