What's in a Name? The Power of Your Brand

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Branding is an often under-utilized tool in the small business owner's tool belt. The methods used to choose and build the brand are not clearly understood leaving a huge marketing opportunity untapped. Small Business Owners will learn to choose, build and protect the brands they use for their business, products and services. A company's brand can become a very valuable asset if the business chooses it properly and consistently builds it. - Choosing your names and brands - Methods for building and using the brand - How to protect your brands
  • 1. Sigma Free Presents… What’s In a Name The Power of Your Brand Tuesday, April 13, 2010 6pm – 8pm Sigma College of Small Business 6611 Jefferson St. Haymarket, VA  20169 Provided by Sigma College of Small Business, Inc.
  • 2. Agenda Introductions Keynote Topic What’s In a Name? The Power of Your Brand Break – Refreshments and Networking Ask  Keynote Conclusion Questions  What’s In a Name? Any Time The Power of Your Brand What's In a Name?  The Power of Your Brand 2 Copyright 2010 Sigma College of Small Business, Inc.
  • 3. THE BRAND What's In a Name?  The Power of Your Brand Copyright 2010 Sigma College of Small Business, Inc. 3
  • 4. •Awareness •Attitude •Expectation What's In a Name?  The Power of Your Brand Copyright 2010 Sigma College of Small Business, Inc. 4
  • 5. What's In a Name?  The Power of Your Brand 5 Copyright 2010 Sigma College of Small Business, Inc.
  • 6. The Top 8 What is a Brand? Global Brands • Identify and Differentiate – Name, term, sign, symbol, or design, or a combination • Conveys the Identity of the Product – Attributes – Benefits – Values – Culture • Brand Recognition –complete “identity” of the  product is conveyed through the brand Branding is the art and cornerstone of marketing BusinessWeek “100 Best Global Brands” 9/28/2009, p.50 What's In a Name?  The Power of Your Brand Copyright 2010 Sigma College of Small Business, Inc. 6
  • 7. What's In a Name?  The Power of Your Brand 7 Copyright 2010 Sigma College of Small Business, Inc.
  • 8. What's In a Name?  The Power of Your Brand 8 Copyright 2010 Sigma College of Small Business, Inc.
  • 9. Should a brand be developed for  Branding Decision the product? Brand ‐ No Brand Brand‐Sponsor  Who should sponsor the brand? Manufacturer, Distributor  Decision (private), Licensed Brand‐Name  What names should be put on  Individual, Family, Separate,  Decision the products? Company/Individual Brand‐Strategy  What branding strategies should  Line/brand extensions, Multi‐ Decision be used? brands, New brands, Cobrands Brand‐Repositioning  Should the brand be  Brand reposition Decision repositioned? No brand reposition Adapted from Philip Kotler, Marketing Management, 9th Ed. (Upper Saddle River, NJ:  Prentice Hall, 1997), ch15. Brand Decisions A Brand is a name, term, sign, symbol, or design, or a combination of them, intended  to identify the goods or services of one seller or group of sellers and to differentiate  them from those of competitors. – American Marketing Association What's In a Name?  The Power of Your Brand 9 Copyright 2010 Sigma College of Small Business, Inc.
  • 10. The Value of the Brand • Calculating Value – One:  Project total future sales under brand – Two:  Estimate brand’s impact on earnings – Three:  Derive value from future net earnings  attributable to brand • Other Factors – Recognizable with non‐customers – Market Leadership – Stability “100 Best Global Brands”, Businessweek, September 28, 2005; p.50 The Point: A VALUABLE BRAND has a significant impact on future earnings! What's In a Name?  The Power of Your Brand Copyright 2010 Sigma College of Small Business, Inc. 10
  • 11. Brand Sponsor Supplier Manufacturer Retailer Craftsman Dell Intel Wegmans Coke Nutrasweet Product “Agent” AFLAC Diet Coke, Inspiron, iPod, Accident Policy Products can be branded at multiple levels What's In a Name?  The Power of Your Brand 11 Copyright 2010 Sigma College of Small Business, Inc.
  • 12. Brand Naming Decision • Desirable Qualities – Suggests Product Benefits – Positions Product Qualities – Pronounce, Recognize, Remember – Distinctive – won’t be confused with others – Expandable – doesn’t limit where or what you do • Tests – Association – what images come to mind? – Learning – easy to pronounce? – Memory – is it memorable? – Preference – which names are preferred? What's In a Name?  The Power of Your Brand Copyright 2010 Sigma College of Small Business, Inc. 12
  • 13. Brand Strategy How will you brand across multiple products! Type Examples Line Extension Honey Nut Cheerios Silver, Gold and Platinum subscriptions  ‐ multiple “features” under same brand  Brand Extension Honda – Cars,  Motorcycles, Generators Kodak – Film, Cameras, Printers, Software ‐ same brand across multiple products  HP – Printers, Medical Equipment, Computers Multibrands Chevrolet and GMC, Ford and Mercury HP and Compaq, Seiko and Pulsar ‐ multiple brands in same category Courtyard Marriott and Fairfield Inn New Brands Procter and Gamble – Product Branding ‐ new products desiring “separation” Cobrands “Intel Inside”, Nutrasweet AT&T and the iPhone, Motorola RAZR ‐ combine brands from multiple products Sears and H&R Block What's In a Name?  The Power of Your Brand Copyright 2010 Sigma College of Small Business, Inc. 13
  • 14. Building the Brand Brand > Name Build the association between brand and identity • Build the Identity – Define Desired Perception – Ensure Actual Delivery = Desired Perception • Market to Desired Perception • Consistency, Consistency, Consistency – Consistently communicating and delivering to the brand identity – Critical to building the brand What's In a Name?  The Power of Your Brand Copyright 2010 Sigma College of Small Business, Inc. 14
  • 15. Brand Building Campaigns • Awareness and Attitude Objectives – Advertising – Integrated Marketing • Consistently Communicate Brand – Ads – Presentations – Networking  – Brand, colors, wording What's In a Name?  The Power of Your Brand Copyright 2010 Sigma College of Small Business, Inc. 15
  • 16. Brand Protection • Choosing the Brand – Distinct – can’t be confused with others – Not in use elsewhere • Trademarks – Non‐functional – Distinguishes the goods or services of  one company from that of another – Established with first use geographically – Federal Registration – with intent to go  national What's In a Name?  The Power of Your Brand Copyright 2010 Sigma College of Small Business, Inc. 16
  • 17. Sigma College of Small Business • Upcoming SigmaFree Classes Critical Business  – 4/20 – There’s Gotta be a Better Way!  Areas Happier Customers and Higher Profits Strategy and Planning – 4/27 – Get More from Advertising ‐ Five  Marketing and Sales Questions to Ask Your Ad Agent Accounting and  Finance • Focus Workshop Operations and  – Leveraging the Online Social Network Quality • Tuesday, May 4, 2010 Leadership and  • 10am – 2pm, $199 Administration Technology and  Innovation Dedicated to the Learning Needs of Small Business! Copyright 2010 Sigma College of Small Business, Inc. 17
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