How to Create a Business Brand
Business enterprises have realized the importance of brand power. Basically, business brands can be anything ranging from name, shape, symbol, slogan, design, or term associated with a product or service. It differentiates the product from similar products in the market and gives it a distinct identity. Many people also develop what is known as “brand loyalty”, because they feel sure about getting their money’s worth with a particular brand of product that they’ve used. Marketers have used brands to create a positive impression about the products, and at times even used these brands for giving products an aura of exclusivity. Either way, business brands do translate into profits for the business.
How to build business brands?
Brand building takes time, primarily because this is a psychological game in which the intelligence of market is manipulated or oriented towards a specific brand. Since people differ in thinking, steps for manipulating all of them may also not be easy. The following steps give some insight on how to build business brands.
Develop a brand.
This is the creative level. Any brand name, symbol, shape, design, or term should be such that people would easily recognize and remember it. If it is a term, it should be something that should be in their regular vocabulary and most important, it should be easy to pronounce. If it is a symbol or logo, it should be easy to draw. Lengthy names are usually avoided. Rhyming nature is brought to the fore if possible. If such words or symbols conjure up any image of the product, its even better. Usually names such as McDonald’s or Harley-Davidson become business brand names. Even so, they need to be marketed in a uniform fashion rather than each one writing these names differently. Sometimes, there is striking difference in the way brand name is written so that people notice it. An example of this is the facebook, in which the letter “f” is not capitalized. For instance if your a mobile business you may want ot include wheels in you logo – see here
Introduce the business brands
This primarily means advertising the brand. Here, it should be launched highlighting the brand name, symbol, term etc., as the case may be. It is necessary to associate these components of brand with the product here. Therefore, McDonald needs to be associated with eating joints, and Rolex should mean Swiss watch in the minds of people, rather than shoes or tennis racquets.
Differentiate with other brands
This is slightly difficult but it needs to be done. For example, Nike and Adidas offer sports goods, which are fashionable no doubt, but definitely not party wear. This means a need for those products has to be emphasized, and how this brand of product fulfils that need should be highlighted. It is not necessary to show people playing tennis uncomfortable in Gucci clothes to highlight that they need another wardrobe for sports. Merely emphasizing on comfort level in sports shoes when compared to other shoes will do the trick. When it comes to competitors such as Nike and Adidas, differentiation becomes tougher, and calls for ingenuity of the marketer as well as designs creator. Advertising also goes a long way in snatching each other’s market share. This means the advertisement should be something that people would notice and remember.
Monitor the brand’s effect
As mentioned before, if creation of brand is not increasing the profits, then perhaps, the brand has failed or needs some fine tuning. It may mean more advertising, and aggressive pursuit for establishing the brand. This is usually done by making brand rather common by selling at lower profits perhaps such that the name becomes common place. Once people start recognizing the name of the product, launching higher end products in the same line becomes easier. Alternately, it may be necessary to develop a new brand symbol or adopt a new brand name.
Brand name and social aspects
Holding competitions, sponsoring television programs, and doing social good helps to make people aware of the business brands. Corporates usually advertise the social good that they do. For example some companies mention that so many cents from every product that you purchase of this brand will be spent on educating poor. People are usually drawn to such brands because of their philanthropic interests. Effectively, such brand name becomes a household name.