Developing a Brand Name

• Brand Name - Is a name, symbol, or other feature that distinguishes a seller’s goods or services in the marketplace.
• Branding - Is a powerful and sustainable high-level marketing strategy. A strategy to distinguish products and companies and to build economic value to both customers and to brand owners, is by Prickton and Broderick in 2001.
• Purpose - Allen Adamson - “Every brand makes a promise. But in a market in which customer confidence is little and budgetary observance is great, it’s not just making a promise that seperates one brand from another, but having a significant purpose,”
• Two ways purpose can be viewed:

  • Functional
  • Intentional
• Functional - Focuses the assessment of success in terms of fast and profitable reasons.
• Intentional - Focuses on fulfillment as it relates to the capability to generate money and do well in the world.
• Consistency - to avoid things that don’t relate to or improve your brand. Aids to brand recognition, which fuels customer loyalty.
• Emotion - There should be an emotional voice, whispering “Buy me”. This means you allow the customers to have the chance to feel that they are part of your brand.
• Flexibility - Marketers should remain flexible too in this rapidly changing world. Consistency targets at setting the standard for your brand, flexibility allows you to adjust and differentiate your approach from your competition.
• Kevin Budelmann - “Effective identity programs require sufficient consistency to be identifiable, but sufficient variation to keep things fresh and human,”
• Employee Involvement - It is equally important for your employees to be well versed in how they communicate with customers and represent the brand of your product.
• Loyalty - an important part of brand strategy. At the end of the day, the emphasis on positive relationship between you and your existing customers can expect from doing business with you.
• Competitive Awareness - Do not be frightened of competition. Take it as a challenge to improve your branding strategy and craft a better value in your brand.
• Commonly Used Branding Strategies

  • Purpose
  • Consistency
  • Emotion
  • Flexibility
  • Employee Involvement
  • Loyalty
  • Competitive Awareness