The ability to connect with customers is one of the most important measures of a company’s success. Once you’ve established your company and developed your product, you need to reach out to the masses. Finding quantifiable ways to market your product is imperative if you want to become a formidable player in the industry. Knowing that goal and understanding how to achieve it, however, are often too very different things.
Have you ever wondered just how much a name like McDonalds is worth? The answer lies in the companies brand equity. A company’s brand is one of its most valuable assets; and brand equity is a measure of that value. Brand equity directly corresponds to financial performance, something a company like McDonalds knows all too well.
A company’s branding strategy is made up of several elements, including its logo. Oftentimes, the logo piece of the branding pie is overshadowed by the other elements. That doesn’t mean it isn’t equally as important, however. Just ask a company whose logo or logo change torpedoed their entire strategy.
What do branding and marketing specialists know that you don’t?
Have you ever wondered what companies like McDonalds or Coca-Cola did to become the global icons they are today? Companies that have built themselves into star brands have several things in common. Analyzing the branding strategies of these companies can help you launch your own business in a manner that maximizes your chances for success.
Every start-up business dreams of the day their name becomes a household word. There is no easier way to judge a brand’s success than by listening for it in everyday speech. Just think of the last time you asked for a Kleenex or a Post-It. Those brand names have become synonymous with the industry itself. In reality, not all facial tissues are from the Kleenex Company, which is owned by the Kimberly-Clark Corporation. There are actually multitudes of companies that produce facial tissues, each one trying to get out from under Kleenex’s hold on the industry.
Some new business owners make the mistake of thinking that creating a brand for their company involves nothing more than choosing the right name. Although that is a very important part of the process, it is simply one of several components needed for successful branding. For some that may seem daunting – choosing a name can be hard enough. Fortunately, the process doesn’t need to be overwhelming, especially when you can utilize Brandroot’s marketplace to get the ball rolling.
One of the most difficult things for new businesses to accomplish is selecting a name. Unfortunately, it is also one of the most important. Failure to choose a name that will lead to the creation of a strong and distinct brand identity will undoubtedly end in failure. Great brands start with great names. With so many awesome names already taken, what’s a start-up to do?
The marketing industry uses several different terms related to brands, such as awareness, equity, essence, strategy, and optimization. Although there are elements that coincide with more than one term, it is important to understand the differences as you begin creating your brand. One of your first goals should be establishing brand awareness. Before you can develop it, however, you need to understand what it is.
Not everybody has the ability to grow a beard, and for those who CAN grow a beard, only a few of them actually let it grow to its beautiful potential. Furthermore, for those who DO let their beard grow out, not all of them maintain and provide it with the care it needs to look its best. It’s like growing a brand!
The most successful companies in history are the ones that were able to create strong brand identities with their names. There aren’t many people that don’t immediately recognize names like Nike, Starbucks, or Google. Choosing a name is one of the most important decisions a business will make. Often, a creative and unique name is the difference between the development of strong customer connections and a lifetime of obscurity. It may feel like names like Xerox and Pepsi have always been a part of society, but where exactly did those names come from?
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Brandroot focuses only on content related to business naming. Before selecting the name of your venture it is important that you have a solid grasp of what you're in for.
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