Planning to buy a phone? Thinking of iPhone’?
Planning to buy a car? What about Chevrolet or Toyota?
Sick? Need to buy some medicines? Have you heard about Glen mark?
Want to search something on the Internet? You will Google it, won’t you?
All of these names — which pop up in your head as soon as the relative need strikes — are called Brand Names. If you recognize them, the company who makes the product or offers a service has been successful in building a brand name.
Brand Name Building Strategies
In today’s world — where consumerism is heightened, economies boom and markets are rapidly going global — brand name building is necessary. ‘Survival of the fittest’ is the theory. Recognition is survival.
Considering the complexities of globalization, there are some strategies which can give the best possible leverage to the brand name building strategies of any company. Some of them are as follows:
Localizing the Global Brands
There are some brand names which are very well recognized in US. To capture a whole new market, those brands have to localize. When global brands are tailored to an individual market, they will surely capture their audience. Very good examples of tailor- made brand names are MTV and HSBC. They are using the same global logo. When MTV broadcasts in other countries, it adopts the local language. HSBC is a global name, but it goes regional to target many groups of local audiences. The key here lies in tailoring the experience to local tastes.
Strong Market Presence
It’s an asset to the company when people recognize the logo of a brand. Strong image in the market and in the mind of customers is a long term task for any brand name. Catering to the needs in a target market and nurturing them in every possible way gradually lead to a strong hold on the market. Once recognize, even a local brand name can go global.
Approach with Innovation
An advertisement for an Apple iPad should encourage the audience to buy. When you serve a target market with innovation, it attracts the attention of the audience at a local level. When the innovation is customer oriented, it will slowly capture the market. Then, the name begins to sell itself.
There are lots of approaches which contribute to building certain liabilities in strategizing the brand name. When Brands go global they have to cater to sentiments of their market spread across the world. Religious constraints and legal needs of the local markets must be considered the brand name goes worldwide.
The consumer is elusive and can be hard to reach. A blend of integrated marketing strategies on multiple media is a necessity. Once a reputation is built, word of mouth from existing customers is enough to fetch more prospected customers. This, in turn, makes the name famous leading to the making of a Brand Name.