When starting your own business, your first step should be establishing a brand identity and doing this can be costly, from hiring a graphic designer for your logo, to paying a fee to register your brand name. We’ll take you through some of the ways it pays off to spend the money on your branding.
Is Having a brand an asset?
Yes, having a brand is in fact an asset, an intangible asset. Like any asset, brands require long term investment and will render profit over time. Brands have value and can be bought and sold. Brands are best used when they service the strategic vision of the company.
What Are Brand Assets?
Here are a few well-known examples of brand assets to help clarify the concept.
Color schemes
Packaging
Logos
Jingles
Company name
Slogan
Songs/sounds
Check Out How To Start Your Own Brand in 7 Steps
Examples Of Brand Assets
Amazon Packaging
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All amazon orders are delivered in a box with their logo and the tape used to seal it has details about Amazon specials.
Because of the branding that is directly printed on their packaging, someone walking down the street who sees this box on a doorstep can immediately tell it’s from Amazon.
Apple Logo
The apple with a bite taken out of the right hand upper corner is the iconic logo recognized all over the world. Anyone that sees this logo will recognize the brand and their products could never be mistaken for any other computer and/or cellphone brand.
McDonald’s Jingle
Not only are the golden arches already is recognizable logo across the world, their “I’m Lovin’ It” jingle is forever stuck in everybody’s head and instantly recognized by anyone without a hearing impairment.
“Your brand isn’t just your logo. It’s how you interact with the world — from your customers to your employees — and it all stems from the brand.”
So, how do I capitalize From My Brand?
All of these definitions accurately describe the advantages of a powerful and successful brand. But the critical aspect is that a brand today must not only look the part, it must also function as an asset – by definition that means it must be “Something valuable that an entity owns, benefits from, or has use of, in generating income.”
Must Be Tangible — The brand must offer a service or a product. If your brand offers a product, it must be branded with the brand’s logo, colors, or any other identifying characteristics.
Business Model — A successful brand requires an efficient and competitive commercial model in order to get into the market and meet demand.
Unique Branding — Outside the box ideas help differentiate brands from each other in a competitive environment.
Target The Right Audience — Targeting a specific demographic helps narrow down audience and brand must align and directly speak to that group.
Read 5 Ways To Identify The Right Target Audience For Your Brand
Marketing & Promotional Items
If your business is a service or you’re in the food and beverage industry, you’re most likely thinking that this information is not for you. However, we think that there are plenty of ways to capitalize off of your branding which includes marketing with visual ads and promotional products such as apparel or reusable goods.
Creating merch or promotional products on top of your service allows for your to capitalize off of your branding assets by having your logo printed unto different tangible products that are appealing to your demographic.
Read What Is Branded Merchandise? Why Is It Important For Your Business?
All branding assets can be used for profit-rendering business moves. Without a clear brand message, marketing can be a money pit. Having a good looking logo that translates your name, mission, and is clear is essential. By creating ads around your branding you are sending a concise message that triggers interest and leads to conversions.
Marketing encompasses strategies to build awareness of your company’s products and services. It also involves promoting and protecting the brand. Every message about your company is part of your marketing.
Conclusion
While it may seem like a daunting and steep road ahead, making the necessary monetary investment in your preliminary branding concepts and execution will pay off in the long run. While branding is not a linear road to 100% profit, if you develop the right imagery and brand mission it will be a gradual climb to success.
Additionally, without branding assets advertising and merchandising opportunities will be much harder to profit from. Having a clear brand mission, imagery, color pallet, and target audience is essential to any business.
Author: Irene Floridia - Content Creator
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