Did you know that in 2005 Coca Cola’s brand was valued at over 67.5 billion USD? (Business Week Online, Top 100 Global Brands Scorecard)

Although there is some argument over how a brand is valued, there is little argument over the fact that a brand is the most valuable asset a company could have.

What is a brand?

A brand is the distinctive and holistic customer experience of a product, service or organization. Huh? Put simply, a brand is everything a person thinks, feels, sees, remembers, smells, tastes, likes and dislikes when they come across your business or product.

And the reason a brand is so valuable is because it is their experience with your brand that will determine how your customer feels about your business.

Let’s take the example of Coca Cola for a moment. What do you think of when you think of Coke? You may think: tasty, cold, refreshing, sweet. Maybe you think: fun, sexy, trendy or young. Perhaps you even think of: summer bbqs, beach picnics, good times with your friends and family… and all of this from the mere thought of Coke.

It is when a brand builds these positive associations that is becomes valuable, and this value is reinforced by its distinctiveness. Coke’s distinctive taste, logo, packaging, labeling, fridges and advertising are all an intrinsic part of its brand.

How Can Small Business Create a Valuable Brand?

Brands are not the sole territory of big companies with unlimited budgets. Small businesses have the opportunity to use brands to add value to their own products and services.

Gather your key employees. A brand consultant will be able to help you work through the issues below and guide you to creating a brand that will be valued by your customers.

Firstly, determine what differentiates you from your competitors. Is it your friendly service, your range, a unique product, your pricing? How do you want to be perceived by your customers, your investors, your stakeholders and other interested parties? What will your brand represent?

Secondly, figure out how you can communicate that to your customers, in everything you do: your product name, logo, corporate colours, packaging, marketing material, shopfront and fittings and customer communications (statements etc). Analyse every aspect of your business and how it can be focussed on creating your brand.

Lastly, and very importantly, create a plan. How will you implement the steps you have determined need to be taken. Make a timeline, assign responsibilities and make it a business priority. The results may not be instant, but they will be lasting.