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    « The Definition of Competition | Main | Branding Wisdom (Part 2) »

    July 18, 2006

    Branding Wisdom

    Many in the industry are considering re-branding themselves.  This includes renaming their company or services.  I have been fortunate to have worked for, had on my board of directors, or been mentored by several entrepreneurs who have grown businesses from their basements to hundred million dollar public companies.  I thought it would be appropriate to share some wisdom I received from these individuals .  They provided me with some clarity to a topic I found confusing.  Below is a summary of the advice I received.  Subsequent posts will elaborate on these items with supporting anecdotes.  Let me add the disclaimer that we have not implemented this advice at PLP...yet!

    1. Less is more.  Those you are marketing to only have so much room in their brain to remember your brands.
    2. Choose a brand with one or two syllables.
    3. Choose a brand that is "extensible"
    4. Your brands do not have to be descriptive.
    5. Make your brand "remarkable".
    6. People will know you for what you tell them you do.
    7. If you don't brand yourself the market will brand you.  The market may not brand you the way you want to be branded.
    8. Consider making your company brand the same as your primary product and service.
    9. Multiple brands should be used to attack multiple markets.
    10. Each brand can be an asset, but also has an expense to develop it and maintain it.

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