All The Brand Terms Needed For Entrepreneurial Success
The business world has never been more competitive, which means every entrepreneur needs to stay on top of marketing and branding to succeed. And to do that, you need to know as many brand terms as possible. For all the brand terms you’ll ever need, keep reading.
- Brand. Brand is a term with two meanings. The first is when a brand is a subset of a larger brand, such as Fanta belonging to the Coco-Cola Company or how YouTube is owned by Google. Beyond that, it refers to the public’s perception of a company or product. Brand perception comes from firsthand experiences, advertising, logo, colour scheme, and word of mouth. So, a brand can be the company itself, but it can also be the public perception of who a company is.
- Asset. A brand asset is a logo, words or image that is used to identify your company. It’s tied to your business in the way that both Just Do It and the Nike swoosh are brand assets to Nike. Any brand asset should be easy to access and organised so you’re ready to use it when opportunity knocks.
- Equity. Brand equity is the value your brand holds. The equity is higher in brands with more positive associations. It’s difficult to quantify brand equity, but some famous brands can be used as an example. Diet Coke is a higher-selling product than Coke Zero, but they both belong to Coca-Cola.
- Positioning. The definition is in the name – brand positioning is how a brand chooses to position itself within its industry in order to stand out from its competition. There are three basic parts to good brand positioning – the target audience, the benefit, and the differentiator. So, who does this brand serve and who was in mind when it was created? How will the product improve the target audience’s life? Why is this brand a better option than the other brands within the same sector? In the vehicle industry, there are similar vehicles, but some are positioned as luxury vehicles while the same style of vehicle under another name is an everyday option. There are plenty of ways you can position yourself in the market to compete with other brands.
- Branding. Branding is what sets you apart from the rest of your competition. It might be a visual cue, it could be an audio one, but it’s the cues you inject into your products or services where people most interact with the brand. This includes the packaging itself, commercials, print ads, and radio jingles. The Coca-Cola Christmas ad is, for many, the true start of the holiday season. And how they brand themselves is far different to how the supermarket brands its own brand competitor.
Brand to Succeed
Whether it’s your brand message or your branding as a whole, no entrepreneur can build a successful business without understanding the key terms. All these brand terms represent an aspect of your business that you need to fine-tune to achieve the success you are working toward. It starts at the top and should filter down through the brand to every ambassador you employ, whether it’s a salesperson or a social media influencer.