What Is a Brand and Why Is It Important?

Between tradeshow speeches, product pitches and feature articles, you might be sick of hearing the word "brand." Maybe you've heard it so many times by now that it doesn't even register – it's all about your brand; your brand should attract top agents; does it align with your brand?

The popularity of the subject alone alludes to its importance in the real estate industry, but do you really know what a brand is? Do you understand its importance? Above all else, what is your brand?

At one point in time, brand was simply a name that replaced the generic name of something. Take laundry detergent for example; the generic name, laundry detergent is known as Tide, Gain, and Cheer – the brand.

Over time, it became evident that there was more than a name that went into the perception and distinction of a product. Better yet, marketers learned that they could create different perceptions of their brand and, to a certain extent, control the perception of their products in clients' minds through various means – the evolution of brand.

If you're not a marketer or don't have marketing experience, when you hear the word brand, you may think back to the root of the word – the name that replaced a generic name. Colours, shapes and fonts may come to mind, and while these are all important components of a brand, you must remember that brand has evolved and is about much more than we see on the surface; today's brand represents a company's beliefs and core values.

To develop a strong brand that supports the success of your brokerage, you need to look at the bigger picture and understand how each area of your business affects your overall brand.

To get started, I suggest you look at your brokerage's brand from two angles – internal and external.

A mistake that companies often make is overlooking the effect that their internal initiatives have on their external brand. Agents talk – they talk about the good and, naturally, they love to talk about the bad. The key is to think of each of your employees as a brand ambassador. When your employees are treated well, they feel respected and valued, and communicate that externally, ultimately strengthening your brand. If they are treated poorly, well, you can imagine the exact opposite effect.

Obviously, how your brokerage is viewed externally greatly affects your brand. A great way to ensure your brand is seen positively is through corporate social responsibility. Your company's corporate social responsibility (CSR) is exactly that—a responsibility of your business to the community you serve. CSR is a growing trend many businesses are taking much more seriously in an effort to give back to their community. Your company's CSR efforts are a way to not only expose your brand but to communicate your values and beliefs to your stakeholders.

You may still be wondering why your brokerage's brand is important, but really it's simple. Your brand is your brokerage's identity. It represents your business in its entirety, differentiates you from the competition and greatly impacts your success.

So, what is your brand?

Check back soon and we'll discuss how you can help your agents effectively communicate your brand.

To view the original article, visit the Lone Wolf blog.