Having a name that everyone has heard of yet no one knows what the company is, what it does or what it stands for doesn’t have any great intrinsic value.
Austin, TX (PRWEB) March 29, 2013
“When building a brand, the most important thing to understand is that a brand is not just a name, and branding is not just a communications tactic,” says LeBlanc. “It is a business strategy."
He notes that confusion often starts when people think they are building a brand when, in fact, they are merely creating name awareness. “Having a name that everyone has heard of yet no one knows what the company is, what it does or what it stands for doesn’t have any great intrinsic value.”
LeBlanc explains that how a company -- its products, services and people -- comes to life is the difference between a name and a brand. This is where the value of having a strong brand is derived. Without that branding, a name does very little.
Determining the parameters of a branding strategy is as important as deciding pricing strategy, product strategy and distribution strategy. In fact, says LeBlanc, branding is often the driving force behind all of the decisions made in terms of pricing, products, promotion, packaging, etc.
Another way to think about brand versus name is this: are “promotional dollars” spent to drive immediate sales or as an investment in the future? The two are not and should never be mutually exclusive. Every effort should sell today and continually build the brand over time.