Category: Digital Branding

Digital Branding

How to Come Up with a Great Company Name

This is a guest post from James of BizzMark Blog who blogs about the latest trends in business management, economy, small business strategies, finances and employment.
___________________

If one was to analyze the names of the world’s oldest and/or most successful companies, they would probably not find out too much. Some companies still hold the names of their founders (Ford, Mitsubishi), others feature generic-sounding names (General Electric) while others ‘made a name for themselves’ with some truly attention-catching and inventive names (Google).

It may therefore seem that there are no rules to naming one’s company and that you never know what will work. However, there are some smart practices that will maximize your chances of giving your new company a great name and they will be the subject of this article.

Be Creative but Smart

At first glance, most people think that a superbly inventive name is the way to go and that it should always be something that stands out. After all, you want your company name to catch people’s attention and cause them to research your company more. And while this approach definitely has its merits, it should be pointed out that creativity has its limits and that it can become counterproductive if you don’t mind those limits.

For instance, there are certain industries in which a name that is too inventive can be a detriment. If you are starting an accounting agency, for example, people expect a name that is solid and trustworthy and they might feel that a jokey name denotes a less-than-responsible approach to serious work.

Using puns and similar concepts to name a business is also inventive but mostly counterproductive. Puns are generally difficult to gauge correctly (dancing between funny and lame) and this is the overly complex kind of nuancing that you will want to avoid when naming your business. There is also a chance that you might offend someone with risky puns and alienate that customer segment.

In short, there is nothing wrong with being creative when thinking up your company name, just don’t overdo it.

Look to the Future

To someone who is starting a business, the concept of future is relatively limited. They understand how difficult it is to get a company on its feet and ensure its survival for more than a few months. While most business owners believe their company will eventually succeed and continue to exist for years to come, they tend to concentrate on the very near future.

The reason we are mentioning this is that this can result in some very short-sighted names. For example, a business owner might decide to name their company after themselves, especially in certain industries. And while this does provide a certain sense  of security and even intimacy to the company’s initial customers, down the line it can present a problem. What if you, for example, decide to sell your company? With your name attached to it, the list of potential buyers will almost certainly be shorter.

Another future development business owners forget about when naming their company is the fact that their company might expand into other areas in years. For instance, a software company might start with a product for email marketing and it’s name might clearly denote this. Then, after a few years, that same company might decide to make a more comprehensive piece of digital marketing software. In such a situation, the initial name might be somewhat limiting.

When naming your company, you always have to consider the various paths it might go down in the future. Try to think of a name that will not constrict you or become misleading after a few years.

Consider Your Online Presence

Regardless of the industry, most companies are online these days and business founders have to consider their online presence too when naming their company. Domain names, especially shorter ones, are becoming less and less available, meaning that a company with a nice, to-the-point name might find it difficult to secure a domain name for their website.

You should also consider the fact that overly long brand names look unwieldy in the address bar, with an URL that looks like a gigantic jumble of letters more than anything else.

The good news is that there are always workarounds for your domain name if you are really set on a certain name for your business. For example, you can go for a descriptive domain name which tells people what your business is about.

Another way to get a great domain name is to use a top level domain other than .com. There used to be a time when customers were distrusting of websites that ended in other TLDs, but this is no longer the case.

Be Careful about Legal Stuff

Of course, when coming up with a name for your company, you should always consider the legal implications and the possible issues that might arise from a poor choice of a name.

For one, you will have to register the business name of your new company and you might find out that a company with a similar name exists in your industry and/or your part of the world.

You should also consider trademark registration, depending on where your company will be based and whether you will be concentrating on your area or if you will go national or even global. It is essential to research this well so as you do not get into trademark issues down the line because of a company with a similar trademarked name. This may even entail going to court where they will determine how likely it is for customers to distinguish your brand from an existing one.

If you are not sure about the legal implications of the naming process for your future business, make sure to talk to someone who will help you with this. It is better to be safe than sorry.

Closing Word

There are a number of ways to approach coming up with a name for your company. This name will be the cornerstone of your brand and you need to make sure it describes your business well without causing any problems that we discussed.

Digital Branding

Four Top Tips for Making Sure Your E-commerce Store Stands Out

With online shopping booming, there have never been so many online stores available. Whether you’re looking to buy a new outfit, health and beauty products, Christmas gifts, electronics, novelty items, or even things for your pet, you can guarantee that you’ll find a range of options to choose from online.

For anybody who is considering going into business with an e-commerce store, the growing popularity of online shopping can only be a good thing.

However, the biggest drawback is that standing out from your competition has become more difficult than ever before.

So, we’ve put together some top tips to help you ensure that your e-commerce store is grabbing attention for all the right reasons.

Tip #1. Quirky Labels

When you order something online, you’re usually more interested in your product arriving rather than whatever the store has sent you in terms of flyers and other advertisements.

But, as an e-commerce owner, there are several things that you might want to consider doing for your customers to change this.

For example, printing quirky and unusual labels for your parcels using Dymo Shipping Labels from Label City can be a good way to make them sit back and notice. Or, why not send them a small free gift as a token of your thanks?

Tip #2. Offer Something Different

With most e-commerce stores operating in much the same ways as each other, one of the best ways to stand out from the crowd in online business is to offer something different to your target audience.

For example, ASOS have recently achieved this fantastically, offering the never before seen option to buy now and pay later through Klarma, without the need for customers to borrow money. Previously, any ‘buy now and pay later’ options would require the customer to open a store card or borrow credit.

Think about things that are missing from the market and what you can offer your customers that nobody else does.

Tip #3. Go the Extra Mile

When you’re buying items in-store, customer service is easy – all you need to do is visit the customer service desk or information point and ask the assistants for help.

However, when shopping online, getting good customer service isn’t always so simple. As an e-commerce store owner, it’s down to you to understand the importance of good customer service and go the extra mile for your customers.

Whether it’s offering a live chat service twenty-four hours a day, having a member of staff manning social media at all times to send replies, or offering a generous return policy, putting your customers first is a sure-fire way to ensure that your company stands out.

Tip #4. Offer Great Deals

Lastly, bear in mind that many people who shop online do so because it’s cheaper and there’s more chance of them bagging a fantastic deal.

So, wherever possible, make sure that you are offering exclusive deals to your customers that they wouldn’t be able to find anywhere else.

If you enjoyed these tips, we’d love it if you shared them with your friends and followers. 

Choosing a virtual receptionist service
Digital Branding

Great Tips for Hiring Your Virtual Receptionist Service

Hiring a virtual receptionist service can help you develop your business. The primary purpose of hiring a virtual receptionist is to deal with your customers by taking their messages, screening your calls, and transferring them to an extension. But this isn’t all they provide. A virtual receptionist will also provide you and your staff extra time to handle the essential tasks of your company as they help maintain the reputation of your company and get new customers.

Below are a few great tips for hiring your virtual receptionist service. I hope they’ll help you out.

What virtual receptionists provide

Tips For Choosing A Virtual Receptionist Service

Look for their experience: According to James Russell Lowell, “One thorn of experience is worth a whole wilderness of warning.”

An inexperienced person can never do the same as the experienced one. If you want your tasks to be handled properly make sure you opt a highly skilled, experienced, and professional virtual receptionist. Taking calls and messages may not be difficult, so it’s better to look for someone with experience and communication skills to realize the full potential of a virtual receptionist team.

How do they deal with your customers?

The foremost thing that one needs to look for when hiring the virtual receptionist services team is that how will they deal with your customers. What do they think is an essential part of the interaction with your customers? Always choose the receptionist team who is opting to keep a friendly environment with your customers and are willing to get you more customers by providing excellent services.

Can they solve major issues at a company?

If you want to hire a virtual receptionist service team, the most important thing you need to find out is whether they are good at problem-solving or not. Find out their ability to overcome challenges in their past projects and determine if they are able to handle things you require or not.

How well can they handle the pressure?

Taking calls and messages and talking on a live chat is not an easy job. Not everyone can overcome the challenge and onerous duties of demanding customers. Before hiring a virtual receptionist service team make sure to figure out if they can handle the pressure and work quickly in a stressful environment or is it beyond their reach.

How well does a virtual receptionist know your industry?

How well do they know your industry?

The receptionist team you are hiring should have full information about your industry. Make sure they have done thorough research on your company so that it is easier for them to deal with your customers. You will, of course, be willing to offer the team the training they need about your company.

Do they know how to handle difficult clients?

The majority of the people who call or engage in online chat are polite and well-behaved, but at times you come across people who are difficult to handle. For this purpose, a highly-skilled and professional receptionist team need to be hired, so it is easier to cope with clients and customers who are giving you a hard time.

These are a few tips which will make it easier for you to choose your virtual receptionist service team. For more such articles, stay connected.

Digital Branding

6 Digital Branding Cliches That Are Way Overdone

The road to branding excellence is littered with cliches, and while there is a time and a place for these overused staples of digital communication, they should be used sparingly and with careful forethought.

As they say, “imitation is the sincerest form of flattery,” but when it comes to digital branding, it can definitely go too far.

It doesn’t matter if your company sells bespoke products, sources goods from a third party, grows them, blows them up, or consults on technology; when it comes to your branding, following the herd is NOT a good idea.

Here are six of the most overused and overdone cliches of digital marketing, and how to navigate the temptation to use them in your own branding.

1. The World’s First

Okay, if you really are the first, then you might just be able to get away with this one…

Unfortunately, this phrase is so overused that, even when true, it just comes across as being insincere. And if you decide to use it, you’d better make sure to have done your research.

The internet loves to point out a marketing fail, and if it turns out that your world’s first is actually a second or third, you’ll either appear silly or dishonest.

This problem is easily avoided through thorough and creative research – there will almost certainly be something more informative and relevant that you can use in place of this tired cliche.

After all, getting somewhere first is not a guarantee of quality, or anything else for that matter…

2. Generic ‘Hipster’ Logos

Your logo should evoke your brand, and be both distinctive, and recognizable.

A smart font with a colorful accent might look quite professional at a glance, but if it is too generic, it will be forgettable, and easily confused with other brands. There are a ton of ‘samey’, vaguely ‘hipster’ logos flooding the market right now: from tech companies to coffeeshops, everyone seems to be doing it! The same aesthetic is being used to sell tea, shorts, software, beard oil, and a plethora of products. But in the end, it’s all just one big sea of aesthetic blandness.

You can, and should, do better.

3. Bespoke Next-Level Solutions

All of these things. See how vague that description is? Yet this phrase, with varying synonyms, can be found throughout the digital marketing world.

Yes, you may offer a service that is tailored to the customer, and solves their problem using brand new technology. There is nothing wrong with advertising that.

The problem arises when you give no further details. If someone tried to sell you “next-level” cheese, you’d want to know what made it so special. It’s the same thing here: the lack of descriptive words makes the statement sound empty and hollow.

Solutions can hide many sins, so be more specific.

Don’t assume that your audience will simply take your claims at face value. Instead, give them some genuine, relevant information that will help them decide whether your service is for them.

4. Shame-Based Copy

Have you ever been to a site that boldly proclaimed you were not a real athlete/book-lover/human being unless you bought their product? Or that tried to niggle at your insecurities before offering the solace of their premium service?

Just don’t do that.

You don’t need to make your audience feel awful about themselves to convince them to buy your product. The same applies to those annoying CTAs, like those mailing list pop-ups that make you click “No, I’d rather be a failure” in order to get back to what you were reading.

You should be able to sell your product or service on its merits, convincing your audience that whatever their life is like, you will make it even better.

While there’s nothing wrong with a little humor at the expense of your audience, shaming and diminishing your customers with is just not cool.

5. Awful Brand Videos

There are plenty of examples of video marketing gone wrong, and you don’t want your brand to be added to the long list of painful brand videos.

You know the ones; the director of the company delivers a jargon-heavy marketing spiel, while moving through a featureless office space.

It’s hard to come across at your best in video content if you’re not used to being filmed. But that doesn’t mean you should just accept the results and release bad content.

Your audience want to get to know the personality behind the brand, not simply be told things they can read on your website.

In less time than you think, you can create excellent video content that really grabs your audience’s attention. Put some personality into your brand marketing and give your customers a glimpse behind the scenes of your business. Don’t settle for a stiff showreel.

6. Keep Calm

Sure, it was good while it lasted, but we’ve seen quite enough of the “Keep Calm And Please Share My Content” offerings.

Of course, if it turns out that your audience still loves that sort of thing, then maybe you can make it work – perhaps your brand lends itself particularly well to the cliche, if you sell carry-on luggage, for example – but there’s almost certainly a better option.

Jumping on similar phrase bandwagons can make your brand seem imitative and unoriginal.

Establish your target audience. Then do some in depth research and find out what makes them tick:

  • If you’re selling cars then maybe your audience want to keep going fast, whilst being safe
  • If you’re selling winter clothing then maybe your audience want to keep warm, without sacrificing fashion
  • If you are selling art supplies then maybe your audience want to keep being creative alongside their busy day jobs.

Whatever it is they want, make sure that’s what you give them – not tired phraseology.

Did any of those sound familiar? If so, don’t freak out — it doesn’t mean you need to go back and rehash all your content. The reason cliches come to being is that for awhile, they worked.

Remember, you don’t need to do what works for others, you need to do what works for you. So cut the crap and don’t be slack; get into the mindset of your audience so you can represent your brand in a way that both you and they will love.


Victoria Greene is a branding expert and freelance writer. On her blog, VictoriaEcommerce, she shares tips on ecommerce, how writers can hone their craft, and how companies can improve their digital reach. She is passionate about using her experience to help brands improve their marketing.

Create an effective Instagram profile
Digital Branding

Is a Business Loan the Best Financing Option for Your Start-Up Company?

When asked what the biggest hurdle is when starting your own company, most people are going to respond, ‘the finances’. It’s no secret that starting your own business requires a lot of cash up front. You need cash to pay for equipment, inventory, overhead costs for space (renting or leasing business space), employee’s wages, and so much more. There are fixed and variable expenses involved, and these need to be covered. In the end one of the most common reasons new businesses end up failing is because they struggle to cover start-up costs.

Unless you happen to have a trust fund, or have been saving your entire life, chances are you’re going to have to look into financing options. One route that many start-ups end up going for is a business loan. Now with that said there are a few different types of business loans available to you, more specifically secured and unsecured business loans. Are either of these right for you, if so which one? It’s important to look at them closer.

What is a Secured Business Loan?

A secured business loan is a very common type of loan. With this loan you will be borrowing money and you will put up collateral in return. Should you default on paying back the loan, the bank or lender can then take legal action against you so that they can take the collateral you have put up.

This type of loan allows you to borrow the maximum amount of money since the bank doesn’t see it as risky. They know they have the collateral to fall back on. Because the loan is less of a risk, you’ll be rewarded with a lower interest rate.

What is an Unsecured Business Loan?

An unsecured business loan is money that is borrowed from a bank or other lender without any sort of collateral being put up. In this type of agreement the lender is taking all the risk. Should you default on your payments, there is nothing that they can take ownership of. For this reason you may be approved to borrow less money, and the interest rate tends to be higher.

For a new business just starting out, an unsecured loan is often the only solution available. If they had access to collateral, they would probably use that to finance the business. Sometimes the lender may ask for a “director’s guarantee” in these unsecured business loans. What this means is that if you default on paying back the loan, they can then take legal action against the company’s director. Clearly this is something you will want to establish before signing anything.

Don’t Just Focus on the Banks

If you are going to go ahead with a business loan, it’s important you keep in mind that banks aren’t the only ones able to help you out. There are other routes such as trustworthy loan companies like Aspire Business Loans that specialise in both secured and unsecured business loans. You can apply for a loan anywhere between £1,000 and £300,000 and they will search a number of lenders to ensure you get the best deal possible. Often you’ll get a decision that same day.

These companies are brokers, meaning that they will have experience dealing with lenders and therefore the likelihood of the lenders trying to take advantage of you is much smaller.

The Right Solution Exists

The good news is that even if you don’t have the start-up cash required for your new business, there are plenty of solutions out there that can provide you with access to the cash you need. It’s a matter of finding the one that best matches your needs. Remember, starting a business is a long term commitment – finding the funding may be difficult, but it might not be one of the hardest things about starting a business. Once the costs are covered, your business will only be a success if you’re willing to put in the effort to make it one.

Promote your brand on Instagram
Digital Branding

E-commerce Branding on Instagram – Five Pro Tips

Instagram stands among the world’s top social media platforms today, and even though it is unique, it is still as good as any other social media platform. The visually-based sharing platform was designed in 2007, and since then it has improved every day and has attracted a great number of audiences from all around the world. Instagram is not just good for sharing your favorite moments with your friends and family through pictures, but it can also help you promote your brand or business.

Social media marketing has proved itself to be an exceptional marketing tool, and with the help of Instagram, you can market your business or brand including your e-commerce website. E-commerce is not just dependent on SEO anymore it can also be improved by using social media channels like Instagram. So if you want to do e-commerce branding on Instagram, then you can achieve that initiative, but to do that, you will have to learn things about Instagram and focus on some tips. Here in this article are some useful tips to help you brand your e-commerce on social media.

Make Instagram part of your ecommerce efforts

1# Building a consistent brand image

Keeping your brand image consistent is very important when it comes to ecommerce branding. Branding can never be ignored, and consistency is something that people like a lot. When it comes to the consistency, it is an action that develops trust with the audience, and when the audience sees a brand as trustworthy, they buy from it. So keep a couple of things in mind and make sure that the theme and colors of your Instagram profile are consistent and pleasing. The other thing you need to focus on is your content, which has to be consistent as well; you must also post it regularly.

Harness the power of hashtags

2# Use Hashtags

Hashtags are essential when it comes to social media marketing, and they are very useful on Instagram as well. If you are looking to improve your reach on Instagram and are trying to make your ecommerce website to reach more people, than hashtags can help you do it. What you need to do is create an exciting and creative hashtag which is related to your niche. Once you have the right hashtag, you will see your reach improve dramatically as you will gain followers on Instagram fast.

Create an effective Instagram profile

3# Add an interesting bio to your profile

When you are using Instagram, and you go to a new profile to follow, the first thing you will see is their bio. The same will be the case when people visit your Instagram account. It is essential that you add a good and creative bio to your profile which will impress the audience, and the most important thing which you should never forget is adding your website link to the bio. On Instagram, your bio is the only place where you can post a link to your ecommerce website.

Appeal to influencers

4# Take help from Instagram influencers

Hiring Instagram influencers is a great way of promoting your brand; they are famous people on Instagram who can convince audiences. All you need to do is find an influencer related to your niche and ask them to share your brand with their audience. You can offer them your product or service for free and ask them to review it, or you can just pay them. When the influencer posts about your brand, people will take a look at it, and you will be connecting with the right audience.

User-submitted photos

5# User-generated content is a great idea

When you are looking to do e-commerce branding on Instagram, then it is not necessary that you keep posting designed creative content all the time. You can always ask your audience to share their pictures with you, and then you can start posting those. When you post user-generated content, your authenticity improves, and people trust you more.

So as you can see Instagram is an exceptional platform and you do not need to rely on just SEO anymore for your ecommerce website. So follow these five professional tips and start promoting your ecommerce website today.

Appeal to your mobile customers
Digital Branding

How to Get Your Business Mobile App Right First Time

When it comes to engaging with your customers, creating a mobile app is one of the top methods used by many brands today. With an increasing number of web users now preferring to log on via their smartphones and tablets, adding a mobile application to the customer experience makes sense in today’s fast-paced business world, where keeping up is paramount.

So, you’ve decided that a mobile app is just what your customers need to improve their experience with your brand. But, what can you do to ensure that your app isn’t a flop? We’ve listed our top suggestions.

Tip #1. Hire the Right Professionals:

Chances are, you won’t be creating your business’ mobile app all by yourself. If you’re going to be hiring a mobile app developer to help you with putting your app together, then it’s important to invest some time in conducting thorough research beforehand. Getting recommendations from contacts that you trust, reading online reviews, and searching through portfolios of developers’ past work will certainly pay off in the end. Go for a company that has extensive experience when it comes to creating business and marketing apps, such as this mobile app development London company; https://www.lexel.co.uk/mobile-app-development-london.html.

Tip #2. Testing is Key:

Testing should be an integral part of the app development process, since the last thing that you want is to roll out an app to your customers only to find that its riddled with bugs and other issues that could have been fixed had you tested it beforehand. One good way to do this is to get unbiased reviews of your app before releasing it, by allowing a select few customers to download a beta version. Once they have done this, they can send you information about what’s working well and what needs improvement. You can reward their efforts with discounted products, vouchers, or a free gift.

Tip #3. Understand Your Users:

Before you even start planning your app development, you’ll need to know exactly what it is that your users will want from it. Bear in mind that your users’ motivations to use the app will always matter much more than your own, so it’s vital to get their opinions on your ideas before going ahead. Conducting intensive market research to determine what your target audience require and want from the apps that they use will get you on the right track to developing an app that goes down incredibly well and produces excellent results.

Tip #4. Keep Ease of Use in Mind:

Although millions of people today use smartphones, bear in mind that not everybody is extremely technologically savvy. Along with that, your average app user today will place a lot of value on convenience. Because of this, your top priority when designing an app should be the ease of use; ensure that it has a user-friendly interface, simple navigation system, and a seamless design flow. Make sure that it’s easy for any potential user to find exactly what they need when using your app.

Did you enjoy these tips? We’d love to hear from you in the comments.

Digital Branding

How Do You Choose a Leaflet Printing Service for Your Traditional Marketing Strategies?

With more and more printing services setting up shop on every street corner, it’s becoming much harder for businesses to choose a reliable service to cater to their needs. It’s easy to go and choose a printing service and get what you need. But, the reality is, it’s not that easy. There are many services out there that provide an excellent service. However, there are also many others who’re looking to take your business for granted. With that being said, by taking advantage of the following tips, you’ll be best able to choose a printing service that perfectly suits your marketing strategies.

Ensure They Offer Varied Products

Firstly, look at some of the products on offer. If the business in question only offers postcard and leaflet printing services, then you’ll end up having to find another printing service in the future that can offer more business branded accessories to suit your needs. Try to find a business that can offer your business a varied product catalogue from the get-go so you don’t have to waste time finding a supplier in the future. For example, try to find a printing service that not only offers leaflet and flyer printing services, but a business that can also offer pencil, pen, apparel, and the many other businesses branded accessories that could help your business thrive.

How High-Quality Are the Products?

The next thing you’ll want to consider is the quality of products on offer. Some businesses are much greener than they were 5-10 years ago, so you’ll likely want to settle for a business that uses recycled paper and the like for your cheap leaflet printing requirements. However, you’ll also want to consider how professional you want your flyers to look and feel. Many services, one example can be seen through the leaflet printing at print24, offer you the chance to select different paper weights and types to better suit your requirements. Customers could well be pulled in by the use of cheap paper flyers, but investing in something of much more quality could be the difference in your marketing campaign being a success.

What’re Their Previous Clients Saying?

Next, look at the printing services current and/or past clients to see what they think/thought of the services they received. This is easily done now thanks to Google. Simply type in the company’s name and it’ll come up with a host of links with regards to testimonials and reviews they’ve already received. This will give you a good idea of customer service, quality of products and overall how good the service was. If you’re seeing more problematic reviews than you are positive, it could be a good idea to look elsewhere, otherwise, you could end up with losing out on a good service. Also, check out reviews for all their services (leaflet printing, flyer printing, print flyers, cheap leaflet printing, print leaflets) to ensure you get the best service.

Toot your corporate horn with workplace branding

What’s It Going to Cost You?

While the cheaper printing services are still reliable, the best ones are usually the ones that don’t have pricing structures that seem too good to be true. Always judge a business on their pricing structure to not only ensure it meets with your marketing budgets but also to see if it sounds too good to be true. This will give you a better idea of where they are and, more importantly, how they can realistically offer you the reliable printing services you crave. Again, you’ll want to look at all their services and pricing lists at this point, just to see if they’re realistic in all services they offer.

Delivery Terms

Delivery is also vital when it comes to hiring printing services. The last thing you want is your leaflets to turn up two weeks after Christmas when all your leaflets are merry and Christmas-based designed. Always consider the delivery terms of any printing service, otherwise, your marketing strategies could take a monster hit.

What About a Bulk Order?

If you’re a big business, you’ll likely have a bigger marketing strategy in place. Therefore, you’ll need to invest in accessories and leaflets in bulk. Remember, all printing services are out there to compete for your custom, so always choose a service that can offer your business a bulk discount to better suit your budgets. Of course, you’ll still want to take their pricing structures into account as stated above, but searching for a business that offers good bulk discounts should also be considered, especially when it comes to a fruitful long-term relationship.

There’s plenty to do when it comes to hiring a printing service. You could be one of the lucky ones that gets a reliable business from picking their first printing services. But the reality is simple, if you don’t spend the time in researching a business or by implementing the above tips in your search, you could end up wasting time and money on planning business marketing strategies that you don’t get your accessories for to help promote them.

Digital Branding

The Impact of Financial Dependence on Your Brand

What brands do you respect and like? Companies like Coca-Cola and Apple have brand images and assets that are recognizable worldwide. These strong, and often positive, associations have a value which cannot be measured. The value of a brand may help or hurt a company, depending on the identity of the brand. Stay realistic about your brand image, understand your financial dependence on the brand, and learn ways to save, in case of brand-related financial setbacks.

Understanding Brand Identity

By definition, brand identity is how a company wants to be perceived by customers and includes components a brand presents to the world including a logo, font used, a mission statement or tagline, and a company name.

A strong brand identity builds your business’s reputation in the market. Think about airlines and what they each stand for in your mind. Often your perception of them is because you’ve formed an opinion based on brand identity. Southwest is known for not adding fees and has a heart as its logo. Delta is known for a range of options and itineraries to suit all travel needs. What brand identity do you want for your company?

Financial Benefits of a Great Brand

A great name may have economic advantages in the billions. For example, Four Seasons Hotels, which is a five-star hotel management company, was recently purchased not for its locations, property, or even its staff but its brand. There are many other examples, including the purchase of Cadbury, Budweiser, and even Volvo.

The financial benefits of a great brand impact your company in some crucial ways. These include:

  • Increase the perceived value of your business to customers with a strong identity. Customers think they are getting a better product or service, and your company grows.
  • A strong brand identity means you can ask a higher price for services rendered. Think about the Four Seasons again. They command a higher price because of their association with sophistication and elegance.
  • A higher perceived value boosts your company’s return on investment in the marketplace. A better ROI means you get more out of your marketing, sales, and advertising dollars as well.

Implications of Brand Dependence

At times, dependence on one brand is a tough area to navigate. If you are dependent on one brand’s identity, it leaves your business in a difficult financial position. Just ask United Airlines. They had a reputation for quality service, but when a video of an employee dragging a passenger off of a plane surfaced, their stock prices plummeted by $1 billion. There are negative implications if you financially depend on a brand too much:

  • Losing actual value of your company if your brand goes out of favor with the customers
  • A public relations issue impacting the company’s financials negatively
  • Delay in product or service offerings leaving the company without a financial cushion
  • Problems in your supply chain harming the entire organization
  • Loss of morale among employees
  • Making a change in your brand that isn’t taken well could leave your company crippled financially

How Can I Measure Brand Value?

As brands become more valuable in the marketplace, ways to measure brand value, also known as brand equity, were created. This valuable nontangible asset needs to be evaluated on a regular basis to get a better understanding of your targeted customer base, to further meet the needs of your clients, and to improve your company’s marketing strategies.

There are three metrics used to evaluate brand equity: the financials, the knowledge pieces, and customer preference. Financial metrics analyze your company’s financial situation, knowledge metrics track the popularity of your brand, and preference metrics show how customers perceive your brand. Pay attention to the following:

  • Analyze what is your brand’s truest strength
  • Determine your brand management performance
  • Add a dollar amount to the value of your brand
  • Look for trends in your industry then evaluate yourself against those trends
  • Pull numbers on market share, price premium, growth rate, revenue generation, and transaction value
  • Find anomalies in your services and potentially conduct customer surveys for your brand

The Bottom Line

The bottom line is that a strong brand is a key to financial success. Your business needs to stand for a set of values, principles, and concepts. It takes time and potentially years of service to do this. As a general rule, follow these pieces of advice:

  • Build a strong brand that you will be proud of for years
  • Educate your team about the value of branding in every interaction
  • Measure brand success frequently
  • Realign branding as necessary to meet business objectives

Conclusion

There is a unique balance your company must maintain with your brand identity. Its strength adds value to your business but also can leave you in a precipitous situation if your brand goes out of favor. While building a brand, be sure to set aside money for a rainy day in case you need it to keep your business going. Brand identity is an asset as well as a risk factor but a strong brand is key to financial success.

Digital Branding

Why You Should Pursue a Career in Digital Marketing?

Technology is evolving at a faster pace than ever before and we simply cannot imagine life without it anymore. Wherever we go and whatever we do we are surrounded by it and many new jobs emerged as a result of advancing technology. Digital marketing is a field that is relatively new and jobs connected to it are becoming more and more popular and demanded from employers. We have examined some of the reasons why you should consider pursuing a career in digital marketing.

  1. Almost every business has already recognized the importance of being present online, which means that new digital marketing jobs are created every day. Some researches even suppose that the demand for digital marketing specialists will soon exceed the supply. If you decide to focus your career in this field you will definitely not have any problems with finding a job. It might even happen that you will be in a better position as the employers as you will be able to be “picky” about which job to choose.
  2. Digital marketing is a very broad field and includes many aspects and topics. This allows you to focus on the area which you find particularly interesting and for which you have the best skills. For example, if you like to work with numbers and data you can focus on analytical part of digital marketing. Social media marketing on the other hand might be perfect for you if you are really creative and always come up with new ideas of promoting a product or a service.
  3. Although it has always been important for businesses to gather data and evaluate their performance, digital marketing and the advancement of technology are making this task gain its importance. Companies have more need for data collection which means there is also an increase in job positions in this area.
  4. For many other professions and careers you need various trainings or even special courses, but with digital marketing there is a lot you can do on your own and be more responsible for your own career. There are tutorials you can watch or guides you can read- the web is full of many practical advice on digital marketing and on what one must know in order to launch a career in this field.
  5. The wages for digital marketing jobs of course differ and depend on your education, experience and the location of the job, but it is generally believed that the jobs in this field are paid very well. Companies are aware of the fact that it is extremely important to have a specialist in digital marketing and are therefore willing to pay more for this kind of knowledge.
  6. Since technology is evolving extremely fast, it is also to be expected that digital marketing will continue to grow along with it. You have probably already heard of the saying that if you are not present online you do not exist and this is only going to deepen in the future. This means that we can expect new areas and tasks to be added to digital marketing which will make your career exciting and you do not have to worry about it ever becoming a boring routine.

The best thing about a career in digital marketing is that you can have it anywhere in the world. It is a field that is growing internationally and you do not have to settle at one place to pursue it. Having some experience from abroad is an excellent way to add value to your CV and to stand out from the crowd when searching for a job. An internship abroad might be the best way for you to launch a career in this growing field. When searching for it you have to consider many factors and one of them is definitely finding a place to stay. There is an online booking platform called HousingAnywhere.com that can help you with that. The whole process from finding to booking your room is fast, easy and completely secure.