3. Intellectual Property and Branding
- Branding is important - it's who you are.
- Intellectual property is complex, best to get a product to market, fail fast, then move on.
- Spreading the word helps you find the right partners.
You need to give your idea an individual identity that your customers will recognise instantly. To give you some idea of the importance of a brand, think about a product called an “Apple” .
This brand is now worth $US676bn after just 30 years. It is now the biggest brand in the world.
The question is why has Apple become so big, so fast? The answer is very simple – they have created a significant point of difference that sets them miles apart from their competitors. Steve Jobs of Apple has managed to deliver superior customer value that is highly sought after.
Your brand will convey a complete understanding of your product to your customers, who will identity just what your product represents to them.
Follow the rules for developing a brand name to guide your progress.
RULES FOR DEVELOPING A BRAND NAME
- Choose a name that suggests something about your products values and benefits
- It should be easy to pronounce, recognise and remember, e.g. iPad
- Your brand name should be distinctive – e.g. Mercedes
- Your brand name should be easily translated into other languages
- Your brand name should be capable of registration and legal protection.
Write down three potential brand names for your product or service and describe how they relate to your customers.
The promotional video below has some helpful information: