What is Your Brand Worth?

Branding

To get a good idea about the importance of your brand, let's look at branding as an actual financial asset. Take any large company, such as Apple, Coke, etc, and try to imagine how much it would cost to buy their brand... just the name itself, nothing else... so you can use it for your own company (let's pretend for a moment that you're in the same business as them).

What do you think it would do to your business if you were able to use some other company's well-respected brand to promote your own products and services? Do you think it would grow your profits, or make your sales process easier?

Take Coke for example. Let's say they sold their name to some other beverage company, and had to start promoting themselves from scratch using a new name. So, they'd still have factories, warehouses, employees, trucks, etc, but they could no longer use their name brand. How easy would it be for them to sell to their previous consumers, and how much would it cost them (and how long would it take!) to create a new name brand with equivalent customer loyalty and brand recognition?

The answer is almost impossible to imagine. The sheer cost of such an undertaking is mind-boggling. So how important is your brand? Do you have customer loyalty? Do consumers remember you and recognize your company? It's never too late to start, and the sooner you begin, the better!

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