A brand is the identity of a specific product, service, or business. A brand can take many forms, including a name, sign,symbol,color combination or slogan. The word brand began simply as a way to tell one person’s cattle from another by means of a hot iron stamp. The word brand has continued to evolve to encompass identity – in effect the personality of a product, company or service.
But have you ever think what makes the brand great ? What are the important things we have to remember to make a brand successful ?
There are different practices to make a brand successful and it differs from product to product, services to services and corporate brands.
So, in this article, I am sharing 5 eternal tips to make a successful brand that apply equally to product, services and corporate brands.
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Protect your brand : Trademark, Patent Law and copyright offers provision for the protection of your brand, logo, colors, the styles and shapes of packaging , new invention, artistic, literary, and musical works from period of 20 years to 50 years.
Honor your Stakeholders : Stakeholders of your brand are your Customers, Employees, Share-holders, Trade Partners, Industrial Commentators, Opinion Leaders and Interest Groups. They want you to listen them and to act possibly. It really enhances the performance, innovation, transparency and a sense of social responsibility within the company and outside the company.
Treat your brand as an investment, not a cost : Brands are among the most important assets that a business can own, and strong brands can ensure business continuity in times 0f difficulty. A brand must relevant to their customers, contemporary and appealing at every span of time. For this, a company has to spend a sufficient amount of money on advertising, marketing and in product development.
Exploit the financial potential of your brand : As well as seeking ways to extend the brand through new product development, you should look opportunities to exploit the equity in your brands through co-branding, licensing and franchising. These can be highly lucrative ways to exploit your brand, broadening its exposure and enhancing its message.
Understand that successful brand management nowadays is a complete task : It requires skills not normally associated with the traditional marketing function. The ability to brief market research companies, advertising agencies and designers, to liaise with the sales and distribution people and to survive the off skirmish with the “bean counters” is no longer enough. Brand manager certainly needs all above skills but they also need to understand how a brand can be managed for benefit of shareholders and how to ensure customer satisfaction.
Source Idea : Brands and Branding written by Rita Clifton and John Simmons