15 Elements of a Successful Brand

2. Common way of thinking: Everyone in the company has to think and view the product or service the same way, so when people ask them to explain it, they say the same things.

3. Understanding the consumer: Smart marketers take the time to study and understand their customers. Two of the speakers who sell directly to consumers said their companies required that they work the sales floor to observe and understand how and why buyers make their decisions.

4. Understanding what the brand stands for: Marketers and business leaders need to understand what their brand stands for. For example, Disney stands for dreams and magic, Movado for high-end watches and Chanel for making women of all ages feel beautiful.

5. Functional benefits: Watches don't just tell time. They also project something to people who see them on your wrist. A client of mine wore a $250,000 watch, which made an incredible impression on everyone he met. It said he was a huge success.

6. Quality: Part of a brand's value is in its quality. When you think of Toyota(TM Quote), you think of quality and dependability.

7. Imagery: The New York Yankees have developed an image of being winners over the last 100 years. Everyone who thinks of JPMorgan Chase(JPM Quote), the investment bank, thinks of clients with private jets and homes in the Hamptons. The images of JPMorgan Chase and the Yankees are images of success.