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Revitalize Your Brand For A Better (And More Profitable) New Year
The New Year is a time for individual reflection and re-evaluation. But in addition to plotting your personal progress, what about your business? When was the last time you sat down and examined the progress and health of your brand?
By: Phillip Davis
The New Year is a time for individual reflection and re-evaluation. But in addition to plotting your personal progress, what about your business? When was the last time you sat down and examined the progress and health of your brand?
By: Phillip Davis
“Health of my brand?” you ask.
Yes. Just like people, businesses and markets change over time. And sometimes those changes are so slow and so gradual, that we wake up to find our products and services outdated, out-of-step and out-of-shape. In short, our brand has become “sick.” Here are some of the most common culprits.
• Geographic gridlock
In this scenario, your company started in one locale and has simply outgrown the market. It’s easy to see this trend in larger companies, such as Southwest Airlines, which now flies all over the U.S. Not only are these names restrictive, they are also uninspired. If your company has a city, state or regional name, you may be telling potential customers to go elsewhere.
• Product paralysis
Much like geographic gridlock, product paralysis starts with all the right intentions. A company wants to be known for their star (and sometime their only) product. So they include it in the name. Once they’ve achieved success in capturing that market, they naturally want to expand into others. The problem is their name. So companies such as Just Brakes develops a tag line to overcome the problem. “We’re more than Just Brakes.” The irony is that marketing dollars are then spent trying to shed the now suffocating stereotype caused by their core product. Better to re-brand with a more open and encompassing name. It’s better to communicate who you are than explaining who you aren’t.
• Attribute aches
This is another easy trap in which to fall. In place of a product, companies associate themselves with one key attribute - and then pay the price. What if EconoLodge ever wants to improve its rooms and raise its rates? Is Quality Inn really the luxury leader in the hotel business? It’s not that these names can’t work, they often do. It’s just that they forever commit a company to that strategic positioning. And sometimes companies outgrow one mode of service. They may no longer want to be the low price leader. Or they may find it difficult to meet the expectations created by words such as “superior” or “ultimate.” If you find yourself tired of jumping through hoops everyday, it may be time to loose words such as “Sonic,” “Speedy,” or “Express,” as part of your name.
Page 2
Phil Davis is president and owner of Tungsten Branding, a naming firm specializing in brand creation, product naming, tag line development, corporate identity and comprehensive brand repositioning. Phil's client list includes PODS, TeamLogicIT and Coghead.com to name a few. His complete client list and company naming philosophy can be viewed at www.PureTungsten.com.
Yes. Just like people, businesses and markets change over time. And sometimes those changes are so slow and so gradual, that we wake up to find our products and services outdated, out-of-step and out-of-shape. In short, our brand has become “sick.” Here are some of the most common culprits.
• Geographic gridlock
In this scenario, your company started in one locale and has simply outgrown the market. It’s easy to see this trend in larger companies, such as Southwest Airlines, which now flies all over the U.S. Not only are these names restrictive, they are also uninspired. If your company has a city, state or regional name, you may be telling potential customers to go elsewhere.
• Product paralysis
Much like geographic gridlock, product paralysis starts with all the right intentions. A company wants to be known for their star (and sometime their only) product. So they include it in the name. Once they’ve achieved success in capturing that market, they naturally want to expand into others. The problem is their name. So companies such as Just Brakes develops a tag line to overcome the problem. “We’re more than Just Brakes.” The irony is that marketing dollars are then spent trying to shed the now suffocating stereotype caused by their core product. Better to re-brand with a more open and encompassing name. It’s better to communicate who you are than explaining who you aren’t.
• Attribute aches
This is another easy trap in which to fall. In place of a product, companies associate themselves with one key attribute - and then pay the price. What if EconoLodge ever wants to improve its rooms and raise its rates? Is Quality Inn really the luxury leader in the hotel business? It’s not that these names can’t work, they often do. It’s just that they forever commit a company to that strategic positioning. And sometimes companies outgrow one mode of service. They may no longer want to be the low price leader. Or they may find it difficult to meet the expectations created by words such as “superior” or “ultimate.” If you find yourself tired of jumping through hoops everyday, it may be time to loose words such as “Sonic,” “Speedy,” or “Express,” as part of your name.
Page 2
Phil Davis is president and owner of Tungsten Branding, a naming firm specializing in brand creation, product naming, tag line development, corporate identity and comprehensive brand repositioning. Phil's client list includes PODS, TeamLogicIT and Coghead.com to name a few. His complete client list and company naming philosophy can be viewed at www.PureTungsten.com.