This is going to be something short, but definitely a strong element to ponder on. I’ve slightly touched on this before, but a brand is way more than a logo. When you think about all the high-end hotels e.g. Hilton, Marriott etc. If you swapped the logos around would you even know the difference? Probably not. And do you know why? They don’t have a brand. If Nike suddenly decided to make hotels you would probably have an idea of how it would turn out, and that’s because they have a brand, an expectation.
To have a brand means you’ve made a promise the public, and if it’s distinctive that means you’ve earned something, which is value. The reason why people are prepared to pay more for Nike than the alternative is that they’ve solidified their expectations to the public of high quality so they keep on winning.
When you’re the size of Nike it’s also very hard to do something that stands out. There aren’t many things that can be done to make a big statement as smaller companies can. That’s why Nike partnering with Colin Kaepernick was an amazing/ game-changing move.
Every brand was scared to aligned to him or any political stance, but not Nike. That move sends sound waves across the market, and when we look back at this in history we will say Nike was on the right side of it, and not afraid to stand with and for what is right, and it shows with how their stock is looking right now.
Back in the days marketing used to be all about demographics, (where you live, how you much you earn, gender etc.) but honestly, that shit doesn’t really matter anymore. In this new era, you should be focusing on the psychographics. Peoples personality traits, interests, lifestyle etc. It doesn’t matter about race or age because everyone has dreams and if you’re empathetic to your consumer’s needs, you’ll always attract the right people.
Just on a side note as well, If your brand has a mission really push that statement. People will buy into the brand more especially if it’s for a better cause.