What’s in a Name?

September 4, 2009 by +Marj Wyatt
Filed under Business Basics, How to Market and Brand

Frequently we forget the importance of Brand Equity. As internet marketers, that brand is not a business opportunity or a company we may have chosen to represent. While those things may assist us to get income, they are tools we use. By carefully managing the online image that is our name, we build potential for a future we cannot envision today. Nothing is more important than protecting our online brand image.

It may seem a little obsessive, but I set up Google Alerts for my name years ago after learning that my Real Estate clients were Googling me. That also heightened my awareness of what they might learn about me. In that instance, they were interested to learn of my artistic pursuits but, frankly, it didn’t impress me that this was the most prominent data they could locate. Energy was diverted to changing that.

The same tactics that I used to erase my Real Estate career from page one of Google will work for you if you are just starting out online. Immediate results were achieved by interacting on forums and commenting on blogs. Ensure that your posts are relevant to the topic and add value and always include your name in a signature block.

As an Online Branding Consultant and WordPress Website Designer, I’m fully aware of branding strategies for companies. Using education, experience and business acumen, I’ve helped many people identify and implement their online branding strategies.

To assist those of you who have not studied business, it might be important to explain the four different types of branding strategies that are used.

Single brand identity is as it says a separate brand for each product. By way of example, if you have a company with several products, you would develop each product identity as a stand alone brand name. Hershey does this by having product groups, but each product name is name is much better known. Most of us know that M&Ms are a Hershey product but do we automatically relate the Hershey name to Twizzlers or Heath Bars? The resources required to manage multiple unique product brands must be considered if this is the strategy you are choosing for your business.

When a company uses its name for all their products, they have implemented an umbrella branding strategy. This is the approach that is employed in my business model for it allows flexibility and ease of brand management. More famous examples exist, however. Sony, HP, Linksys, and GE, are household names for their product lines while the model numbers are obscure things we only look at when filling out a warranty card or contacting technical support.

Multi-brand categories are different brands for different product categories. In this scenario, the same company has different company names for their product groups. As a former Minnesotan, Pillsbury comes to mind. Through acquisition, they grew from milling flour to a large conglomerate owning several restaurants and store food brands. Mergers have returned the company to their core competency of baking products and they have since divested all their restaurant holdings.

Lastly, a company might choose to have a common name stem. This is useful for leveraging brand loyalty. Nestle has done this with Nescafe, Nesquick and Nestea.

What is a brand and why should you protect yours? The marketing mix should focus on consistency and quality. Even if your business is primarily affiliate marketing, Top Gun affiliate marketers like Ewen Chia and Michael Cheney have instant access to their loyal lists to get income whenever they want it due to the careful management of their names and the products they have chosen to endorse.

Your brand is your reputation and, if you manage it well, it will serve you for years to come.