In previous posts, we have revealed the secrets behind a good marketing strategy for your brand. However, when discussing brand management, two terms often get confused and marketers should understand to master the art of advertising. Let’s talk about the difference between a product and a brand and their importance in creating brand loyalty with consumers.
What is a Product?
According to the Economic Times, a product is an item (physical or virtual) available for sale to satisfy consumer needs. In other words, we are talking about any goods or services people can acquire from a particular business by paying the specified value.
What is a Brand?
According to the American Marketing Association (AMA), a brand is a set of identities, values, and perceptions created by a company to differentiate it from the competition and connect with consumers. In other words, the brand is the personality and visual identity of the business that can resonate with the audience and make them identifiable.
What Would Disney Do?
You know us, and how much we love to take you behind the scenes of Disney marketing strategies, so what better example than them to understand the difference between these two concepts?
When talking about the brand, we are referring directly to Disney, better known as The Walt Disney Company, which is all about family entertainment, dreams, fantasies, and, of course, happiness. On the other hand, we have its products, which over the years have become more varied, from Disney+ and Hulu’s streaming services, theme parks, theme resorts, live shows, and movies, to even merchandise and toys.
However, what is important to highlight about Disney is that no matter what product you are consuming, you feel the Disney magic or essence behind it because Disney has such strong values that it ensures these values are present throughout its wide range of products and services.
A good example of this could be Disney’s Aulani resort in Hawaii. Despite being a resort far away from all the theme parks and focused on creating unforgettable island vacations, it keeps the Disney brand values at its core with tailored customer service, experiences, themed decoration, and even your favorite characters like Mickey and Minnie running around the pool. This is how, despite offering a product in a completely different setting, the Disney Company maintains its brand for people to associate with it.
But Why Is It Important?
Well, having a strong brand identity and sticking to your essence and values is crucial for any business to create brand loyalty and connect with its consumers. Like in Disney's case, so many fans around the world resonate with Walt Disney's initial idea of making dreams a reality that they follow the brand wherever it goes and are willing to pay any price to be part of its experiences and acquire its products. Not to mention, they also support their movies.
Having values that consumers can identify with is not only powerful for gaining their support through the years, despite price changes and different shifts within the company, but it also has the power to create a community and sense of belonging. This is the case for many “Disney Adults” who feel that something as simple as a brand helped them find their purpose and build a whole personality around it.
So now you know, it is never too late to start developing your brand or revising your existing branding to see how that identity can align with your target audience to showcase it through your products and create long-lasting relationships.
Subscribe to this blog if you want to keep learning the essentials and behind-the-scenes tricks around brand management and check our previous posts about how to craft strong marketing strategies. As always, have a magical day, and see you in the next post!
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