What do the state of Michigan, a Perdue chicken breast and Michael Jeffrey Jordon have in common? Indeed what do all brands have in common?
The answer is, at one point they were all commodities.
In its simplest terms, a brand is a relationship between a company and its consumers. That relationship is based on the promise the company makes regarding its values and commitments and the expectation the consumer has regarding the company’s performance. The closer the company comes over time to delivering consistently on its promise and meeting and exceeding the consumer expectations that it stimulated, the stronger the brand can be.
Companies with strong brands enjoy consumer loyalty and a degree of price elasticity. Consumers perceive strong brands as familiar, differentiate it from the competition and imbue the brand with confidence and trust.
Commodities are undifferentiated, interchangeable and compete only on price.
From the “Hallmark Card” styled campaign, “Your Trip begins at Michigan.org. to the fanatical commitment to quality promised by the Perdue family to the soaring silhouette of MJ dunking a basketball – a brand can be a person place or thing and reap the benefits of a positive relationship with consumers.
Brand building is not about having a huge marketing budget, it is about defining your promise, communicating it consistently and committing to delivering on the expectation your promise creates.
The choice is yours-
Do you want to be a brand or a commodity?