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Digg it UP - Transform Your Business Name into a Brand Name
Corporate Merger Acquisitions they now want a tag line. Not wanting to limit themselves,
they develop a "positioning" statment such as "We're more than just
sporting goods". The logo is a large "S" on a triangle. So the store opens
and a customer sees an ad that saysCorporate mergers and acquisitions are quite common these days. In 2004 deals worth over $800 billion were concluded, up 50% from the previous year. This trend is expected to sustain during the rest of the decade.Basically, mergers and acquisitions are meant for consolidation and growth of a corporation. For instance, a retail chain, which has a strong presence in the East Coast, wants to expand its business to the West. It could either put up its own facilities, which is a time-consuming "Summit... We're more than just sporting goods" What does that say about the company? Not much! Let's say another bunch of enterprising types get together and decided to place all their marbles on basketball equipment. They name their Documentation Provides Clarification, Fortification and Corroboration It's easy to think that because you have a name, logo and tag line, that
you have a brand. But corporate identity is just the first step of building a
brand image. The name, logo and tag line are two dimensional
elements in a three dimensional world. And to become "real", to become
a living, breathing, brand name, companies must possess three
dimensional attributes. In other words, they must possess the same
qualities that people do -- specific, consistent traits and characteristics
that customers can easily indentify, remember and relate to.Once you obtain business, do you give much thought to protecting yourself (and your income)? Often, we’re so exhausted by our business-building efforts, and so exhilarated when we get it, that we simply shift to concentrating on closing the deal – and ignore potential adverse situations.The following scenario recently happened with one of my real estate coaching clients. While this exact situation may not happen if you’re not a real estate professional (or other professional for which p This is where most companies fall short. In an attempt to be all things to all people, they have no identity. They try to compete on every level... price, quality, service, selection and so on. It sounds like a good strategy but it fails nearly every time. Why? Because our minds are like little mail rooms. When we get incoming messages, we sort them and file them in their proper slots. Wal-Mart goes into the low price mail slot for when we need to save money. Rolex goes into the quality slot for when we win the lotto and want to enjoy the best. Nordstrom's goes into the service category for when we want to really be pampered. The more specific the trait or characteristic, the easier it is to recall. So when companies try to appeal to everyone, it's the equivalent of meeting someone named "George". George who? George Washington? George Foreman? George Jetson? Curious George? If you lack specific, identifiable features, you will be sorted, discarded and tossed in the mental mailroom trash basket, never to be recalled. Here's a hypothetical, but typical, example. A bunch of zealous entrepreneurs want to form a sporting goods company. They want to succeed on every level and win over every potential customer. So what's synonymous with being on top, king of the hill, a company at the peak... what else but... Summit Sporting Goods So let's say they now want a tag line. Not wanting to limit themselves, they develop a "positioning" statment such as "We're more than just sporting goods". The logo is a large "S" on a triangle. So the store opens and a customer sees an ad that says "Summit... We're more than just sporting goods" What does that say about the company? Not much! Let's say another bunch of enterprising types get together and decided to place all their marbles on basketball equipment. They name their Wholesale Clothing Distributors that customers can easily indentify, remember and relate to.Wholesale clothing distributors purchase cloth, apparel, trimmings, home furnishing and accessories from manufacturers in large lots and resell them in smaller lots to retailers. Wholesale distributors usually work from warehouses or offices with no display of their merchandise. They interact with their customers through salespeople, over the phone and using the Internet.Wholesale clothing distributors sell either imported goods or locally manufactured goods or both. The clothes may incl This is where most companies fall short. In an attempt to be all things to all people, they have no identity. They try to compete on every level... price, quality, service, selection and so on. It sounds like a good strategy but it fails nearly every time. Why? Because our minds are like little mail rooms. When we get incoming messages, we sort them and file them in their proper slots. Wal-Mart goes into the low price mail slot for when we need to save money. Rolex goes into the quality slot for when we win the lotto and want to enjoy the best. Nordstrom's goes into the service category for when we want to really be pampered. The more specific the trait or characteristic, the easier it is to recall. So when companies try to appeal to everyone, it's the equivalent of meeting someone named "George". George who? George Washington? George Foreman? George Jetson? Curious George? If you lack specific, identifiable features, you will be sorted, discarded and tossed in the mental mailroom trash basket, never to be recalled. Here's a hypothetical, but typical, example. A bunch of zealous entrepreneurs want to form a sporting goods company. They want to succeed on every level and win over every potential customer. So what's synonymous with being on top, king of the hill, a company at the peak... what else but... Summit Sporting Goods So let's say they now want a tag line. Not wanting to limit themselves, they develop a "positioning" statment such as "We're more than just sporting goods". The logo is a large "S" on a triangle. So the store opens and a customer sees an ad that says "Summit... We're more than just sporting goods" What does that say about the company? Not much! Let's say another bunch of enterprising types get together and decided to place all their marbles on basketball equipment. They name their Cadillac Advertising on a Volkswagon Budget low price mail slot for when we need to save money. Rolex
goes into the quality slot for when we win the lotto and want to enjoy the
best. Nordstrom's goes into the service category for when we want to
really be pampered. The more specific the trait or characteristic, the
easier it is to recall.When it comes to being successful on or off the internet, it's all in the Advertising! We've all seen this hold true with so many products. If you can capture a large audience with a simple idea or a New and Improved product, you can amass an enormous response in a very short period of time.The never-ending quest to acquire this exposure on an affordable scale is what we all seek to find. Advertising in itself is a business to be dissected. Where is the best place to advertise, what is th So when companies try to appeal to everyone, it's the equivalent of meeting someone named "George". George who? George Washington? George Foreman? George Jetson? Curious George? If you lack specific, identifiable features, you will be sorted, discarded and tossed in the mental mailroom trash basket, never to be recalled. Here's a hypothetical, but typical, example. A bunch of zealous entrepreneurs want to form a sporting goods company. They want to succeed on every level and win over every potential customer. So what's synonymous with being on top, king of the hill, a company at the peak... what else but... Summit Sporting Goods So let's say they now want a tag line. Not wanting to limit themselves, they develop a "positioning" statment such as "We're more than just sporting goods". The logo is a large "S" on a triangle. So the store opens and a customer sees an ad that says "Summit... We're more than just sporting goods" What does that say about the company? Not much! Let's say another bunch of enterprising types get together and decided to place all their marbles on basketball equipment. They name their Selling A Business: What is Yours Worth? What drives a company's value? How does it translate into the price you should put on your business? Should you put a price on it at all?Cash is KingDifferent businesses have different things to offer a buyer. A buyer may be interested in specific industries, certain lifestyle requirements (e.g., no weekend hours), or like or dislike franchises. But all buyers have one thing in common: they want to know how much money they will make if they buy your business. Diffe If you lack specific, identifiable features, you will be sorted, discarded and tossed in the mental mailroom trash basket, never to be recalled. Here's a hypothetical, but typical, example. A bunch of zealous entrepreneurs want to form a sporting goods company. They want to succeed on every level and win over every potential customer. So what's synonymous with being on top, king of the hill, a company at the peak... what else but... Summit Sporting Goods So let's say they now want a tag line. Not wanting to limit themselves, they develop a "positioning" statment such as "We're more than just sporting goods". The logo is a large "S" on a triangle. So the store opens and a customer sees an ad that says "Summit... We're more than just sporting goods" What does that say about the company? Not much! Let's say another bunch of enterprising types get together and decided to place all their marbles on basketball equipment. They name their How To Rank Well In Search Engines they now want a tag line. Not wanting to limit themselves,
they develop a "positioning" statment such as "We're more than just
sporting goods". The logo is a large "S" on a triangle. So the store opens
and a customer sees an ad that saysIts common knowledge that the best way to get free organic traffic is to rank well in search engines, and not just any search engines mind you, but major search engines. These internet juggernauts are the number one place where your free quality traffic will come from! This, however, also means that there is quite a lot of competition for the top spots in a search engines results. You’ll need an added advantage if you want to scale the ranks of this search engines, this is simply the key ingredi "Summit... We're more than just sporting goods" What does that say about the company? Not much! Let's say another bunch of enterprising types get together and decided to place all their marbles on basketball equipment. They name their company... Slam Dunk! ...and their tag line is "Score Huge Savings Everyday!" Which of these two companies are you going to remember? Arguably the first company may have more selection and better prices... but how would you know? At least with the second company you know what they are claiming... basketball equipment for less. To add to their new image, they incorporate "Hoop it up Friday" where all shoes are half price... scoreboards show how many items were sold that day... buzzers go off when an in-store sale is announced. Now the name begins to take on an identity, a personality, a predictable nature... a brand! This brand can be further stengthened by adding a jingle, using the corporate colors throughout the store interiors, using the name in the product line (i.e. Slam Dunk shoelaces), etc. If done well, a customer should be able to describe a company as well as they describe a friend. Think Apple... clean, attractive, likes music, fun to work with, creative, innovative, etc. It goes way beyond just the name Apple or the logo. So when developing a company, start with a great name and then go from there. Add personality that customers can relate to and remember. Own a "position" in their minds, rather than avoiding one. Be what you are instead of what you think you need to be to attract every potential customer. Then you'll be memorable, effective and real. And those qualities make for a great brand.
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