Why Branding?

So the first one is people will pay more and go further to get you, to get your brand.

Not just you, but maybe you.

Depends on your brand.

But there's a video by marketing guru Seth Godin.

He's written a few books on marketing and brand strategy and things like that.

But he said, the value of a brand is how much extra am I paying above the substitute? And if I'm not paying extra, you don't have a brand.

Now, Seth's point here is not that you have to charge more to have a brand.

His point is that if a customer isn't willing to pay a higher price, travel further, wait longer, or choose your brand because of someone else's recommendation over a comparable offer, then you've not given them a reason to choose you, to choose your brand.

And this is what branding, to develop a brand, does if customers are willing to go further to get it and maybe pay more and all the things.

But I guess you could say willing to go further can sum up all those different reasons why.

Now, it might be the promise you distinctly deliver that a customer only wants to experience.

It might be the culture in your team that influences the experience a customer has with someone in your team that makes them want to choose your brand again or choose your brand in the beginning.

It's this added value beyond your product or service that makes a customer think of and want.

It's this substance that goes beyond your logo, your tagline, brand color.

It is the value of your brand, which is called brand equity.

And it's worth billions to businesses around the world.

It's more than a $50 logo and it does take time and investment to grow that value.

But this is your brand's superpower that leads towards profit and growth.

So when people want to pay more or are happy to pay more, like a $50 Nike t-shirt just to have the swoosh on it rather than a plain one from Target for $5, this is what brand can do.