- Government publications and
websites
- Trade magazines
- Industry newsletters
- Niche-focused magazines
- Other sites such as Google
Trends
- Google autosuggest keywords that
people have used to search for niche-related products with
- Seeing what is trending on hot
social media-sharing sites such as Pinterest and YouTube
- Checking out authority sources
such as eHow.com or Ask.com
Your Ideal Paying Customer
Now that you have a better idea of what
your business can produce, what’s needed and who needs it, you will also need
to identify:
- Will this be a one-time sale, or
is there a re-supply factor built in to my product?
- Is it a paying market?
- How much is each customer willing
to pay?
- What would I need to do, to
retain this customer and have him return?
You’ve identified your market, so now it’s time to segment your market. What do I mean by
this?
1. Identify your core market
2. Analyze it to see if it there are sub-markets within this market
If you are able to identify one or
more submarkets, you are segmenting your potential customer base.
Let’s look at an example: Customer A
wants a toaster oven to give as a wedding gift, and Customer B is a student who
needs a toaster oven for his/her dorm room.
You might want to create two versions of your product:
1. A luxury toaster oven with all the bells and whistles that can be
sold at more “high-end” luxury stores
2. A basic toaster oven that has a lower price point than the nearest
competing chain store
Make sense?
So up to this point you’ve been able
to identify your Unique Selling Position (USP, your customers and your competitors.
You’ve filled in all (or most of) your gaps. You’ve been able to work out your costs
and brainstormed your actual product. You know your product has a strong,
unique and competitive edge.
You are now ready to promote and
brand.
Naming Your Product or Business
Naming your product or business is a
crucial step in your branding process.
Statistics
show that the first name you fall in love with can be a big disaster. Too many
business owners cling stubbornly to that first name because they feel that it’s
part of the “Big Dream.”
But
by following a few simple rules you’ll be able to avoid that blind stubbornness
when it comes choosing your brand name:
- Keep it short and simple. Your name
needs to be easy to pronounce, but more importantly, it needs to be easy to
remember.
- Avoid names that can be pronounced more than one way. You never want to have
people to scratch their heads when they are trying to pronounce your name:
ItscozIam Moving Service or SeeDeeLee Let’s Move trucking service. Get the
picture
- Steer clear of acronyms or initials. The “ABCDECo.” might seem
like a good solution, but does it tell people what your business is? There are way
too many companies using “ABC” or “AAA”, mostly because they want to see if
they can rank first in the directory.
- Avoid foreign names. If your
name is Mary Niemcziesziak, you might think it would be logical to call your
business “Niemcziesziak Tax Consultants.” But for people who don’t speak
Polish, they won’t remember how to spell it, let alone pronounce it!
- Try to keep away from words that have more than one meaning. Even though the meaning may be 100% obvious to you, others might
look at it in a whole different context: “The Mushroom Stool” or “Poop Here
Boating Designs.
- Avoid multiple words in a name. If
you name your business “Just Fab Business Services,” your website could end up
as “justfabbusinessservices.com.” Between the double b’s and the triple s’s, this
will confuse people for sure.
So when you are choosing a name for
your product or business, decide what you want your name to do for your product
or business. What does the name say about your company or your product? Is it easy to pronounce and understand? Is it
memorable – in a good way?
Namestorming
So how
do you create a great name? Look at the subhead. This is an accepted technique
of combining two words together to create one new, descriptive word:
- “name” + “brainstorming” =
“namestorming”
It’s
easy to do this for your own business, too.
Just pick two words that represent who your company is and what it does:
Example: “travel” + “velocity” = “Travelocity” This indicates fast and
effective travel.
We
also have acronyms. Most make sense, some don’t. Let’s take AFLAC. People
remember it because it sounds like a duck quacking. But it’s actually an
acronym for American
Family Life Assurance Company.
How
about IKEA? This is short for
Ingvar Kamprad Elmtaryd Agunnaryd.
Not to confuse you
anymore, but there are also “backronyms,” which is an
expression that is formed existing words: Mothers Against Drunk Driving becomes
MADD, Zone Improvement Plan is Zip Code, or Post Traumatic Stress Disorder, or
PTSD.
But
a word of caution – only use these naming strategies if it is really catchy, really
hot, easy to say, easy to remember, and remarkably enticing.
So when
you are deciding on a name for your business or product, decide which of these
approaches are most relevant:
- Using a word that triggers a
visual image
- Using a relevant symbol that
triggers association
- Using your name; or a combination
of yours and your partner’s
- Using two words combined
- Using a descriptive word
- Using a nonsense word that is fun
and catchy
Your Branding Focus
To
refer back to point four in our seven steps of branding, no matter whether or
not you are branding your business name or product name, your strategy needs to
aim for four equally weighted targets:
- Household familiarity – This will naturally occur if you have done a thorough
job of creating brand consistency leading to customer acceptance.
- Customer acceptance – Here’s where the hard work comes in: Your actual
branding campaigns (especially that all-important first one).
- A unique
edge over comparable competitors – This is absolutely essential if you are
to capture not just your competitors’ market share, but a
significant one that can sustain your company.
It
is also absolutely essential if you want to capture your target customer’s
interest and attention.
Ideas
for creating that unique edge:
o Solving a problem that similar products haven’t solved
o Significant price reduction (only do this if you can produce it cheaper
so can sell it cheaper; or you can afford to sell it as a loss leader for
high-ticket items)
o Including a bonus or extra
o Simply working better than any other similar product
o A fabulous customer service system
o A new and distinctly unique look for a standard item taken
o A dynamite, catchy name and visually dramatic design
- Brand consistency – This is the one core element that you must create.
Look at a certain famous burger chain:
Everyone complains about the quality of the meat… yet it sells billions of
burgers, world-wide. Why?
Because
each burger is consistent. You know (a)
what each one is going to look like (b) what it’s going to contain in the way
of garnishes (c) what type of box it’s going to come in (d) what it will taste
like.
In
other words, what to expect.
Once you have clearly identified
your market, you should find putting the previous elements in place much easier
to do.
Implement your Promotions and Strategies'
When
you start with a measurable branding goal, it also becomes easier to decide on the
best strategies and tactics:
- Do you need to make the public accept your acronym-based product name? All your initial energies should be focused strictly on doing so (even while showing your product benefits).
- Do you plan to turn your product overnight into a household name? You’ll need a Hollywood-sized budget for that.
- Would you prefer to become known for a core value such as honesty? Target your strategies at showing this quality at work in your business.
- Are you trying to reach pre-teens? Flashy colors, fast-paced videos or TV ads and lots of excitement are essential.
People
find it difficult to implement strategies when they don’t know their branding
goal.
That
won’t be you.
- Plan your branding over the next one to five years, so that you have a good overview and a clear vision of where you want your business to end up
- Start out one step at a time
- Define the most important step first
- Set all supporting elements in place
Pre-testing plays a key role in making sure your branding is going to be on
target (and you can pre-test, in small bites, before you ever start your
branding… as well as pre-testing your branding).
Don’t
skip this step. If you want to know the difference between the giants and the
bankruptcies, you’ll find that all the industry giants spend millions on
pre-testing, and a staggering majority of the bankruptcies “didn’t see the
need,” launching straight into full production and sinking their life savings,
homes and kids’ college careers into their “vision”.
Just
look at Hollywood. J.J. Abrams didn’t just spring the epic “Star Wars” trilogy
straight from the editing booth. Multiple pre-screenings are run to see how:
- The public reacts to specific scenes
- The public accepts “sticky points” in the story
- The public likes particular characters
- The public prefers a particular ending
And there are many more metrics that
each director decides on by personally observing audience reactions and listening
to feedback given at their pre-screenings before finally going with their gut.
So continue to measure and re-assess
at pre-defined intervals throughout your branding process to make sure you are
still on target.
Your test points should include:
- Pre-release – test both your product (name,
functionality, appeal) and your branding strategy on a closed, limited-run
chunk of your target audience. For
example, make it a free bonus to an industry leader’s affiliates or a Special
Offer for members of one or more of your niche’s focused forums. Or offer free samples to the first XX people
who sign up for your newsletter.
- Post-launch – To see how on target your
expectations and predictions actually turned out. After that, it’s up to you to
decide at which points you will officially test and re-measure your branding
metrics (though analyses should be going on all the time, behind the scenes).
If you don’t adopt this
process, no matter how wildly successful you are at launch point, inevitably
the train runs off the rails, sabotaged by that absolute enemy of testing, assumption,
which always loses you money
Consistency is the second element in brand
success. It has to be maintained once those initial tests have shown public
acceptance and there are no more bugs to be ironed out.
When you are in your initial planning
stages, put serious thought into:
- Which elements in your product should always be consistent… and which can change without negatively affecting sales?
- Which parts of your business offerings should stay consistent, and where to plan for growth and expansion?
- How you will maintain consistency?
- Which elements your target market wants always kept “the same?”
- How you will maintain consistency during expansion?
The elements to consider should
always include Brand logo, fonts, colors, taste, graphics, scents, textures, tag-lines,
symbols, text elements, and presentation.
Testing and making sure you invite
engagement and feedback will help you define the answers to the above questions
– without the need for a crystal ball.
When you have all these elements
taken care of, and you have followed these steps and procedures, you will only
then begin to build true brand familiarity.
Just
when you think everything is going really well, that is the time to take a
good, hard look and strip away anything that is detracting from your brand.
Refining
might mean increasing focus on a successful tagline or adding products to
reinforce a personification, just like Travelocity did with their “Roaming
Gnome” product line, or crystallizing and concentrating all of your efforts
towards a particular market segment.
In
the latter case, this could mean any of the following:
- A hidden market you’ve discovered
- A wildly successful market segment that is buying beyond your expectations
- A moneyed market segment that is converting below expectations
- The market for a higher ticket upgrade of your product that is converting below expectations
In each case, you would tweak either
your product or your promotional strategies to better please and reach the
problem or desired market segment.
It might also be simply a case of
making the most of a branding element that has turned out to be a runaway
success.
We’ve
already more than touched on pre-testing, testing and narrowing your brand
target in order to increase both brand recognition and returns.
Here
are some strategies (many which are free) that you can easily employ to create
an extensive initial campaign:
- Webinars
- Direct marketing (postcards, flyers)
- Social networking integration
- Article marketing
- Physical, local public events
- Blogging
- Contests
- PPC Advertising
- YouTube videos
- Email campaigns
- Pinterest Pinboards
- Polls
- Charity sponsorship
Measure which of these strategies
bring the most recognition and return, and narrow your focus to increasing
those particular strategies. Always
consider your return on investment (ROI) when instituting paid strategies such
as PPC advertising. Do the math!
By now you should also have a good
idea of some of the common mistakes that people make, including:
- Not doing adequate primary research
- Not doing adequate secondary research
- Not pre-testing
- Not maintaining testing
- Not observing feedback and response
- Not measuring results
- Not focusing on consistency
But there are also grey areas to
navigate with caution. For example, if you decide to use any object, whether
fantasy-based or natural, as a branding symbol for your product or company, be
very careful you are not infringing on another company’s trademark, icon or
branding symbol. And this happens more often than you might think… even at top
levels.
So be sure that you own the rights to
all artwork, characters, logos, symbols, images and names that you create.
Be sure that all artists or writers
sign contracts or release forms stipulating the work they do for you is a
“work-for-hire,” releasing all rights.
If you use stock photos, make sure
you have purchased the proper licensing. The $1 or $2 fee you’ll pay for using
a photo one-time-only in your blog is far different from the $250-$1,500
licensing fee you might be required to upgrade to if you wish to use the image
or symbol in a large-scale commercial enterprise.
You may also find yourself with the
boot on the other foot with someone stealing your branding logo or symbol. Having
legal copyright is not always foolproof, especially in a case where someone
blatantly steals your creations. Trademarks work much better.
However, your best protection is to
watch out for and avoid those assumption.
That’s where most people run into trouble. They assume that Aflac won’t mind if
you use a duck that barks instead of quacks. They assume no one will notice if
you use a purple gecko that speaks Pig-Latin. They assume that by using “free
clipart” it’s free to commercial enterprises (they don’t bother to read the
fine print stating that states it’s “only for personal use.”)
Be careful, because you never know
when assumptions will bite you in the ass.
So in
conclusion, branding is all about the perfect marriage between process and inspiration.
Process
without inspiration results in a cold and dull campaign, guaranteed to capture
only a small portion of the market.
Inspiration
without process, even meticulously carried out with attention and care, is a
sure-fire recipe for failure.
So be sure to combine both process and inspiration in your business, and you’ll be well on the road to
business branding success, while becoming the celebrity.
Final Note
We’ve talked about some of the top
branded names in the
industry – AFLAC, IKEA, MADD, Coca Cola,
etc. Each company,
whether they use
their real name or a variation of their name,
is known
for something specific. The collected elements for
each company defines their brand.
If you
choose not to brand yourself as
an expert
in your niche, you will just become another “Jack/Jill of all Trades, the
Master/Mistress of None.”
If that happens, you can be assured that people
will never remember you, nor
will you ever be recognized as an authority.
You’ve worked so hard to get your
company up and running, so why wouldn’t you want to be known as the authority?
Keep in mind that people fail when they decide to open a business,
whether it be on-line or off-line, because
they have this pre-conceived notion that they
can formulate a brand
that is generic and incorporates
everything.
Your brand needs to focus directly on your specific
market, and be easily recognized.
Once you have acknowledged who you are with your brand,
then, and only then should you branch out into another market.
Don’t let the “shiny objects”
distract you. Stay focused on who you are and what you want to accomplish. Once
you are sure of your identity make it known, clear and concisely, to the world.
Become the brand that you are proud
of.
Become the Celebrity everyone wants
to know and work with.
It’s your destiny.