Simple question. Most of the readers here definitely knows what a brand is. I believe it is something due to which value is added to the product in the customer’s perception. It is for this so called “Brand” that he is willing to pay a premium from his own pocket !!! An awesome powerful tool really ! A marketeer’s boon!!
But is everything really great about having a brand and is worth the cost ? Did I hear yes? I again disagree ( one of these days I hope I will agree with you ! I really want to !)
Logic says, having a Brand is like having a goldmine. Yes it is to some extent specially when dealing with the upper segments of the pyramid. Your company spends millions of dollars to build brands say A and B. It is hugely successful as well ! you are a hit !
No. Because it is important to let people know that you have a great product. But instead of spending millions on promoting a brand, try to spend a part of that on delivering it as promised. Your market will be created then because when I will buy a good product , I will tell others that you have a good product which in turn will build a great brand. Quality and marketing always work as brothers in arms.Brands like Volkswagen or Levis became brands only because they delivered quality product as company.
Bottom line : Build quality ! It pays !!
Food for thought : How many millions are you willing to spend for promoting your brand? And do you invest similarly in innovation and quality?