Effective
branding is integral to any business. It is a way to increase brand
awareness and recognition for customers, clients, partners and
investors. For someone to see a symbol and immediately associate that
image with your company is an entrepreneurial feat. There are many
factors involved when creating a business name and logo to ensure it is
noticeable and memorable. While developing your company, creating
brand loyalty among customers can impact your company’s success
significantly (King, 2005). The following is a simple guide to help
you successfully brand your business.
Choosing a Name
Before
you can name your company, you need to figure out what your company
stands for, what its values and goals are, only then can you create a
name that represents your company’s personality. Names can be a series
of letters or an abbreviation (IBM or UPS), the founders’ names (Tim
Hortons), or something more direct and representative of the company
(Royal Bank of
Canada
).
Creating a Logo
Symbols
are important to branding because they link an image to a company, that
connection can be more powerful than any name or catchy phrase.
In order for a logo to be effective it must be:
Brand Slogan
The
brand slogan, or tagline, unifies the brand together with the logo. It
should be a short, concise statement that captures the essence of you
business (Lipe, 2006). It can be effective to combine a slogan with
your logo, in order to do this the two have to always be together,
whether on letterheads, faxes, websites or business cards, consistency
is important in keeping the brand impressionable.
The following is a list of successful taglines:
- iPod nano: 1,000 songs. Impossibly small.
- Nokia: Connecting people.
- Subway: Eat Fresh.
- Coke: Always the Real Thing
Fonts
Seriously
consider what fonts and typestyles you are using in your branding. Try
limiting the number of fonts and styles you use to only a select few,
and stick to common types that most organizations already have. If
your printing company does not have a font you are using, that could
incur unnecessary costs from having to purchase those fonts for them.
Utilizing only a few fonts that most organizations will carry will
ensure consistency in your branding, from marketing materials to
website content.
Consistency
Your
company branding can create awareness and recognition by keeping your
techniques consistent. Always posting your logo with your company name
and/or brand slogan together will help imprint your images with who you
are into stakeholders’ minds. Placement is also a factor in
recognition, for example: placing your logo in the top, right-hand
corner with the slogan on the left-hand side can be used on
letterheads, business cards, websites and any other marketing
material. This will eventually lead a viewer to subconsciously
recognize your company even if your company’s name is not explicitly
printed on the material.
Ensure
the whole company knows how to maintain consistent branding. Include
branding standards in your company’s policy or create a small guide
available to all employees for reference and for training any new
employees (Lipe, 2006). It is important to avoid ambiguity when
implementing such consistency-based plans, so be clear in how to follow
branding standards and do irregular check-ups on how well it is being
managed.
Trademarks
It
is possible to legally register and copyright words, symbols or marks
that your company uses (Veneeva, 2006). This prevents other businesses
from using your slogan or logo illegally which would otherwise lead to
customer confusion and lack of brand differentiation.
In
conclusion, branding is vital to any business, so vital that companies
are now putting a price value to their brands and may eventually
consider them as intangible assets in financial statements. A
second-annual survey, conducted by a
UK
based tax valuation firm, put a $4.5 billion price tag on Royal Bank of
Canada
’s brand, topping the most valuable brands in
Canada
for the second year. That value is nothing in
comparison with Coca-Cola whose brand is estimated to be worth US$68
billion (Gray & Bogolmony, 2005). This value comes from developing
brand awareness, recognition and loyalty, all of which are assets to
any company.
References
Gray, John & Bogolmony, Laura (December 2005); “Brands: What’s in a Brand?”; Canadian Business Magazine; available at http://www.canadianbusiness.com/managing/article.jsp?content=20051226_73418_73418
King, William (2005); “Importance of Branding: What’s in a Name?”; Wholesale Pages UK; available at http://mindpower.smartads.info/company-branding/article.php?art=7618
Lipe, Jay (2006); “Keys to Branding Your Small Business”; Marketing Profs; available at http://www.marketingprofs.com/6/lipe2.asp
Veneeva,
Verena (2006); “Creating Brand Awareness through Effective Brand Names
& Symbols”; CourseWork4You.co.uk; available at http://mindpower.smartads.info/company-branding/article.php?art=7084
Anonymous (2006); “Logo”; Wikipedia, the Free Encyclopedia; available at http://en.wikipedia.org/wiki/Logo
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