Branding -101 (that's a minus sign)

Take a step back. Why did you select the name(s) of your company, products, or services? Did you even consider branding a service that you offer? Most entrepreneurs I know have a couple of reasons why they picked a brand name.

1. They selected the brand name(s) because they needed a name and it was the 'most logical name.'
2. A clever idea provided by themselves, a friend or a relative.
3. They thought forever and could not come to a conclusion, so they just gave it a name.

A business needs a good name. It's important. Opportunity may be knocking and you feel that you need to have a name to pursue something. Just as serving each of your customers to the best of your ability is important now and in the future, your brand name is important. But the only thing that could be more important than a brand is what it stands for. What is unique about the company? The products? The services? If you are lacking in differentiation, you are lacking the foundation of a brand. So, before you can select a brand, you need to know what it stands for. The brand's value is what should actually be communicated. Without it, there is nothing you can establish about the brand.

Big business examples usually do not work when you are branding the small business. But there is a recent campaign where a big brand got in touch with its value. Allstate. Before the campaign, Allstate was in my mind (and many other minds I am sure) just another insurance provider. Many small businesses that are not as successful as they would like to be might take a lesson from the Allstate book. Allstate took a portfolio of services inside of an insurance policy and explained to the customer why those services were important to Allstate's identity. Further, they took standard services that many are commonly familiar with and set an expectation about the services.

Here are examples of how Allstate chose to brand services they offer within an insurance policy:

* Accident Forgiveness
* Deductible Rewards
* Safe Driving Bonus
* New Car Replacement

Posturing the brand's value in such a way will help you towards one of your primary goals: gaining new business. It will also help in two other ways not often considered, but incredibly important - delivering continuous value to past or existing customers and becoming the 'backup' choice in the category. The backup brand is the one which you would choose if you were not satisfied with your current provider. Being the next brand of choice is key in winning future business as you can give your prospects comfort that they have a confident provider. More on being the 'next brand' in a future post...

In closing, make sure that your brand offers value first. If not, it may not deliver value where it counts. Your pocket.

Assignment: Think of 25 things you do or could consider doing to deliver distinct value to your customers. Then, think like the customer. What are the top five most important things to be considered when making this purchase? Did those five make your top twenty-five? If so, ask yourself if delivering these values are truly something you can provide. One rule: price doesn't count. Quality doesn't count. So don't bother including them in your top 25 and in no way should they be part of your top 5. More on that in a future post...