Brand name influence: a huge asset
You know I did some research recently which says that Coca Cola has their secret recipe locked in a vault. This claim is that no other business or personnels has their recipe to replicate their same products. A friend of mine even told me two individuals are the custodian of the recipe who are not allowed to travel to the same place at once. I have not done any research to confirm this,I guess I don' t need to. The whole claim always chuckles me, lols, it really should. Come to think about it, people have been working for these company for years and at least should have one or two in tells about their recipe.
Is it really not about secret recipes in this state? Come on, this is coca cola, even if you would share the recipe from door to door don't think it can pull the company down. Coca cola has that brand name influence that has affected people's emotions even when buying. As long as it is Coca cola, it's ok, it's satisfactory, it's nourishing. Just came to realize that the entire real estate, equipment and facilities that coca cola has if summed up cannot be compared to their brand name. In short, they can sell all this out, as long as they keep that name, they will be back in business in no time. Wow, how a brand name can be a huge asset.
More on brand name and influence
Just as I have exemplified above, brand name is unique and identifiable. It's more of a name given to a product, service, or company that helps stand them out among the crowd. This distinguishing helps to establish recognition for that particular offering in the market. In short, strong brand names often leave a message to consumers, create an identity, and stir certain emotions or bonds with consumers. When this is met, a brand name evokes substantial influence in the marketplace. It serves as an important element in shaping consumer mentality, recognition, and loyalty toward a product or service. A powerful brand is so influential and significantly impacts purchasing decisions, customer trust, and overall success in a competitive environment.
Can small businesses attain this height?
I know you may be wondering, how can a small business evoke such an influence in a marketplace? You are thinking that brand name is meant for big businesses. Don't be surprised, small businesses can create influential brand names and it can be very effective as larger corporations. A well-crafted brand name tailored to give the needed message to the target audience can have a profound impact, helping a small business stand out, build trust, and create a loyal customer base.
I can speak more to this even as an SME entrepreneur, a unique and memorable brand name, combined with a strong brand identity, can be a potent tool for small businesses in competing effectively within their market niche. One of the things that has sustained me in business so far has been identifying my brand even though the business is small, I tag a name to my service making sure it cuts across every aspect of our day to day business. My customers have become so acquainted with my brand name that a message with only an abbreviated name goes a long way for them to spot its destination.
In short, some of my customers call me by the company name, nobody really cares about my personal name, the brand name covers everything. It has helped me in getting the gradual influence I need even when it comes to pricing. While others attribute business successes to themselves, I always preferred it to my business name, it our brand. I am not the quality we deliver, the business is and even without me the customers are rest assured of quality because it is what the brand stands for.
Consistency building goes a long way
No business started big from inception, it had to climb the ladder to reach the needed altitude. Things need to be put in place to gain customers' trust that later stirs the needed influence in the marketplace. So never be afraid of starting small, it's part of the process. What you need is consistency to come out strong. One thing is delivering quality, another thing is to keep delivering quality. To build a good brand name, quality should not be seen as a one time thing or a mistake, it should be your way of doing business. In short, quality should be the business life.
Also, you must learn to be available in and out of season, you can't just be here today and disappear tomorrow expecting the customers to rely on your services. What happens when you disappear the moments they needed you most, the disappointment can stick to them for a very long time leading to a shift in preferences. Consistency also goes a long way into securing your business name, if this is not done, it can deter business in the future in case another business sneaks in and takes that name from you. Worse of all they are into a different product or service entirely or same service with poor products or services. Get the needed legal papers from the government bodies to secure your long term existence and warn off every competitive threat.
To conclude let me add, the influence of brand name to a business should not be undermined especially in an ever increasing competitive market. There is a need to carve out your niche to secure a lucrative spot in the market. Those who know these secrets have not toiled with it. McDonald is one of those businesses whose brand name speaks for them and they've thrived in businesses even in strange lands. As long as it's McDonald's, it's a yummy burger and it has remained so till date. If your business or brand name is not far more expensive than all other business assets put together, I guess the business lacks the influence to push business in tough grounds. Build, but let it not just be a product or service but rather a brand.
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