Branding. What It Is. And Do You Have One?
Many retirement communities talk about their brand. They espouse its virtues and assume the customer understands what they stand for. But do they really have a brand? Or do they just have a product? If you think you might be in that position, it’s important to understand the distinction between products and brands. And it could make a world of difference for your marketing strategy.
A brand is a promise. It’s something the customer believes in and depends upon. A product is something the customer uses. A product holds a place on the shelf. A brand holds a place in the mind. Branding is the process of identifying that singular, desirable benefit that makes up your promise. And in order to maintain your brand, and make the branding process work, you need to do everything in your power to make sure that promise is upheld – every hour of every day.
Some brand managers are really product managers because they spend their time managing the logo on the label and the shelf space the product occupies. Building and managing a brand means spending your time managing the space the brand’s promise occupies in the customer’s mind.
So is your retirement community a product or a brand? If you don’t have a promise, something dependable and valuable you can deliver to residents year in and year out, then you don’t have a brand. You may have a successful community, an excellent product. But you don’t have a brand.
