A lot of persons misuse the term brand - the term successful business and the term brand are not the same and are two totally different things as far as business is concerned… Some even go as far as calling every business that is successful a brand. Yes, success is one of the elements of a brand, but success alone doesn’t determine a brand. There is a lot more to becoming a brand than just plain success. That is why in business, there is short term success and long term success. Because a business is successful in the short term doesn’t because of a hit product doesn’t turn that business into a brand overnight… Some businesses are successful in the short term but they are not sustainable… that is why there are so many businesses that are extinct today because they were not sustainable. Sustainability is one of the key elements of a brand.
Some changes in policy or even technological advancements can take a business out of the market at a snap of the finger. Even though these businesses were on top of huge profits, they can slowly fade off simply because of not making enough sales to keep up with the size the business has grown to. This is where brands separate themselves from businesses that just make sales and profits. It is very difficult to take out a brand from the market because people are not buying products or services from brand because of the products or services – yes the products is also the reason, but the main reason why people purchase from brand is because of the experience, feeling, the emotional connection…
Yes some might argue that people buy Apple products or Nike products because they produce high quality products… that is correct… quality is also one of the elements of a brand… However, it is important to know that Apple or Nike doesn’t have the best products in the market… in fact, the word best product is relative… A lot of people who buy Apple or Nike products buy them for the emotional connection, the experience, the feeling they get when they own these product. We all know that Apple, Nike, exudes high class, high status, prestige, luxury… these emotional feelings contributes a great percentage to why people buy Apple, Nike products. There are a lot of businesses that are still standing strong today because of their brand status…
A brand can switch products types and still make sales because people buy their products not because they are the best in the market, but because of the brand that they are and people like to buy from who they know, like and trust and also businesses they have an emotional connection with. That is why it is very important for businesses to strive to reach that brand status. Being successful is one of the main goals of every business, however, reaching that brand status should be the ultimate goal of every business. While becoming a brand is amazing, it is not easy that is why there are lots of successful businesses today that are not even close to becoming a brand. People don’t know them, but they are racking up sales and profits on a regular basis. Becoming a brand takes time and doesn’t happen overnight… However, it is not impossible, it is a process and when the right elements and factors are in place, the higher the chances of a business reaching that brand status.