I attended a talk over the weekend where one of the speakers was Raymond Aaron who is the new leading thinker in the topic of branding and I found what he had to say very interesting. So I thought I would take out some of the key messages and share my view on them with you my readers.
Branding is the new Currency, not Sales!
Our world has changed immensely due largely to the proliferation of new technology and new media coming into our lives. In the past we wanted to be sold, we wanted to know all of the greatest and latest widgets and how it can dramatically benefit our lives in a positive way.
The people that communicated these benefits even if they could be annoying at times were sales people. We didn't have the technology we do today so if the salesman had a convincing and believable pitch we bought the product and thanked him for the benefits.
However there has been a creeping change occurring, which has dramatically altered our buying behaviour.
What we are seeing now is that due to technology and the rise of the Internet the everyday consumer has a lot more power in their hands. A power that allows them to make informed and educated decisions on a level, which is unparalleled in history.
Today us as consumers often know more about the products being sold by a salesman than what they do themselves. Plus our ability to compare Widget X with Widget Y and see which one “suits us better” is much easier due to the Internet and compare & review websites.
So with all that said, “Enter the Branding Paradigm”
Branding is the new key to winning. If brand X is stronger than Brand Y and their product benefits are of a similar nature brand X will always win. Consumers just think that Brand X is better than Y even if it is not. Just like consumers believe Rice Krispies, “Snaps, Crackles & Pops”, when it just crinkles!!! It's just a product of branding.
It is actually quite interesting to note that often due to the power of big budget branding, the brands which are the best are not actually the ones being bought the most. Classic examples are large fast food chains vs. solo takeaway stands using the freshest ingredients, tastiest produce and the freshest buns. The simple reason these quality providers are not known and people are flocking to the large chains is due to their brand not being big enough.
So with all this said the key today is to have a really strong stand out brand and in a future post I will highlight six key ways to brand yourself and your business interests.