HOW TO SPEND IT – PART 6
How to Develop a Brand Name and Logo that Sells
Build a brand! It’s a message every startup hears when it comes to marketing. Numbers clearly show that companies with a well-known and attractive brand have several positive economic impacts on a business. And we know ourselves that we are more inclined to buy from a strong brand and spend more money on it.
Successful brand building requires many continuous and long-term marketing activities. This article will only cover the first two steps of it: choosing a name and creating a logo. That’s just a start. At the end of this article, I will reveal the secret of how the name and logo of one of the most valuable brands in the world were created. By the way, this is something you too can do at no cost at all. Before we dive in, let’s recap the benefits of a strong brand.
- Attractiveness of products and services: If customers perceive a brand as attractive and desirable, they are much more likely to select that brand over other options on the market. This creates a significant competitive advantage.
- Pricing potential: attractiveness goes hand in hand with higher pricing potential. This leads to higher profit margins.
- Customer trust and loyalty: Customers are more likely to trust a well-known brand with a positive reputation, its products and services. This contributes to lower price sensitivity and higher loyalty.
- Easier market access: The introduction of a new product or service becomes much easier when there is a strong brand behind it.
- Attractiveness as a workplace: It has always been easier for big brands to find new employees. Many people are proud to work for a company that has a good reputation.
- Attractiveness for and trust in partnerships: The same is true for collaborations. Big names open doors.
All in all, a strong brand leads to a strong and resilient company. Economic crises and volatilities will still have an impact on the company, but less than with unknown brands.