Do brands matter any more?

(Spoiler Alert - yes they do).

Brands matter and have value if people trust them.  Nowadays, aren't we all savvy enough and connected enough to know that no brands should be trusted? What’s changing is the way that brands earn our trust, but not the value of the trusted brand.

The global marketplace now gives us too much choice and information for consumers to possibly have time to research and fully understand the benefits  that each company offers. It’s ironic that in a globally connected world where now more than ever we have access to myriad information sources it is the old fallback of word-of-mouth the matters most. And that is why a trusted brand with a loyal team of brand advocates who are engaged with your company and your employees is still potentially the most valuable asset a company can hold.

Brands have evolved from being visual trade marks or logos that people recognise as a mark of authenticity (something akin to a painter’s signature) to become something that people feel, trust and emote.

Brands compete increasingly for our attention which is why it has become increasingly important for brands to understand how to differentiate themselves through engagement and trust.  The fundamentals of building a brand used to be based on key attributes with which a company could differentiate themselves from their competition. This was enough for a company to make its mark and to establish a position within its own market category.

This is no longer true. Previously a company only had to say what it stood for. Now they need to also be seen to behave positively and transparently in a way that represents the brand and is remarkable. It is how people in your organisation behave and who you choose to partner with that now better defines your brand.  Brand engagement starts from the inside out created by anybody who has a stake in the company (including suppliers, vendors, employees and partners).  For a brand to stand out from the crowd people need to trust and believe in all the company stands for, and to do that we all need to be transparent.  Brands no longer 'say', now brands have to 'do' and it's the customers who will 'say' what your brand is.

With more choice than ever before it has become harder to choose which companies to trust, which companies to work for, and which products most reflect who you choose to be.  Brands no longer simply identify products, but increasingly even in a corporate environment they allow customers to make a statement about themselves.

This is a fundamental shift. Brands now reflect the identity of your customer not just your organisation and because of this, customers are more sensitive and responsive than ever before to corporations that behave unethically or irresponsibly.

And likewise a solid brand, if true to the company’s purpose, will help direct the strategic narrative and framework for all operations across the company. This can range from type of person that is attracted to work to the organisation, how they are recruited, and the corporate environment in which they work. All of a company’s actions will naturally flow from the brand vision, guiding its strategic principles and commercial goals. These can all be focus around the brand and the brand ambitions.

Companies and corporations with a clear brand strategy have a sharper focus their business opportunities, knowing which partners are the closest fit to their ambitions. This impacts vendor relations, channel partners, customers, employee engagement as well as future M&A and expansion plans.

Without a strong corporate brand how can we expect customers to find us, to like us, to buy from us or to ever trust us. 

So, do brands matter any more? Yes, more than ever.