Hey everyone, welcome to Digital Branding with LEAD, where we bring you valuable information, tips, and opportunities to assist you in building your brand. Today’s topic in relation to digital branding is, “the law of the name.”
The most important branding decision you will ever make is what you name your product or service. Before we proceed make sure you understand that you should not confuse what makes a brand successful in the short-term with what makes a brand successful in the long term.
In the short term, a brand needs a unique idea or concept to survive. It needs to be first in a new category. It needs to own a word in the mind. But in the long-term, the unique idea or concept disappears. All that is left is the difference between your brand name and the brands names of your competitors. But let it be known that the difference between brands is not in the products, but in the product names. Or rather the perception of the names.
On a global scale, this is the biggest issue in the business community. Companies are divided into two camps: those who believe that the essence of business success is in the continuing development of superior products and services, and those who believe in branding. The product versus the brand.
A company might own brands that might be called brands from a legal point of view in the sense that their names are registered trademarks. But the company’s strategies are based on building the better product or service, and the brand names it uses to accompany these products have little power in the prospect’s mind.
Brands are not just something to think about at marketing meetings. Brands are the essence of the company itself. A company’s very existence depends on building brands in the mind. Let’s never forget it.
That’s all we have today on Digital Branding with LEAD. Remember with LEAD it is all about turning your business into a leading brand. Make sure you visit leadmediallc.com to book a consultation with us and learn how you can grow your brand within the digital world today.