Day 04: Introduction to business identity and brands
Once you identify your niche market, your product, its delivery and payment processes, then you have a business model. You will also have gone half way into the initial planning.
Cocacola once had an advert that went “Stand out from the crowd” The idea behind brands is to ensure that you can be identified from your competitors. Brands are usually words. Words that make money. Finding a unique brand name is key to the success of your business. When you provide quality products and services, your customers will remember you. And the only way they can remember you is by remembering your brand.
You can curve out a brand name from various sources;
- You can be the brand. For example Mercedes and Ford are brands from person’s name.
- You can get a brand from your market. E.g Ghetto Radio
- You can also brand from the product name for instance Book First
- You can also associate your brand in reference with the geographical location. An example is Kenya Airways
- A brand can also be derived from abbreviations. For instance HP
- A brand can also be developed from a characteristic like Sharp meaning clear copiers.
- Some people get brands from nowhere. Especially the case with well established corporations. Like what’s yahoo?
- Other brands are associated with their source or technology or operation eg Airtel meaning air telephone or just mobile telephone.
Brand name and business identity is important. Names are what people will remember once you are gone from the business. This is what will do business for you for the next 100 years. Of course you will not be there. The founders of brands like Pepsi or Motorolla are long gone, but their brands are as alive as they were then. Creating a brand name ensures that your business will run through generations.