Branding,for,profits,Branding, business, insurance Branding for profits

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Branding for Profitscopyright 2002 Pavel LenshinGeneral meaning of the Brand is quite abstract. In short,brand is the image of your product, if we speak aboutproduct branding and/or the image of your company if we dealwith corporate branding or, in case with one man business,brand of personality.Since the majority of online venture start-ups arerepresented by small businesses, that are 101% online andthe life cycle of digital products is relatively short, itis wise to unite these branding terms into one e-businessbrand, that reflects market’s viewpoint on your business asan unique entity.This viewpoint exists in peoples’ minds whether they areyour competitors, clients, partners, friends or your ownemployees. That is why your brand is psychological by itsnature, what creates new challenges as well as additionalpotential.Strong brand in the mind of a person generates honoringfeeling to your company/product or you as a company’s “face”.Poor brand may represent negative impression about yourproduct or be the result of an absence of that impression,and I should say that it is much more advantageous to offera new brand to the market, then try to do something with badimage. Since we are dealing with psychology, it is clearthat good image and reputation is very hard to build, but itis even harder to restore.If you want to reach the heart of you customers’ “likes” youneed to:* Offer maximum quality no matter what you offer or do.* Deliver pleasure.* Be innovative.* Address to people’s emotions.* Evoke desire and interest.* Provoke active response.* Build trust by repeated contacts as a foundation oflong-term relations.FACTORS that would STIMULATE and REINFORCEyour BRANDING:---1. Unique Selling Proposition (USP) is number one passive“brander” for your business, where you go UP (UniqueProposition) the straight road of successful branding ormaking your way through a very deep forest of competing withother already established brands.Suppose you have created new proposition, new kind ofservice and if you have named it, for instance, “WebSky”,then all people would call it “WebSky”, not “A service thatoffers you 1. … 2. … 3…. and provides 1… 2…. 3….” It wouldhave a neutral brand from the very beginning, no need tocreate, imagine or popularize it among hundreds of others.Windows is a TM and great Brand for Operation System ofwell-know software giant. Don’t you think about what makesus pronounce “Windows” instead of “Operational system” or“OS”? The answer is simple – Windows occupies more then 60%of OS market. Microsoft’s OS in the informational societyplays the same role that would have played some imaginableOil Monopoly in the former industrial society. Hopefullythere is no oil monopoly but there is a monopoly of thesoftware “fuel” which is used by majority of computersystems.The idea behind Microsoft is also true with McDonalds, CocaCola or Mercedes-Benz and it is on the surface – they aremonopolies or, at least, oligopolies in their respectivemarkets with their respective strong USPs and thereforestrong brands.So let us summarize this important fact – the more uniqueyour market offer is, the more unique, easy to remember andeasy to associate with your brand will be.---2. The second thing is the size of your business in termsof financial capacity and market share. Very few peoplepointing to that fact, but its effect on your brand shouldn’t be underestimated. No matter what product you offer to theonline market, it will surely lose the brand war, if yourmarketing budget is $00.00 and your whole business islocated on some unknown unstable hosting as a result offunds deficit.Everyone speaks about great brands like Coca Cola, but noone actually says, that it makes absolutely no relation toan entrepreneur, who wants to start his own small practiceonline.Know your competition and develop the marketing strategythat would reflect your business capacity, needs and suit amarketing budget. The smaller your business is, the moreaggressive your branding should be. Branding has a featureof building itself when your business is rapidly expanding.---3. Corporate culture is another vital brand creator. Theepicenter of your brand is the company itself; therefore themore positive and brighter the company "feels" inside, themore positive, attractive and shiny it will look outside.If your online venture’s stuff numbers you and your cat :0)you can easily build a delightful business culture but, tomy regret, it won’t have a big influence on outside world.What will have an effect is the popularizing of yourbusiness values through partner networks and/or clients.Friendly atmosphere that welcomes employees’ or partners’creative initiative with the focus on development ofpersonality, is exactly what makes a difference and lights a“fire” in the eyes of every person your company deals with.---4. Know your market. This small sentence comprises anunderstanding of the needs of your market niche,satisfaction of your market needs via directed promotionalcampaigns, adopting the development plan in compliance withanalysis of the strength and weaknesses of your business aswell as closest competitors.Don’t devaluate your brand through wrong market approach.People pay much more attention to their own needs as well asto companies that satisfy their needs. The market offersshould be specific and directed to particular niche with itsunique problems, joys, hopes and needs. Don’t try to shootseveral ducks with one shot.Your branding campaign should reflect the market you areworking with in a clear and highly beneficial way to yourpotential customers. MAJOR WAYS of online branding:1. All possible kinds of online promotion: bannerimpressions, classified ads, solo ads, articles submission,web-site traffic building, opt-in email campaigns,promotional joint ventures, ezine publishing, viralmarketing. All these ways of branding positioning are to beniche-oriented.2. Expand your e-business network by runningpartner/affiliate programs.3. Co-branding by means of strategic partnerships, jointventures with the established brands in non-competingmarkets, for additional market and branding exposure.4. Unique personal and/or corporate culture.5. Informational and design representation of your businessWeb-site.6. The product/service itself. It is mainly through themyour clients acquiring positive or negative experience ofdealing with your company.7. Domain name, design, logo, motto, TMs, SMs are the mainsubsidiary representatives of your brand. That is why theyshould be clear and supplement each other in conveying your“message”.8. Testing and measuring the response rate of your brandingefforts.Why branding is so important? Because it, firstly, creates aplatform via loyal market surroundings for easy and quickbusiness growth; secondly, increases perceived value of yourwhole company. Do you want your own company to developsmoothly along with exponential growth of its market value?I do.