The defining factor that has kept businesses growing is the strength and reputation of the brand. Richard Branson founder of Virgin Records and the Virgin brand acknowledged this. He went on to state that the “way a company brands itself is everything – it will ultimately decide whether or not a business survives”. It sounds drastic and most people would think, it’s my product or service that would dictate whether the business survives or not! However, there is merit to Bransons’ foresight, ultimately it’s the brand that people will emotionally connect to and whether you are buying an Apple or Samsung smartphone, it is the relationship that each of these brands have developed with their customers that has created this loyalty to the product.
In the early 1940’s we had brands like Lucky Strike tobacco, IBM Computers and VW automobiles that projected the future of how products and services would be showcased. It was an era that would set the tone for how we perceive and engage with brands today.
Many small businesses engage our offices to establish a new business or product without very much consideration to the brand. In many respects the brand is an after-thought following the human emotional trap that the product or service is what counts the most. It definitely has a role to play, but the significance of the brand associated with that product or service should not be underestimated. Therefore, we are strong advocates of ensuring our clients have a well thought out strategy for their brand, particularly when it comes to trade mark registration.
A word of caution, don’t always adopt a name that is descriptive or generic because it may seem easy to convert sales. In fact, it’s these generic names that tend to invest heavily in protecting their name in the long run. Most brands that are top of mind that didn’t adopt such a strategy are brands we are all familiar with including Apple, Virgin, McDonalds, Mercedes, Chanel, Qantas, Amazon, Microsoft and many more just like these.
Follow these simple steps to creating a brand:
The above may seem a stretch for those embarking on the journey of building a business, however, we have seen brands grow in three years from minimal revenue to in excess of a $100m in turnover. There is no limit to the growth of a brand, so long as the brand is presented to the market thoughtfully.
Marwan Kojok is Managing Partner of premier franchise firm Baybridge Lawyers where he specialises in emerging and mature franchise systems and franchise litigation matters. Marwan has consistently been recognised by International Who’s Who of Franchise Lawyers, working closely with many international brands and firms across the globe.
With over 20 years’ experience assisting franchisors manage their legal affairs along with assisting in the development of their networks, protecting and enforcing their Intellectual Property and maintaining their brand goodwill.
Baybridge Lawyers offer the following services: franchise set ups, franchise transactions and compliance, attending to sale contracts of businesses and assets, intellectual property protection and enforcement, dispute resolution and litigation, corporate transactions including preparation of partnership, joint venture and shareholder arrangements.
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