One of the buzzwords that has dominated the marketing and business development world in recent years is “Brand”.
What used to be a static concept as in “What brand are those jeans?” “They are Levi’s” was used primarily to identify the manufacturer often by a simple trademark or Logo.
But the marketing gurus have exposed the power of Branding. They have defined it in terms of communication and marketing channels that distinguish a brand from its competitors and creates a durable impression on its customers.
Included among the key aspects of a brand in addition to identity, are communication, awareness, loyalty and culture. These are all unified by a particular method of conducting business and treating customers.
A company’s brand is its promise to its customers that they can expect consistent delivery of a particular outcome. The results often include intangibles such as customer satisfaction and brand loyalty.
Does it work?
Here’s a personal anecdote that suggests it is even more powerful than we realize.
I recently found an old pair of Nikon binoculars. Although purchased in 1986, they were in perfect condition, but missing an eyecup. I thought finding a replacement eyecup would be easy on the internet. Nikon could not identify the product based on the model name or serial number. They advised me to send them the binoculars.
Two weeks later I received a replacement pair without question or cost. Nikon's binocular warranty is a no fault repair or replace policy. Pretty simple. Building brand loyalty one customer at a time is as relevant in Construction as it is on consumer products or any industry.
I’m shopping for a new camera before my next vacation. Any guess as to which brand will prevail?