Brands are a form of consumer protection. They know exactly what they are buying regarding its reliability and quality and customers know exactly where to go if they need to complain. Brand popularity changes due to fashion and change of interests. Kellogg’s was the second brand in the world a decade ago, now it is 34th. New brands are introduced with change of technology: IBM, Microsoft, Google, Amazon and many more. The number one brand is Coca Cola
Update 16/02/2015 The number one brand is Apple http://bestglobalbrands.com/2014/ranking/
That, in a nutshell, is what a brand means in the offline business world.
Now, how brands affect online marketing?
People are still wary of buying through the internet. Why? Unfortunately, the many scams around attract more publicity than the honest sellers.
EBay made a success using the principle of community and that most people are trustworthy. When you purchase in eBay you are actually sending money to someone you don’t know and they will send goods in exchange for your money.
So what is the usual way of branding for successful online entrepreneurs?
They use their name – John Thornhill, Jim Cockrum, Kevin Riley – just to name a few. It is the way of having a brand and also assists to change the impersonal nature of the Internet.
How did they establish their brand and now grow and nurture it?
– They created a sense of loyalty and pride of their brand
– They are authentic. They do not claim to be something they are not. Remember whatever is written in the internet stays forever and lies and deceptions have a greater chance of coming back and you will regret it. I already said that I have bought many information products about online businesses over the last 5 years. I am amazed at how many of them, when I tried to re-visit the websites, were no longer there.
– They managed to differentiate themselves by their styles and by giving exceptional value and service to their customers.
– They adapted to changes. Any business needs to adapt to changes but an online business needs even more adaptability. I read once a book about Business techniques and the author kept repeating “remember the dinosaurs” as his way of reminding his readers how necessary change and adaptability really is.
– They identified their target market or niche and they keep expanding on the niche by bringing in new products that give added value to their list (prospects).
My conclusion is that basic business is the same wherever it is an online business or a traditional business. Businesses have always had to cope with change, the only difference is that change is a lot faster nowadays but the basic principle remains: build your brand and give exceptional value and you will be successful.
Hasta la vista…