Tuesday, 10 January 2017
Why is brand not just a name but also your identity?
A name is something by which people recognize you but when you are a company that is an artificial person you are recognized by your brand name. For instance, whenever people are given a choice between two or more products, which one they opine for and why? The answer is simple people identity the product/company by its brand image or goodwill it holds in the market. Therefore, if at all a brand name is so important then obviously it becomes quintessential to maintain this brand by right way of branding, advertising and marketing. A brand becomes such an identity that people start trusting your brand just by its name. There shouldn’t a second thought arrive about your brand when your brand becomes not just a name but a true identity of the quality service or products you provide.
Now what are you thinking? Yes, you need to take your brand to that height where people are bound to prefer to your product or service by the buzz or position it holds in the market. How to create this positive buzz in the market? None other but again an efficient and trustworthy advertisement agency can lend you great help and assistance.
Thus we see, a name not only encompass the business but also suggests its identity. For example, L’oreal as a name, can make you guess the quality, range and price of its products. Thus choosing a name for your business is the most important aspect of marketing your product or service. A good name must not be made fun of. Punning names are usually considered as low standard. A name must also not suggest limitations such as language, location, interests etc. It must have a global appeal desensitising any issues or barriers. A good name must have the following features
ü Short and simple making it easy to remember
ü Unique and trendy to differentiate from other simple names
Brainstorming and tremendous research can help choose the right name for your entity.
Once you have build a name, building an identity is the next step. It is important to have a well developed identity for many reasons –
· Build and sustain trust of the consumers
· Create impressions through publishing such as marketing, advertising etc.
· Guarantee quality business and build financial gain
· Define the company’s mission and vision
· Guarantee growth and development
To have such benefits of an identity, one must build it with care and caution. This can be done as a step by step process.
· Vision Statement
This defines what you want your company to become in the future. It should be aspiring and inspiring. The statement should really be one sentence.
· Mission Statement
This defines the purpose of the company. It should be simple, concise and easy to grasp. The mission of the company must be motivational to the employees and customers.
This describes the emotions that may not be mentioned and you would like your customers to feel. It describes the company’s heart or soul in one word or phrase. For example, KFC is ‘finger lickin’ good.
A brand’s personality is similar to a human personality. It describes the way it speaks, reacts, behaves, thinks and does. For example, Apple is considered young and trendy while Samsung is considered as traditional.
· Value Proposition
A value proposition is defined as the uniqueness of the brand and how it benefits the customers. It must define how a brand is different from its customers and how each of its products and services cater to a customer differently.
· Swot Analysis
An entity must be aware of its characteristics and thus conduct a
SWOT analysis for itself.
SWOT stands for -
1. Strengths – Positive characteristics of your business that provide advantage over competitor.
2. Weaknesses – Characteristics that prove to be a disadvantage to your business.
3. Opportunities – Changes and trends in your industry that offer opportunities for your business.
4. Threats – Elements in the industry or environment that may cause problems for your business.
Once you have touched bases with the above essentials, you will be able to build and maintain a brand name that will become your identity .