Today I fired off this memo to a prospective client who asks, reasonably enough, for "the benefits that companies have realized as the result of a rebranding."
Memo from Claude February 5, 2013
Re: Value of branding programs…
I cannot go back over the past decades of branding in today’s economy. The reasons for developing and supporting a strong brand are many and compelling – even undeniable in a day of instant communications, myriad choices, bombardment of messages from all sources, and rapid rise of powerful potential competitors. Having a strong brand is a necessity – like having walls during the Middle Ages.
Does anyone else offer what you offer? Is there a risk of commoditization of what you sell? Do competitors have or threaten to have lower prices? Does any competitor have a better-known name? ...established business relationships? Do you need to attract the best talent? Do you want to instill pride in those who work with you?
The answer to these questions in any company, any industry is usually YES. And the best way to have a fighting chance against the forces of destruction is having a strong brand – vibrant, clear, consistent, contemporary, with a glowing personality, a clear value proposition and ability to deliver on the promise.
What does Warren Buffett look for in a target company? Brand. That’s number one on his list of criteria. Without a strong brand, you’re just fighting it out on price.