What’s the power of a brand? Let’s look at the watch indsutry. High-end watch maker Bonja charges $4,000 for a watch that costs less than $200 to make. Even Juicy Couture, at a mid-end price point, earns a premium thanks to their brand. Juicy watches, which sell for about $95, are manufactured for just $8 bucks.

I found this info in a thought-provoking Roger Cohen article in the Feb 9 New York Times. “Develop a cool brand and you can charge a crazy mark-up. Even for a product like a watch that nobody needs any more,” Cohen writes.

Any company, whether it’s large or small, product- or service-oriented, can benefit from this profit-increase phenomenon. So get yourself a authentic brand. Define it clearly within your organization. Present consistently to your audience. The money you spend developing your brand will come back to you in spades.