Don't Lose Your Brand Focus
I frequently hear people suggest, "Let's brand this!"-meaning, "let's find a creative name for this thing," states Kathryn Roy in a recent marketingprofs.com article.
There are two misconceptions buried in that statement, notes Roy. First, sticking a name on a service or product component is a far cry from developing a brand. If you don't have the resources to make the name into an effective brand, you are better off not pasting a name on it in the first place.
Few companies can carry many brands successfully. IBM is a $50+ billion company, but it has determined that it can only support five brand names. A track athlete competing in multiple events is less likely to win than one who focuses on a single event. Similarly, companies that put all of their efforts behind one or a few brands are more likely to achieve success than those who try to promote many brands at the same time.
Branding is more complicated than it first appears. It is also much more than finding a clever name for something. The key branding points to remember are these:
- Marshal your efforts and resources behind as few "brands" as possible.
- Find an unclaimed differentiator and lock it down.
If you aren't credible, you can't own it. - You can't be all things to all people.
- Consistency wins over creativity.
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Talk to you soon,
Kae Groshong Wagner
CEO, Founder — North Star Marketing
Award-winning Author, Speaker
Brand Consultant
CEO Advisor for Sales & Marketing