Building your brand has never been more important than now. The economy has taken a slump and now businesses are in pass or fail mode. Your “brand” is the name for your products and services. Your brand is the heart and soul of what you do. It is your representation to the world of who you are.
The business world is very competitive. There are probably a few other businesses that are in the same market as you; selling the same products and services. So what sets you apart from them? That’s simple – Your Brand! While technology is changing; your brand stays the same. While the economy may be fizzing; your brand stays the same. Your brand is the one constant thing you have in the business world. Your brand will have value. For example, Nike is a brand. So while their shoes have value, it’s the name (the brand) everyone knows. It’s the name that has value.
There are three types of brands:
- Primary Brands – This is your main brand; the core of who you are. It’s the umbrella under which other brands can fall.
- Secondary Brands – This is a second line of branding and doesn’t have to have its own brand name. The brand can be an extension of the primary brand. So for example, Johnson and Johnson is the primary brand. Johnson and Johnson Baby Powder is the secondary brand.
- Tertiary Brands – These are brands that don’t really generate revenue the way the primary and secondary brands do. This could be a generic line developed by the company.
Once you have developed a brand you must then think of how to market that brand. However, general marketing will not do. How people perceive the brand is going to make a huge difference to the success of that brand. Take for instance Geico Insurance. While they boast cheaper prices than their competitors, they have marketed wisely and in a way that people perceive them as a truly competitive insurance company. Their slogan “15 minutes can save you 15% or more on car insurance” is catchy and unforgettable. Combine that with the marketing gimmick of the Gecko and you have a brand that is memorable and perceived well by the public.
This is the heart of what branding is and can do for you. If you haven’t developed a brand yet – “what are you waiting for?” Each day that passes is another day in which your company is losing money to the competition. So get started today!