Your Most Important Business Asset

Businesses typically invest in many different important tangible assets of their business, such as raw materials, equipment, supplies, etc. Of course these tangible assets are very important but let’s talk about the most important intangible asset a business should have…their brand.

Your brand is your reputation, it’s the first thing people think about when thinking about your business. How people think and feel about your business influences their purchasing decisions. Since the way people think and feel about your business influences their purchasing decisions, that means it affects the revenue your business is able to generate.

Time and time again we’ve seen businesses that invest in their brand be the businesses that achieve greater success than those that don’t invest in their brand. For example, let’s look at ‘Dove’(the soap brand). Though they sell soap and other hygiene products, they are known for something far greater…their brand. To be clear, their brand is not soap.

Dove’s “Real Beauty” campaign from 2004.

The “Real Beauty” campaign from 2004, promoted self confidence in women and was used to challenge traditional standards of beauty at that time and even now they continue to challenge these traditional standards with their recent “Keeping It Real With The Code” advertisement. This ad showcased what artificial intelligence generates when you ask it to generate an image of a “Beautiful Woman.” The artificial intelligence then proceeded to generate images that were essentially carbon copies of each other that were simply what it believed an ideal woman should look like.

https://www.youtube.com/watch?v=reIQAmmpbO8. – link to the Dove’s YouTube video of the campaign.

Their brand of ‘Body Positivity For Women’ increased their value from $200 million to over $5 billion dollars. Their success is attributed to women being able to relate to their message, they resonate with their brand.

Dove’s “I Am Real Beauty” campaign.

Seeing as how a person’s perception is able to affect your business, not only does this mean it’s an important business asset, it means it’s an important asset worth investing in.