Stand by your brand

Why Cowboys should not be in charge of your most valuable asset

In the world of cowboy movies, branding was the means of identifying and establishing ownership of assets of the bovine variety. The owners' equity resided in these physical assets, and branding provided some measure of protection.

There are still lots of branding cowboys out there-owners and managers who think of brands in the one- dimensional "identifier" mindset of Audie Murphy and John Wayne.

Today, the power has switched from owners to consumers. The real equity of brands resides in the hearts and minds of consumers, and their attitudinal and behaviouralloyalty to brands they trust and like. Not surprisingly then, some branding cowboys get the blues, and need a pal to help them navigate the over-hyped field of brand equity.

What are brands?

Today, brands exist and succeed because people need bra.nds. In our increasingly overcommunicated world, brands serve as memory shortcuts that simplify consumer de- cision-making and reduce risks. To the sensory-overloaded consumer, a strong brand stands out as a beacon, a safe harbour in a sea of confusion.

A brand is much more than its one-dimensional identifier-the name or logo which identifies a product, an idea or its owner. As brand architects, we see "brands" as complex bundles of meanings, emo- tions, symbols and associations-created and shaped by advertising and other brand cues, and adopted by people to fit their aspirations, dreams and self-concept, or as a "tribal" badge. Think Harley-Davidson. Think No Logo and Adbusters.

Ultimately, a brand is a trustmark-a covenant between company and customer. And a brand that's trusted is a very, very, valuable asset-whether its owner is Hugo Boss or Naomi Klein.

Brands are valuable assets