Recently, at my weekly BNI meeting, our Education Coordinator presented that question to each of us around the room after reading an excerpt from a book on marketing. Essentially, a company is successful at branding themselves when the word that is chosen matches what the public perceives it to be. Here are a few examples to clarify:
- Disney = Magic
- Energizer Batteries = Everlasting
- Mercedes = Prestige
- Altoids = Strong
- Chipotle = Fresh
- Trane = Unstoppable
Every company brands themselves, but ideally it has been carefully thought out and perpetually adhered to. This means every decision about building awareness with their target audience accurately reflects the brand. Effort is needed to ensure this occurs, because if not, people will draw their own conclusions and that could be damaging.
So, back to that one word – if you find that your company does not have one word that clearly stands out, take an active role in determining just that. It might mean setting up strategy sessions with your staff or hiring an outside firm to facilitate the process, but either way, make it a priority. This is the solid foundation a company needs to build their business and to sustain profitable growth.
Keep it disciplined.