The post-covid era belongs to the entrepreneurs who can reasonably distinguish between brand and business and know which one to prioritize. Brands cannot merely be money minting machines. They have to be intentional and powerful instruments that bring meaning to people’s lives.
The new brand model centres the focus on customers, placing meaning ahead of products. For the present generation, it’s not about what they own but about who they want to become and who they are associated with. For example, wearing a label that promotes sustainability makes them a part of an ethical community, while they are paving away from popular beauty brands persisting unethical values and discrimination.
The power, today, rests in community building. This is evident by the incredible rise in the influencer marketing industry. Instead of the old divide the market share mentality, the new rule is multiplication. If you attract like-minded audiences, who share common aims and mores as you and provide them value, they’ll build your brand for you. The more powerful your tribe, the stronger your brand.
With innumerable startups and companies crowding up, it gets difficult for businesses to stand out. Branding makes it easier for customers to choose one company or product over the other. Why? Because now, you are not just competing on benefits or pricing but purpose, values, communication, and the vibe.
Therefore, more than ever, today, a good brand, holistically built with intent and supported by a loyal community sustains in the long race. On the contrary, a bad brand is a leading indicator of a company headed towards trouble. The choice is yours to make. Decide which side you want to be on!
Entrepreneurs who understand the meaning of ‘brand’ and learn to distinguish between brand and business are on the winning side.
Community building is inescapable for a present-day brand.
With so many brands offering similar products, branding is what gives a company an edge over its competitors.
Today, branding is like an insurance for companies that saves them from competing on pricing.
Branding is a long-term process. Successful brands employ a holistic and sustainable approach.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house