On one level we talk about the brand's value in monetary terms, on another we assess the 'coolness' of a brand; how much is it talked about and engaged with by the public.
Of course, many business owners and entrepreneurs would aspire to be joining the likes of Apple, Coca Cola, Google and Amazon on lists of cool and powerful brands, though few will make it.
However it is perfectly realistic for any business to become a recognised leader in its field. Having a well-designed and implemented brand is key to making the most of every opportunity presented.
A cheap or expensive product in any given market will often contain similar ingredients. Branding is the key to success, whether it is your aim to simply sell more units or be able to charge a premium.
After all, without the brand, Coca Cola is just brown sugary water. It is consistent brand promotion and advertising throughout the years that has lead to its omnipresence.
Thinking of the market in which you operate, who is the standout brand? Even inferior products or services gain business through 'looking the part'. Whether they get repeat business of course is another matter.
How does your business fair? Being the best isn't enough. You need to be perceived to be the best as well.
Looking at your current marketing material, is it working hard for you? Is it instantly recognisable and 'hitting the mark' with your target audience? Is it appropriate and well thought through?
Now may be the time to seek advice and analyse your brand's strengths and weaknesses. Ensuring your business' brand has value should be top priority.