Chapter 7

BUILDING A SUSTAINABLE BRAND

 BRANDING
The brand is a name, term, sign, symbol or design, or a combination of
these, intended to identify the goods or services of one seller or group of
sellers and to differentiate them from those of competitors.
Branding helps buyers in many ways. Brand names tell the buyer something
about product quality. Brand names also increase the shoppers efficiency.
Lastly, brand names help call consumers’ attention to new products that
might benefit them. Branding also gives the supplier several advantages.
The brand name makes it easier for the supplier to process orders and track
down problems. The supplier’s brand name and trademark provide legal
protection for unique production features that otherwise might be copied
by competitors. Branding also enables the supplier to attract a loyal and
profitable set of customers. Finally, branding helps the supplier to
segment markets.
BRAND MANAGEMENT RESPONSIBILITIES
1. Monitor, measure and manage brand equity/strength. Brand Equity means the
public valuation of a brand.
2. Increase brand awareness, relevant differentiation, value, accessibility and
emotional connection.
3. Develop Brand Plan.
4. Monitor progress against brand plan.
5. Be responsible for results against brand plan.
6. Drive brand understanding and support throughout the organization.
7. Champion/drive initiatives that support delivery of the brand promise.
8. Brand messaging (elevator speech, tagline, campaign themes, proof points, etc.)
9. Manage the brand architecture. It describes how a family of brands relate to one
another.
10. Maintain brand identity consistency.
 Characteristics of a Good Brand Name
• Short and simple
• Suggestive products benefits
• Easy to spell and read
• Adaptable to packaging/labelling needs
• Easy to recognize and remember
• No undesirable imagery
• Easy to pronounce
• Always timely (does not go out -of-date)
• Can be pronounced in only one way
• Adaptable to any advertising medium
• Can be pronounced in all languages (for
• international markets)
• Legally available for use (not in use by
• another firm)
 ACTIVITY
1. Explain the meaning of branding.
2. Differentiate brand name from trademark. Give three specific examples of
each.
3. Describe the importance of branding of entrepreneurs who will start their
business.
4. Discuss the characteristics of a good brand name when an entrepreneur would like
to develop a brand name.
5. Many organizations combine their brand names with logos that make the company
instantly recognizable. A logo is a symbol that helps identify an organization. The
most famous logo of all is for McDonald’s. The Golden Arches are well known all
over the world and they symbolize the fast food chain. On the space provided,
formulate a brand name, and draw a logo for your future company.
NETWORKING
 NETWORKING: FINDING YOUR TEAM.
You don’t need to know everything and be good in everything when you start a
business. Whatever you don’t know, find out a little and partner or hire someone
who has the information. Every business owner needs a trusted team of advisors
and specialists. Here is how to get yours.
It may be okay for an experienced trapeze artist to work without a net. Beginning
entrepreneurs, however, can’t afford such a risk. As a business owner, you need a
support team, your own safety net, of trusted individuals whom you can count on
to advise you, and assist you, and to catch you before you fall.
Not only can a strong support team mean the difference between success and failure
for your new company, but it can also ensure your personal sanity. The most
common mistake people make when starting a business is trusting their gut too
often. Not that their instincts aren’t important; they’re essential. But it’s even
more important to talk out your ideas, your trouble points, and your opportunities
with skilled individuals. Often, just the process of explaining a situation to
someone else will spark alternatives that can give you a new perspective.
 Get the Best

Supporter generally come in two forms: advisors and specialists.

Advisors are professionals who focus overwhelmingly on helping a
company; experts who provide insight and assistance in specific
business areas. Specialist a term for people who are expert on a
specific aspect of a job, rather than working more generally in the
field. Some you hire, some you pay for, and some you obtain
through networking and outreach. Obviously, you want to obtain
your team as inexpensively as possible, but don’t be afraid to pay
for experience and expertise, if necessary. Smart people at your
side can save you years of hard work – and missteps.
 When to Start?
As soon as you start writing your business plan, especially if you’re new to the
process. Contact an accountant, an insurance agent, a lawyer, a banker, a
professional business coach or an expert to get an accurate read on the
validity and requirements of your plans.
Make a list of everyone you’ve ever known or met personally who might be of
assistance. Relatives, old college buddies and even friends of friends may
have the perspective you need. Remember, objectivity is personality-
based, not relationship-based. If a person is mature, experienced, and
knowledgeable, they will be of value to you.
 Professional Networking
Business clubs and associations are other places to get free advice. Network
with people in your field or closely related to it. Visit trade shows and talk
with exhibitors. Seek out the business incubator program at your local
university or colleges. The folks at these places are excellent sources of
business contact, information on government programs, procedural
advice, and even prospective customers.
Your best informal resources are other small business owners who’ve already
been through what you’re experiencing. Running a business is a lone
profession, and owners often can’t share personal experiences with their
own employees. With you, however, they can convey the lessons learned
from their experiences. Don’t be afraid to tell them details about your
concept either.
 Match Your Needs
When your business grows, start hiring people who can take skilled tasks, like business
development, accounting, or operations off your shoulders. Make sure everyone you hire
is savvier than you are. Excellent employees make for excellent companies.
Your business and your situation will dictate who to hire first. Of course, it’s less expensive in
the beginning to use a la carte service providers for disciplines such as legal, human
resource, and marketing. An outside business coach can also be an invaluable source of
ideas and strategy.
As you begin to hire professionals in a specific discipline, however, don’t automatically reach
out for people you’ve retained in the part for other tasks. Just because your personal
accountant does a great job on your tax return, for example, doesn’t mean he or she will
be the kind of bookkeeper that will benefit your company. Look for people with proven
experience handling the unique requirements of the position. At the start of a business,
every penny counts. Manage your cash flow and do not add people until you absolutely
have to, even if you have the cash reserves to support the payroll. Not all free advice is
good advice. In fact, there are many people who give advice who have their hidden
agendas, which may not benefit you, and may cost you the most in the end.
Get great advice and great help, even if you have to pay for it.
 STRATEGIES IN IMPLEMENTING
COMMUNITY SUCCESS
1. Do the work. Creating an extensive valuable network will not happen
overnight or even quickly. You can speed things up attending the right kind
of events. There is a “You can get rich quick, but nobody gets wealthy
quick.” Having a great network is wealth.
2. Become your best self. First, identify the ideal person you would want to do
business with from a philosophical, character and principled perspective.
Second, to have an ideal network, first become your ideal self. Put in mind
that " We attract who we become." Life is never about what we get; it’s
about who we become.
Third, connect to people with similar interests using all mediums. The best
thing you can do is grow your social media network while working hard on
becoming the ideal person who you want to attract.
 STRATEGIES IN IMPLEMENTING
COMMUNITY SUCCESS
3. Meet strangers. One of the easiest ways to meet new people is a strategy I employed when I had
almost nothing: taking strangers out to lunches or dinners.
4. Give instead of take. Provide value as possible to people in your network without asking for anything
in return. In the beginning of a new relationship, you have to earn the right to have a genuine
relationship. The only way you can do that is by giving an insane amount of value.
5. Make a life-changing introduction. Networking was not about building database but about being the
gateway to another great relationship. Every timey you meet someone new, train yourself to ask the
question, “Whom can I introduce this person to that could change their life?”
6. Invest in your people portfolio. Your network is your net worth, invest in it like a financial portfolio. Be
willing to invest. Give to the relationship first and in earnest. The opportunity to create authentic
depth in a relationship is irreplaceable and cannot be achieved with unlimited office meetings.
7. Treat connections like neighbors. Everyone was expected to contribute to the success of the village.
But this concept is slipping away as social networks revolutionize how we communicate. We get
competitive, only revealing certain aspects of ourselves, especially our successes. The key is to offer
value before asking for help.
8. Give back. Get involved, Don’t just donate money or attend a stuffy fundraiser dinner. Roll up your
sleeves and serve. Word-of-mouth spreads. Everybody knows somebody, and it's a great fun to give
back to your community.
 ACTIVITY
1. What is networking?
2. Why is it important to entrepreneurs?