I was talking with Wayne - a old fashioned advertising man who has reinvented his thinking after having a 1:1 marketing epiphany some years back - about where classic 'branding' fits with the whole concept of marketing as a conversation. (He was the one who put me on to "The New Brand World" and persuaded me to re-read "The Cluetrain Manifesto").

In short, Wayne has convinced me that a company's brand is the sum total of the experiences they provide to their customers. Loyalty programs included - especially.