“So setting down what you want your brand to stand for is a foundation to how you will be perceived by employees, customers, investors and all others that your company touches.” 

What is a brand?

A brand is not a name, trademark, logo, package or product. A brand is a collection of thoughts and feelings that reflects your experience with it. These are intangible factors that you cannot touch or smell. How do brands make you feel?

• Harley Davidson. Riding a Harley Davidson feels liberating.
• Federal Express. Delivering a package via FedEx feels safe.
• Disney. Experiencing Disney World with your children feels magical.

People make decisions based more on how they feel than they do on how something logically fits with their needs. Brands compete on their intangible qualities. A strong brand is:

• Cost effective to sustain
• a foundation for new launches
• an ideal partner for co-branding opportunities
• a barrier to competition

And everyone in the organization is a reflection of the brand. A brand will not be strong unless everyone in the organization embraces branding as a core function. Every strong brand stands for one differentiating attribute.

Return on Investment

The return on investment in a brand is how it drives:

• Trying. Being intrigued by the promise of the brand experience enough to try the product or service.
• Loyalty. Staying connected to the brand as a result having a series of consistent positive brand experiences.

The ultimate goal of branding is loyalty. A loyal following seeks more brand experiences and recommends the brand to others. Unlike branding, promotional strategies are centered on pricing strategies and short term results.

Brand Essence

This “brand essence” is the single intangible attribute that differentiates the brand from the competition. There are several criteria for establishing that brand essence:

• Unique. The essence of a brand is how it is different from competitors in the same category. People make decisions based on what is unique and not based on what is the same. You will not hear people say “I married him because he was like everyone else I dated.”
• Intangible. Tap into what the audience feels. No one is more independent because they ride a Harley Davidson, but it certainly feels that way.
• Single Minded. To have the true essence, a brand must be able be described in one word, maybe two. More than two words indicates that the brand does not have enough focus.
• Experience. The essence captures what the audience feels during an experience with the brand. For example, driving a Volvo makes you feel that my family is safe.
• Meaningful. There is no point in defining in essence that is not significant to the audience.
• Consistently Delivered. If the proposed essence is not consistently delivered, it is not essence. If magical is Disney’s essence, then every trip to Disneyland must deliver on the promise. Consistency of experience as basis for brand loyalty.
• Authentic. The essence of a brand must be credible or the brand will be rejected.
• Sustainable. A brand’s essence does not change over time.
• Scalable. The true essence can be applied to multiple products and services.

Developing Your Brand

Developing your identity is a process that defines what your brand stands for: its goals, its personality, the emotions you want people to experience when they come into contact with your brand, and a clear conveyance of that identity through a positioning statement. Here are the steps to put your brand identity in place.

Step 1: Vision Statement

A vision statement describes what you want your company to become in the future. It should be aspirational and inspirational. Ideally, the statement should be one sentence in length and should not explain how the vision will be met. When developing your vision, keep these questions in mind:

• What are your most important products and services?
• What products and services will you never offer?
• What is unique about doing business with your brand?
• How would your customers describe your brand?
• Where do you want your company to be in five years?

To give you an idea of what you should end up with, take a look at JetBlue’s vision statement:

JetBlue Airways is dedicated to bringing humanity back to air travel.”

Step 2: Mission Statement

A mission statement defines the purpose of the company. It should be simple, straightforward, articulate, and consist of jargon-free language that’s easy to grasp. It should be motivational to both employees and customers. When crafting your mission statement, keep these tips in mind:

• What are the specific market needs the company exists to address?
• What does the company do to address these needs?
• What are the guiding principles that define the company’s approach?
• Why do customers buy from you and not your competition?

To give you an idea of what a good mission statement looks like, take a look at The Walt Disney Company’s:

The Walt Disney Company’s objective is to be one of the world’s leading producers and providers of entertainment and information, using its portfolio of brands to differentiate its content, services and consumer products. The company’s primary financial goals are to maximize earnings and cash flow, and to allocate capital toward growth initiatives that will drive long-term shareholder value.”

Step 3: Essence

The essence of the company speaks to the intangible emotions you want your customers to feel when they experience the brand. A brand’s essence is the representation of the company’s heart, soul, and spirit, and is best described with one word. When defining the essence of your brand, consider these points:

• When your customers experience your product or service, what emotions does the encounter elicit?
• If your brand were a person, how would you describe its personality?

Here are some great samples of brands’ essences:

• Volvo is “safe.”
• Disney is “magical.”
• Lamborghini is “exotic.”

Step 4: Personality

Just as with humans, a brand’s personality describes the way a brand speaks, behaves, thinks, acts, and reacts. It is the personification of the brand: the application of human characteristics to a business. For example, Apple is young and hip, whereas IBM is mature and set in its ways.

What personality do you want to put forth when people experience your brand?

• Are you lighthearted and fun?
• Are you serious and all business?
• Are you down-to-earth?
• Are you playful or matter-of-fact?

Step 5: Position or Value Proposition

A brand positioning statement, or value proposition, is a one or two sentence statement that clearly articulates your product or service’s unique value, and how it benefits customers. It must define the audience, define the category in which the brand exists, cite a clear product or service benefit, set your brand apart from your competitors, and instill confidence the brand will deliver on its promise.

When crafting a positioning statement, consider:

• To whom are you speaking? (Target market, demographic, and persona)
• Which market segment does your product or service serve?
• What is your brand promise? (Both rational and emotional)
• Why is your product or service different from the competition, and why should your customers care?

For instance, Warby Parker has a great brand positioning statement:

Warby Parker was founded with a rebellious spirit and a lofty objective: to offer designer eyewear at a revolutionary price, while leading the way for socially conscious businesses.”

Branding may seem like an amorphous term that does not produce tangible results. Some people believe that in this day of constant information, brand is one of the very few things that stands out. Investing in your brand starts with its essence and then extends to everything you do.