Despite unrest in economic markets, advertising spending worldwide is forecast to reach $600 billion this year, a 20 percent increase over 2006. Major corporations spend billions annually to cultivate and protect their brand – with good reason. A business’ brand differentiates it from competitors, solidifies its credibility and builds customer loyalty.
According to BusinessWeek/Interbrand's 2007 ranking of the 100 Best Global Brands, the global value of the Coca-Cola brand, ranked number one, was $65 billion. That’s the value of its brand only; that doesn’t include its assets or global sales. Yes, Coca-Cola makes products we drink, but the associated positive images are the result of efforts by the business to cultivate and communicate its brand.
“Consumers develop an image of a business and its products. To be successful, the brand must represent something special in their minds,” said Norman Wright, President/CEO of your BBB serving Northwest Florida. “Consumers evaluate brands and businesses on trust. Can they trust that they’ll get what they paid for or that the business will stand behind its brand promise?”
Branding isn’t just for large corporations; your BBB offers advice for small businesses to develop, refine and enforce their brand strategy.
Developing- Define the business. Define the business and the desired image to portray. A brand can encompass more than one idea – such as personal service at a great value – but too many concepts may be hard to deliver and will confuse the public.
- Identify the customer. Are they younger or older? NASCAR lovers or polo players? Base your brand around your customers’ ideals.
- Consider the competition. Every business has competition with its own brand to maintain. Think about your competition’s brand and how to use differences to reach out to different customers.
Refining- Get a second opinion. Talk with employees, management and loyal customers to ensure the branding concepts are easy to understand, unique and can be delivered on.
- Use buzzwords. When crafting language, use strong buzzwords that resonate with your customers. Research other businesses to find out which words worked for them. BBB cautions against using trendy terms; instead use timeless words that will outlive any current fads.
- Consider the aesthetics. Develop positive images to bring the brand to life and communicate the business’ personality effectively. The logo is key, but also consider how fonts and colors can complement the words and support the brand image.
Enforcing- Employee training. A brand is reinforced or damaged based on how the staff acts and how the customer is treated. Train employees to communicate the brand in daily operations.
- Emphasize the logo. The Nike swoosh and McDonald’s golden arches are examples of how a logo can identify a business. The logo should support the brand and appear on everything the customer sees including advertising, business cards, signs and e-mails.
- Maintain consistency. Don’t forget maintenance of the brand and brand compliance. Continually be aware of the use of language, fonts, colors and images to ensure that they all work together to reinforce the brand in the minds of consumers.
For additional information for small business owners and advice you can trust, start with bbb.org.
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