In this video, Uberbrand’s CEO Dan Ratner (www.uberbrand.com.au) discusses with Bloomberg the importance of branding strategies for institutional audiences.
He reminds us that a brand is considered to be a perception held in someone’s mind. Companies do business with people. The idea of perception lies in all of us and therefore a brand name is important for all audiences.
In case companies demerger and in the absence of a name and clear branding strategy, the market place starts to fill in the blanks and come up with a name and strategy for them. The pressure is then on the company to come up with all the good and positives of what the demerger or spin off will do and be. This is of course a situation companies would need to avoid. During the execution of expansion strategies, it’s not uncommon that companies face the issue that their brand is not known in the country where they want to grow, nor is the company behind the brand. A possible acquisition might be more harder to achieve.
In the absence of a brand name, It’s essential to first find the messages you want the market to take away. What are the key messages of a brand and use that as a platform to develop a name. Branding is about messaging & positioning, defining the positives and benefits that the brand stands for and about communicating these brand messages to your audiences.
How you manage the impressions and experiences of a brand is what distinguishes brands from each other. Some brand names stick, others don’t. Google is a good example of a name that doesn’t actually mean anything. The Google company has given the name a lot of meaning. Made up names are fine. Ratner says: “The name is just a vessel in which you install communication”.