Hi Everyone! In the previous Business 101 episode, I talked about the 6 Steps to Choosing a Niche. Those were the steps I took when I first started my online business.
After deciding on the niche, the next thing I looked at was to create a brand for the business. So, what are the things to consider when thinking of a brand name, designing a logo, choosing a domain name, and other brand elements?
I share with you all that in this todays blog post – 3 Steps to Help You Create a Brand for Your Business.
Just a note:
This is part of the Business 101 series. I created this series to help you learn how to start and grow and online business. So, if you like to be updated whenever I publish a new blog post in this series, remember to join the I Love Passive Income community.
Watch The Video: 3 Steps to Help You Create a Brand for Your Business
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Step 1 – Think of a Brand Name
After having done one of the hardest steps of starting a business, that is to choose a niche, the next thing I did was to think of a brand name for the business.
Brand names are a great way to communicate about your business. Like an effective shorthand way of communication.
While an advertisement can take 30 seconds to communicate about your business, product or service, customers can register your brand and its meaning in just a few seconds.
So, when you think of your brand name, think of the niche you are in. Also, the target audience. It can help you come up with a brand name.
Brand Name is Meaningful
When creating your brand name, think of one that has meaning to your audience. One that can convey descriptive or persuasive information about what the business is all about, or the product or service that is being offered.
For example, Passive Online Revenue conveys a descriptive information that this channel or brand is about making money online in a passive manner. It is something that the target audience is looking for.
Brand Name is Memorable
Next, look to see if the brand name is memorable.
A memorable brand name can facilitate brand recall and brand recognition. And this can build brand equity over time.
Brand Name is Transferable
Another point to consider is whether the brand name is transferable?
What does this mean? Transferability is about whether the brand name can add to the brand equity for new products or new markets for the brand.
For example, Amazon started as an online marketplace for books. Now, it is an online marketplace selling a wide variety of products.
Whereas, a brand name like Toys ‘R Us may find it a little tougher to extend their product or category line, such as expanding to selling cakes.
The less specific the name, the more easily it can be transferred across categories.
Also, watch out for words that mean differently in different countries or cultures. This is especially if you plan to grow your business beyond your borders.
Step 2 – Design A Logo
After I have come up with the brand name, the next thing I did was to design a logo.
This is not a simple matter of just slapping some design elements together and call that a logo. You need to put some thought into it.
For example, you should consider whether to use graphics, characters, or logo text?
Then you need to consider colors for your logo. Different colors can mean different things. For example, blue represents trust. And orange or yellow has been known to evoke feelings of happiness.
And again, you need to consider the same points as for brand name plus a few:
Logo is Meaningful
Some logos can convey meaning to the brand. It can be general information that suggests the business, product or service.
For example, the Amazon logo has an orange arrow that points from the letter A to the letter Z. This is Amazon’s way of informing that they sell products of all types, from A to Z.
Logo is Memorable
It is best to have a logo that is easily recalled or recognized. Again, this can build brand equity.
As such, you would want your logo to be easily recognized. That is, the moment people see it, they know which brand it is.
And also, to easily have brand recall. This is especially when consumers are faced with a choice among your competitors.
When that happens, you would want your target audience to remember your brand, and add it to the choices of purchase.
Logo is Likeable
We didn’t discuss likability for brand name. Although it can be a point to consider, too. But usually, I find it is more considered for logos.
You would want a logo that people have a strong liking for. Or at least a liking.
For example, Nike has a logo that people seem to like. Their logo reduces the burden on marketing communications. Just one look and immediately most people will identify that it is the Nike brand.
Logo is Transferable
Is your logo transferable?. This is something not many people think of. And in this age of the Internet, it is actually something to consider.
Just the same with brand name, you would consider whether your logo can be transferred when you have new product lines or category extensions.
In addition, one thing to consider is how the logo transfers across different media. On print, on the Internet.
For example, how would your logo look on a Facebook profile photo when you share your posts? Would your logo transfer well and be easily recognised?
Logo is Adaptable
In adaptability of logos, think of how your logo will adapt over time. Consumer values and opinions change over time.
There is a need to remain contemporary. The more adaptable and flexible your logo is, the easier it is to update it.
Here is an example of how the Apple logo has adapted over the years.
Step 3 – Choose A Domain Name
Today, most businesses are online. As such, a domain name is very important to a business. It actually adds to your brand equity.
Domain Name is Meaningful
When choosing a domain name for your brand, one of the things to consider is the meaningfulness of the domain name. Naturally, it is best to use the brand name as your domain name. It is only logical and meaningful.
That is why the domain name for Passive Online Revenue is passiveonlinerevenue.com.
Domain Name is Memorable
The domain name should also be memorable. Using your brand name as the domain name does achieve that.
Then the task would be to have a strong marketing strategy and communications to make the brand name memorable, and as such, the domain name too
3 Steps to Help You Create a Brand for Your Business
Timotheus Final Word, for Passive Online Revenue
Of course, there is more to branding than just the 3 steps above.
For example, there is brand equity such as good, positive, favourable and unique associations, brand parity and differences, other brand elements like packaging, and more.
With the above 3 steps, you have a good start at moving forward with your online business.
Do you have any questions? Leave them as comments below. Or if you like to share about where you are at in this brand creation process, let me know? I would love to hear from you.
I look forward to your success!
Passive Online Revenue
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