Lesson 10: Brands


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Watch this with a 10-15 minute audiotrack at http://vimeo.com/novusprogram/lesson10

The goal of this lesson is to provide an overview of what a brand is and how it enhances the value of a business. It describes the various benefits of having a strong brand, using a well-known example to illustrate the effect a brand can have on customers. It then goes through the key considerations in understanding your current brand and developing a strategy for what kind of brand would be ideal for your business. The lesson provides examples of common tools used to develop a corporate identity and how a brand strategy is much broader than a marketing strategy.

The Novus project is a combination of video tutorials designed to be used in conjunction with a free business simulation software program. The Novus Business and IT Program contains 36 business and IT training videos, covering basic finance, accounting, marketing, economics, business strategy, Word, Excel, and PowerPoint. Users will have an opportunity to apply the lessons in the Novus Business Simulator. Over six rounds, the user or teams will have to make decisions on capital purchases, financing, production, financing, and human resources for a microbrewery. This channel has arranged the 36 video lessons into the order in which they are meant to be used with the simulator. To watch this slideshow as a video, please go to our Vimeo page at: https://vimeo.com/novusprogram. To download our free business simulation software, please go to our SourceForge page at: http://sourceforge.net/projects/novus/.

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Lesson 10: Brands

  1. 1. Brands Objective: To understand what a brand is, why it is important, how to identify your business’s brand, and tools to help improve your brand.Novus Business and IT Training Program
  2. 2. Brand Introduction• Brand Strategy• Three distinct pieces: – Brand – Corporate Identity – LogoNovus Business and IT Training Program 1
  3. 3. What is a Brand?• “A name, term, design, symbol, slogan or any other feature that identifies one sellers goods or services as distinct from those of other sellers.”• Brand is the emotional connection your customers have with your business’s productsNovus Business and IT Training Program 2
  4. 4. Nike: A Global BrandWhat thoughts, words, or feelings does Nike’s logo have for you?Novus Business and IT Training Program 3
  5. 5. Value of Small Business Brands• Small business can apply brands to achieve: – Customer Recognition – Product Association – Communication – Customer Relations – Brand “Equity”Novus Business and IT Training Program 4
  6. 6. Process of Building a BrandThree Major Factors Key considerations: • Your products and services1. Your Business • Your core values • Your mission statement2. Your Customers • Your strengths3. Your Competition • What you specialize in • Your target market What makes your business different or unique?Novus Business and IT Training Program 5
  7. 7. Process of Building a BrandThree Major Factors Key Considerations: • Where is your target audience?1. Your Business • What do you they think about you?2. Your Customers • What would you like them to3. Your Competition think about you? • How will you attract them? • Who is else is competing for their loyalty? How is your brand viewed today and how do you want it to be viewed in the future?Novus Business and IT Training Program 6
  8. 8. Process of Building a BrandThree Major Factors Key Considerations: • How do your competitors’1. Your Business brands compare to yours? • Do not copy a competitor’s2. Your Customers brand.3. Your Competition • Find the particular customer need that your business fills better than your competition. A strong brand is unique and memorable.Novus Business and IT Training Program 7
  9. 9. Brand Strategy: Corporate Identity• Tools to strengthen your corporate identity: – A logo – Stationery – Marketing tools – Products and Packaging – Apparel design – Signage – Messages and Actions – Other Communication• Consider the physical appearance of your business.Novus Business and IT Training Program 8
  10. 10. Using a Logo• A good logo should be: – Instantly recognizable. – Memorable. – Clear, even in small sizes. – Not too similar to other businesses’ logoNovus Business and IT Training Program 9
  11. 11. Budgeting a Brand Strategy TOOL TYPE COSTLogo One-Time LowBusiness letterhead Recurring LowBusiness cards Recurring MediumPrinted marketing materials (flyers, brochures, etc.) Recurring MediumElectronic marketing materials (website, Facebook, etc.) Recurring LowSpecial packaging for your products Recurring HighEmployee uniforms One-Time MediumExterior signage One-Time HighPhysical communications (door-to-door marketing) Recurring MediumElectronic communications (phone calls, emails, etc.) Recurring LowAppearance of store (initial design and construction) One-Time High Novus Business and IT Training Program 10
  12. 12. Involving Your Staff• Employees should: – Help identify how your brand is perceived today – Create the image of what your brand should be – Communicate your brand in everything they do• Involving staff in the brand process increases their sense of ownership and loyaltyNovus Business and IT Training Program 11
  13. 13. Conclusion• Brand strategy helps guide your marketing strategy• Reputation of business owner is important• It takes time and commitment to build a strong brandNovus Business and IT Training Program 12