The First Requirement
First of all, the brand needs to be memorable. People need to be able to remember what your brand really is. How it looks, what it means, how it sounds... And it doesn't have to be the most masterful piece of art for it to be a good brand. All it has to be is memorable.
The Second Requirement
The second requirement is that a brand needs to be connected to a successful business. If you have the best brand in the world, but you are selling things that nobody wants to buy from you, you don't have a valuable brand.
The Third Requirement
Third, it needs to be well protected. If you have a good brand, it is connected to a successful business, but you're allowing your competition to use your brand right and left to compete with you, there is very little value to the brand.
Sum it Up Andrei!
So it needs to be memorable, needs to be connected to a good business, and it needs to be well protected. Jack Welch, the former CEO of GE, famously said: If you don't have a competitive advantage, don't compete. I always add to that, If you don't protect your competitive advantage, you don't have a competitive advantage. So make sure that you build a great brand and that you protect it.