A brand for a company is like a reputation for a person -Jeff Bezos
Jeff Bezos’s definition of a brand shows the importance of ensuring that your business has a brand that sits well with the goal and aim of your business. A company’s brand is the identity of a company or business. This means that a company that has no brand, has no identity. A company must have an identity because identity is like an anchor for your company when the storm comes.
A brand gives you an identity, an identity gives you an edge above your competitors because it is easy for your customers to identify you in the market space. For example, there are many car companies in the automobile industry but some car companies have been able to thrive because they are a brand like Toyota is known for producing cheap, efficient, and fuel-efficient cars, while Ferrari is known to produce fast cars and the Mercedes Benz produces cars that have strong safety features and technological innovation. So if I need a cost-effective and also efficient car, it is Toyota I would likely go for. The brand helps customers to identify you based on their needs.