Learnings from Richard Branson’s Lessons on Branding
26 May
Your company name and brand should be your most valuable asset and the best way to build value in a business is to build your brand.
Recently, I read Richard Branson’s new book, Business Stripped Bare. There were some statements that Branson made in his book about building and the power of a good brand that resonated with me.
Branson stressed that your name and your brand is your most valuable asset in business and will be what helps you grow your company. It can also be a real asset you can lean on to help you navigate through tough times.
He mentioned that while growing his Virgin businesses and brand, he came close several times to losing everything he had. Like anyone in business, you have to take risks, and as we all know, the risks we take don’t always work out as we plan. (Speaking of risks, check out this interesting campaign Virgin Mobile Canada, managed by a couple employees) Well on a couple of occasions when he was close to losing it all, he attributes his recovery and success solely to the Virgin brand. He said that during these tough times, he would lean on the brand equity to help him navigate through rough periods.
He also made a statement that I love. He said, “Everyone and every company working under his brand must contribute to the brand’s equity”. Everyone within your company should be representing themselves and the company in a way that enhances your brand and what your company stands for. Making withdraws from the brand is only acceptable when someone is starting out or you’re starting into a new endeavour. Before long in both these cases, that person, or that new initiative must be making deposits or contributions to the brand, or cut them out of the company.
Andy
Interesting articles around the Web:
1. Trademarks 101: How To Protect Your Good Name
2. Five Strategies for Building Your Ethical Brand
3. Brain Burning Brand Names Boost Business
Andy Buyting has been in the retail industry since he was six years old. Today, he applies his entrepreneurial know-how to Green Village Home & Garden, one of Canada's most successful specialty garden stores. Green Village Home & Garden is currently expanding into multiple locations throughout eastern Canada.
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