what's in a name? the power of your brand
DESCRIPTION
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 brandsTRANSCRIPT
Sigma FreePresents…
Provided by Sigma College of Small Business, Inc.
What’s In a NameThe Power of Your Brand
Tuesday, April 13, 2010
6pm – 8pm
Sigma College of Small Business
6611 Jefferson St.
Haymarket, VA 20169
Copyright 2010 Sigma College of Small Business, Inc.2
Introductions
Keynote Topic
What’s In a Name?The Power of Your Brand
Keynote Conclusion
What’s In a Name?The Power of Your Brand
Break – Refreshments and Networking
Ask Questions Any Time
Agenda
What's In a Name? The Power of Your Brand
Copyright 2010 Sigma College of Small Business, Inc.
THE BRAND
3What's In a Name? The Power of Your Brand
Copyright 2010 Sigma College of Small Business, Inc. 4What's In a Name? The Power of Your Brand
•Awareness•Attitude•Expectation
Copyright 2010 Sigma College of Small Business, Inc.5What's In a Name? The Power of Your Brand
Copyright 2010 Sigma College of Small Business, Inc.
What is a Brand?
• 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
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Branding is the art and cornerstone of marketing
BusinessWeek “100 Best Global Brands”9/28/2009, p.50
The Top 8Global Brands
Copyright 2010 Sigma College of Small Business, Inc.7What's In a Name? The Power of Your Brand
Copyright 2010 Sigma College of Small Business, Inc.8What's In a Name? The Power of Your Brand
Copyright 2010 Sigma College of Small Business, Inc.
Brand DecisionsA 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
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Should a brand be developed for the product?Branding Decision Brand ‐ No Brand
Who should sponsor the brand?Brand‐Sponsor
DecisionManufacturer, Distributor
(private), Licensed
What names should be put on the products?
Brand‐Name Decision
Individual, Family, Separate, Company/Individual
What branding strategies should be used?
Brand‐Strategy Decision
Line/brand extensions, Multi‐brands, New brands, Cobrands
Should the brand be repositioned?
Brand‐Repositioning Decision
Brand repositionNo brand reposition
What's In a Name? The Power of Your Brand
Adapted from Philip Kotler, Marketing Management, 9th Ed. (Upper Saddle River, NJ: Prentice Hall, 1997), ch15.
Copyright 2010 Sigma College of Small Business, Inc.
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
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The Point:A VALUABLE BRAND has a significant impact on future earnings!
“100 Best Global Brands”, Businessweek, September 28, 2005; p.50
Copyright 2010 Sigma College of Small Business, Inc.
Brand Sponsor
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Manufacturer
Supplier
Retailer
Product
Products can be branded at multiple levels
Diet Coke, Inspiron, iPod, Accident Policy
IntelNutrasweet
DellCokeAFLAC
CraftsmanWegmans“Agent”
Copyright 2010 Sigma College of Small Business, Inc.
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?
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Copyright 2010 Sigma College of Small Business, Inc.
Brand StrategyHow will you brand across multiple products!
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Type Examples
Line Extension‐multiple “features” under same brand
Honey Nut CheeriosSilver, Gold and Platinum subscriptions
Brand Extension‐ same brand across multiple products
Honda – Cars, Motorcycles, GeneratorsKodak – Film, Cameras, Printers, SoftwareHP – Printers, Medical Equipment, Computers
Multibrands‐multiple brands in same category
Chevrolet and GMC, Ford and MercuryHP and Compaq, Seiko and PulsarCourtyard Marriott and Fairfield Inn
New Brands‐ new products desiring “separation”
Procter and Gamble – Product Branding
Cobrands‐ combine brands from multiple products
“Intel Inside”, NutrasweetAT&T and the iPhone, Motorola RAZRSears and H&R Block
Copyright 2010 Sigma College of Small Business, Inc.
Building the Brand
• Build the Identity– Define Desired Perception– Ensure Actual Delivery = Desired Perception
• Market to Desired Perception• Consistency, Consistency, Consistency
– Consistently communicating and deliveringto the brand identity
– Critical to building the brand
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Brand > NameBuild the association between brand and identity
Copyright 2010 Sigma College of Small Business, Inc.
Brand Building Campaigns
• Awareness and Attitude Objectives– Advertising
– Integrated Marketing
• Consistently Communicate Brand– Ads
– Presentations
– Networking
– Brand, colors, wording
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Copyright 2010 Sigma College of Small Business, Inc.
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
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Copyright 2010 Sigma College of Small Business, Inc.
Critical Business Areas
Strategy and Planning
Marketing and Sales
Accounting and Finance
Operations and Quality
Leadership and Administration
Technology and Innovation
Sigma College of Small Business
• Upcoming SigmaFree Classes– 4/20 – There’s Gotta be a Better Way! Happier Customers and Higher Profits
– 4/27 – Get More from Advertising ‐ Five Questions to Ask Your Ad Agent
• Focus Workshop– Leveraging the Online Social Network
• Tuesday, May 4, 2010
• 10am – 2pm, $199
17Dedicated to the Learning Needs of Small Business!