In the twenty-first century, branding ultimately will be the only unique differentiator between companies. Brand equity is now a key asset.
Much of the skill of marketing and branding nowadays is concerned with building "equity" for products whose characteristics, pricing, distribution and availability are really quite close to each other. Take cola drinks, for example. Coca-Cola and Pepsi-Cola are able to dominate the worldwide cola market. The power of their bottling and distribution systems no doubt plays a part in this, but the main factor is the strength and appeal of the two brands to consumers. The strong, instantly recognisable names, logos and colours of these two brands symbolise their makers' promise that consumers' expectations will be fulfilled, whatever the subtleties of these might be.
Brands allow the consumer to shop with confidence, and they provide a route map through a bewildering variety of choices. The customer does not have to be an expert on the complexities of mobile telecommunications to choose between one service supplier and another. The brand name, the tariff and the method of payment are all that is required to make an informed choice. And as tariffs and methods of payment are largely the same among competing companies, it is the brand - and consumers' appreciation of its underlying appeals - that will ultimately drive the purchase decision. It is the inculcation of these "underlying appeals" - the bedrock of brand equity - that concerns brand owners and has become the subject of unceasing attention and investment. Brands with strong equity embed themselves deeply in the hearts and minds of consumers.
The real power of successful brands is that they meet the expectations of those that buy them or, to put it another way, they represent a promise kept. As such they are a contract between a seller and a buyer: if the seller keeps to its side of the bargain, the buyer will be satisfied; if not, the buyer will in future look elsewhere.
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