A brand is a set of characteristics – or an identity – that is easily recognizable and which enhances the reputation of your products or services.
A brand should embody the unique selling points of your product or service. An accountant could place a figure on some of the goodwill you have built up on your brand values.
Brands aren’t only for big companies – they will make smaller businesses stand out from the gang, particularly in competitive markets. A strong brand image will help you establish an edge over your rivals and can open doors to new opportunities. For example, other lines are often bought in, branded, and sold as your own products.
The key attributes of a brand will include a reputation, a logo, or a design (or a mixture of the three); this branding identifies a product, service, person, or organization as having a unique selling point. It can then be used across all marketing activities.
A successful brand invariably leads to superior profit and marketing performance. A name can set a product or service apart and add significant value as a capital asset.