Everybody tosses around the word “brand”—it’s become like “innovation” and “synergy.”
There are lots of opinions about what it means and how to get it right.
Let’s debunk the five biggest “brand” myths that are circulating:
1. Your brand is how you look.
Yes, but it’s much more. It’s the voice of your communication; it’s the commitment of your people. It’s how you deal with issues and how you celebrate wins. Think of your brand as
the personality of your organization.
2. Your brand is an expense with hard to measure ROI.
Many feel brand can’t be monetized, but that’s a shortsighted view of a complex concept. What makes Coca-Cola the market leader—the drink itself or its personality? Interbrand values the Coke brand at over $81 billion; that’s the bottom line.
3. Your brand reflects the people at the top.
Leaders are essential, but the brand is a business asset that must represent—and be delivered by—all levels of an organization. If the brand is created without attention to all levels, it won’t have staying power beyond those who are running it.
4. Your brand is not as important in the digital world.
Online, there is a huge increase in transparency and competition. Brand managers must be even more diligent online to establish strong, positive associations. The global marketplace requires brands to be distinct to be memorable—and successful.
5. You brand it, and forget it.
As times and trends change, brands must evolve. You must carry the value you’ve built forward while constantly updating it. It’s not only possible to respect your brand’s heritage while staying current—it’s essential.
A version of this article first appeared on the Zync website.