Do you have a million dollar brand? Does that seem unattainable? What are brands and branding?
Many times I get the question “What really is branding?” plus, the person asking says, “I am a little embarrassed to ask; it may be a stupid question”. BUT here is the honest truth! LOTS AND LOTS of people do not fully understand the definition of branding. They have an idea, they might have heard the word before, but what does it all mean? So first and foremost, there is NEVER a stupid question.
That is what I am so passionate about: educating and helping people to understand BRANDING and how to create one for themselves and their business that truly stands up and stands out. The only way we truly learn is by being willing to ask questions, to seek out the answers and to be authentic. Once the question is asked and then answered, you already are more aware and wiser…just like that!
So let me share a few tidbits about branding. Here are a few definitions and some questions to ponder to help you find your direction.
Types of Million Dollar Brands
There are three main kinds of branding: corporate branding, individual branding, and personal branding.
A. Corporate branding relates to an organization that offers services and products and uses their company name as the brand name. They wish to create a strong brand identity for recognition and to build brand equity. (Coca-Cola, Disney). Think the American Association of Legal Nurse Consultants.
B. Individual branding is when you focus on branding individual products versus branding the company that creates those products. This allows for the products themselves to stand on their own (Proctor & Gamble holds Dove, Unilever and Pampers).
C. Personal branding usually relates to having people and their careers marked as a brand. Think Donald Trump. He has created a brand name for himself just by building his career (Trump Towers, Trump Steaks, etc.) Think of a prominant legal nurse consultant.
Now ask yourself some questions to determine which category you wish to fall into:
1. What are your main products and services that you offer?
2. Why was your company founded? OR Why choose that career path?
3. If you had to describe your company/organization/yourself in one word, what would it be? Why?
Asking some of these questions will help you look at the WHY behind what you’re DOING and the impression your brand must leave on your target audience. Stay true to what you are and you will find your million dollar brand!
Jena is a successful branding expert who joined Pat Iyer in a webinar. Watch the replays.