As at the time of this writing, the brand name value of Cocacola is $68.7 billion. What that means is that if you sell off all their assets and liabilities, the worth of their name is $68.7 billion. Incredible! The brand name value of Microsoft is $66.4 Billion.
There is so much power in a brand, in branding you, your product, your service or your business.
Branding is simply reputation. It is the customer’s perception of you or your business. It is how they perceive that you are different from others.
Here are a few suggestions on those common features powerful brands have that you can use and start getting tremendous results.
First,powerful brands have brief names. Think of : Google, Dell, Apple, Microsoft, Dangote, Coscharis. Many of them are one-liners, at most two liners: Goldman Sach, Satchy & Satchy, Mark & Spencers & Proctor & Gamble etc. For those that have long names, they use abbreviations. For example, Mobile Telecommunication Network (MTN), Nigerian Television Authority (NTA), Cable News Network(CNN), Yet Another Hierarchical Officious Oracle (YAHOO). Most powerful brands also have names that tell the customer what they do. People should be able to look at your business and guess what you do. That is one way to create a compelling brand. So use short names – one liners or two liners. Make your brand simple and memorable.
Second, Use powerful logos and colours that are compelling. When you see red, what comes to your mind? Virgin Atlantic or Airtel. When you see lemon green: GLO highlights. What of yellow? Of course MTN. Forest green? Etisalat. Black and gold? Guinness!
While it is true that brands may share colours, but their logos, fonts and motto clearly marks them out. Can you imagine Coca cola’s logo? Of course, you can. How about Guinness?How about Google? How about Face Book? And Dell? What of HP? It is most likely there in your mind. Their logos and motto pull us to them. Invest money in the design of your logo.
Third, a brand is born out of consistency in promotions and adverts. Coca cola is as popular as water is yet they keep advertising! They keep promoting. It is important they they keep being in the mind of the customer. When you think of good liquid taste, they expect that you should think of them.
Also about consistency: close your eyes for a moment and try to remember the taste of coca cola. Can you? My guess is that it the taste is so consistent you can. In branding, consistency is the key word. A McDonald’s hamburger in France has the same taste with that in London. No difference.
So find an area and be consistent. Be consistent in quality and quantity. Staying long and hard in an area builds your reputation and brand.
Forth, expand and diversify. Powerful brands do that eventually. They start with a primary product but eventually expand, diversify and possibly evolve. NOKIA began as a tree felling company. Today they sell phones. SAMSUNG used to produce electronics. As at the time of this writing, they dominate the tabloid market.
VIRGIN GROUP has 300 limited liability companies. Their combined group of companies is the largest group of companies in Europe. Richard Branson, its CEO, started off a magazine called STUDENT in his school days. Then he began the VIRGIN BRAND: VIRGIN STUDIOS. Today, there is VIRGIN COLA,V HEALTH CLUBS, VIRGIN CONDOMS,VIRGIN BLUE,VIRGIN ATLANTIC, VIRGIN TRAINS and so many others.
So find your primary area, make it a success and then diversify and expand your interest.
Fifth, always focus on your competitive advantage. Powerful brands do that. They with what works for them, where they get results. They stay with what they know gives them the edge with their customers. By doing that they gain brand loyalty.