Brand Identity is the face of your business. It helps your customers quickly identify your brand and differentiate it from all of the other brands vying for their limited “brain space.” Think Tiffany’s blue boxes or the cursive Coca Cola typeface and familiar red and white packaging. Brand identity is often the first thing a potential customer hears about a company and it starts with the name.
If your name is hard to pronounce or is easily forgotten, it can be detrimental to your business growth and the impact can take years to reverse. Nike, one of the most recognized brands in the world was originally known as Blue Ribbon Sports (BRS). Blue ribbons are a sign of success at county fairs but have no cachet in the ultra competitive world of Olympics sports. But the real story is in the numbers. In 1978 when Blue Ribbon Sports was changed (after 16 years) to Nike, the company’s brand value jumped from $10 million to $270 million. Today Nike is ranked the 30th strongest brand in the world with a brand value of $10.1 billion.
In a tough economy, a memorable brand identity is key to riding out the lean times and establishing a leadership position for the turnaround. And remember that when your brand identity is consistently communicated over all media channels (online and in print) it helps increase brand awareness-Who are we?-which builds brand loyalty-You’re the best and I’m telling everyone I know about you-and ultimately increases brand equity-I’m willing to pay more for you.
Think Starbucks and the price of a double latte and you’ll know just what I mean!
This article was featured in the British American Business Council publication Connect