Brand has got to be the most misunderstood concept in The Valley. To set the record straight, let’s take a look at this important concept: a brand is the sum of all the characteristics, tangible and intangible, that make a company, product, or service unique.
A brand is:
- An expression of the values of, and beliefs about, a company, product, or service
- Much more than a name or a logo: it is a way of doing business, a reputation, and an identity – it is the reason why people evangelize a company, product, or service
Since brand identities create anticipation in the minds of both customers that use the brand and the employees who deliver it, branding has particular relevance for companies like MitrePeak, whose offering is primarily services-based. As service-based businesses like MitrePeak basically deliver intangibles, the brand is really the only tangible the expression of value.
Real branding lowers customer acquisition costs, increases customer retention and profitability, and raises bottom line revenues. A strong brand is the best way to generate revenue, grow profitably, and keep business strong, regardless of economic climate or whether a business is offline or online.
In short, defining and building a strong brand can be a long-term competitive advantage for a company.