Chenault focused his remarks on the issue of branding – what a brand is, how one is created and maintained, and what its value is. He said, “A brand, a real brand, represents a connection – a rational and emotional connection between a company, its products and a customer,” adding “a brand is what the customer believes it is. The power in this relationship rests in their hands . . . Customers ultimately define brands.” In discussing the value of a brand, Chenault said, “It’s intuitive that this trust translates into financial value for a corporation. But it’s a hard number to quantify, so you won’t see brands reported on company balance sheets, even though they’re an important asset.”
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