-: Hello and welcome to this week's video lecture,
which is based on the brand.
That will be the brand of your business,
your organization, your product, your service.
So, we're gonna talk about what is a brand,
why it's important,
some of the elements that go into a brand,
and how to build brand equity.
So, Crane talks about how it's the name, the symbol,
design of these elements which identify who you are
and differentiate them from the competition.
I like to think of it as the public face of the business,
or I think my favorite thing is your promise.
What is the embodiment of the value that you offer?
What makes you you, what makes you great?
What can you promise that the consumer will get
if they buy your product or service
or support your organization?
It's something of great value,
both for you and the customer.
It's an asset that must be managed and every firm has one.
Whether they think they do or not,
it might be neglected, which is not good.
But in the same way that every organization has competitors,
every business and organization also has a brand.
So, here are some of the things that go into a brand.
That's sort of, that's the center
and these are various spokes.
Well, why is it important?
First, it lets you stand out.
It clearly articulates your business model.
What are your core values?
What are your mission?
And it can also draw and retain customers
that if they understand and believe in your promise,
they will continue to support you.
And a strong brand
can also create access to suppliers to, you know,
someone's going to wanna sell to you if you're better known
and have a better, stylish brand.
More importantly, a distributor is gonna wanna buy
from someone that has a strongly established brand
and brings business to them
more than sort of taking a chance on an unknown.
As well as someone with a well-established brand
will probably have better access to capital investment,
credit and such.
For the customer, it decreases risk,
it increases trust, it makes them feel safe
that they understand what they're getting,
that they can believe the promise that you make.
So, here are a number of elements that go into a brand
and I will talk about each one.
Here's another graphic that has elements.
So, here you see the name is what you call yourself.
The logo is the trademark, the symbol,
a tagline, or a catchphrase.
Certain graphics are well known with certain products.
So, certain products are known
for having distinctive shapes
or colors or sounds or sense or tastes or movement.
So, all of these things,
some of them will apply to you, some won't.
But together, these elements help to create a brand
and make you better known
and better articulate your promise.
So, think about what are other examples of these.
If you want to pause here and think
and maybe jot down a few ideas.
So, here are a few that I came up with,
but there are many, many other examples.
So, here are the characteristics of a good brand.
It clearly communicates the value.
It reinforces your position.
It's consistent and unifying.
So, you want things that are on brand, not off brand.
So, thinking about that Apple is not likely
to sell sort of cheap knockoff things,
that they want things that are high value,
like the rest of their product.
So, think about what would be on brand
and off brand for your business.
It should build brand equity, that it should have value,
it should be easily understood,
and it should be sustained over time.
So, that's the end of part one.
Please go to part two.
Thank you.