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Regardless whether you are breaking into a saturated market, or are the first company to break into an under-serviced market with no competitors on the scene, it is crucial that you give serious thought to building a brand.

As brand futurist Nick Wreden professes, the concept of a 'brand' is both powerful and elusive. He likens it to a strategic talisman that increases sales, hinders competitors and maximizes sales efforts. For young companies, a brand can attract investment and quality hires.

• Brands are built by organizations and supply chains, not by marketing departments.
Everyday operational excellence is the key to a good brand. Before you can establish a relationship with a customer, you have to be a company the customer wants to have a relationship with. Brands demand and deliver accountability. Brands must establish lasting relationships with five core constituencies: customers, investors, employees, suppliers and the media or analysts. Brands are defined by customers and other core constituencies, not 'positioned' by companies. Without customer economic or psychic value, there is no brand. Brands require an international perspective. 8. Products offer promises. Brands honor commitments. Customer equity is more important than market share. The emotions, experience and functionality that represents a brand must be unified across all media and channels.

(Source: 'Fusion Branding: How to Forge Your Brand for the Future? by Nick Wreden. GA: Accountability Press, 2002)

The difference between a brand and a product:

Product	Brand
The 'Tesco' or 'Giant' effect. People buy it because it is cheap, easily available and convenient Market is easily 'stolen' by another competitor 'Positioning' changes from time to time, as in the need to constantly morph into a completely new persona. Lacks grounding Generic, nothing memorable Fulfill immediate need/ desire	Reaches a level of loyalty where the person will look for another supplier if the supplier they usually frequent runs out or stocks Long-term relationship with the brand Remains consistent over time, with only an upgrading of look Defines the purchaser Becomes the foundation for future offerings