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It attracts investment, tourism, and is a valuable tool to create a reputable name for a specific place. Having a positive and powerful place brand is necessary to compete with other nations, states, regions and cities.
Types of Brand Places
Nation Brands: Nation Brands studies six verticals to determine the overall brand power of a specific country. Those six verticals include tourism, people, culture, investment/immigration, exports, and governance (http://www.nationbrandindex.com/).
Regional Brands: Similar to Nation Brands, Regional Brands studies how others think about specific regions' tourism, people, culture, investment/immigration, exports, and governance...
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