ARE YOU A BRAND

According to Investopedia, a brand is an identifying symbol, mark, logo, name, word, and/or sentence that companies use to distinguish their product from others. A combination of one or more of those elements can be utilized to create a brand identity. Legal protection given to a brand name is called a trademark.

Growing up in Ejigbo one of the GNA’ (Government Neglected Areas) in Lagos it was very easy to spot my landlord’s chickens they were colored with bright pink on their feathers for easy identification, so you know that is my landlord’s chickens. My landlord created a brand for his chickens to differentiate them from the rest. Are you a brand? If yes what differentiate you from your competitors?.

In this module we will be talking about

1. Brand names and trademarks

2. Brand Equity

3. Brand Strategy

4. Brand Ownership

A brand can be a company or an individual an example is the Jordan brand, it Michael Jordan who metaphorize to become the Jordan brand his name has sold more than 1 billion worth of shoes worldwide created job’s, celebrities who endorse product are brands they trade their good name and integrity for the product , so what is a brand name and trade mark?

1. Brand names and trademarks:

A brand name or trade name is part of a brand that can be spoken written applied by a manufacturer or organization to a particular product or service. Most times a brand name is always the name of the founders of the company such as Henry Ford, Aliko Dangote (owner of Dangote Groups) some brand name are strategically chosen for some industry like Repairam a company that repair’s Gadgets and computers. Trademark refers to a brand name or intellectual property consisting of recognizable sign, design, which identifies product or service of a particular company. For example, Coca-Cola not only protects the brand name, Coca-Cola, but also protects the distinctive Spencerian script and the contoured shape of the bottle.

2. Brand Equity:

It the commercial value customer derive from the brand name, the positive differential effect knowing the brand. How a customer respond to the goods and services Nike as a brand has been able to grow it equity via innovative technology stylish and quality product been associated with the biggest sport stars. Nike has partnership with the following stars. Michael Jordan, LeBron James, Tiger Woods, Federer, Cristiano Ronaldo, and Kevin Durant. That why people save money to buy the next Lebron sneakers and queue up to buy limited edition Retro Jordan’s.

3. Brand Strategy

Brand strategy is either a long or short plan, decisions for the development of a successful brand. A well defined brand strategy consist of sponsorship, position, target market and segmentation. A brand should know the market it wants to play in the target customers. for example, Apple was only in the computer market they had to do a name change they used to be Apple computers they are now Apple Inc their market now includes mobile phones and iPad these brand extensions have brought in more than $60 billion dollars to the company. Apple target customer segment comprises well-off individuals who are willing to pay extra for technology products and services with advanced design, functions and capabilities.

4. Brand Ownership:

There are 3 types of brands they are

i. Distributor Brand

ii. Generic Brand

iii. Manufacturer Brand

i. Distributors Brand:

Are intermediary entity between the producer of a product and another entity in the distribution channel or supply chain, such as a retailer, a value-added reseller. Examples are Pharmaceutical companies who get the license to sell the drugs in Nigeria or big Electronic shops who get the license to sell Air conditions, computers, and phones. Distributors take a more proactive approach in educating resellers about new products, through such activities as providing samples and literature, Pre-sales training, road shows, and demos on behalf of vendors.

ii. Generic Brand:

Generic brands are brands that have no brand name they are sold solely by product characteristics and identified by plain, black-and-white packaging. Example is Garri, sugar that are not branded they are always cheaper than the more expensive branded product, they are preserved as inferior because they are not branded properly.

iii. Manufacturer Brand

Manufacturer Brand also called producer brand. They are brands carrying manufacturer’s brand name rather than private label. Example of Manufacturer brands are GE, Intel, HP, P&G, Dell, Epson, Apple, Coca Cola, McDonald's There are different types of brands such as House of Brands, Hybrids or Branded House. For example, Google, FedEx or BMW are branded house, house of brands P&G and Hybrid Amazon or Coca Cola.

WRAPPING UP

If you are a startup, or you want to build a startup that achieve market fit, a startup that create high return on investment for your stakeholders, you should first brand yourself, know your brand equity score, strategy, and define the type of brand you want to be