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by Sophie L. Gibson
Donald Trump will tell you that he was going to originally call Trump Tower – Tiffany Tower , for the jewelry store next door to his development. He asked a friend what he thought of the idea and he told him he should only consider Tiffany after Donald Trump changed his name to Tiffany.
Branding is everything! There is much power to be had in a brand name and you don't have to go far to realize it. Who doesn't know a woman in their life willing to pay a hefty price tag to own a Louis Vuitton pocket book for over $600 even when they earn less than that a week.
Your brand identifies your company and separates you from your competition. Your brand name represents your image and how you are perceived. For example, it would be hard for Walmart to begin selling high-end jewelry, as they are known in the market place for the lowest prices but not necessarily the highest quality. The idea of branding is imperative for any business. But why is branding so important?
A brand screams who you are! Just by seeing a company's logo or company name can instigate many emotions for consumers. For example let's throw out a few words like “news” and tell me what comes to mind for you. You probable said CNN, not because they are the only ones in the news business, but because they have created a successful brand, making it easy for people to know who they are. Perception is reality and you can help control what consumers think of you through your advertising, public relations tactics and other forms of communications with the consumer.
The industrial revolution introduced the concepts of building a “brand.” Henry Ford was one of the first with his promise of cheap, reliable cars, while General Motors built the concept of Chevrolet being “the people's car.” There are “branding wars” today and to stand out from your competition you must keep reinventing your brand as times change. UPS finally put its brand in to the 21 st C with an updated logo. Don't forget successful companies spend millions on their brand trying to get you to have a positive perception of them. Take their lead and come up with cost effective ways to build a “brand name” for your own company.
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