Brandname: A long brandname can be disastrous, especially if it’s difficult to pronounce or understand. Have short names, such as Lux, Sony or Amul. It should also be relevant to the category: opt for a local name if it is an ethnic category (like Nalli for sarees); if it is a foreign category, choose a foreign name (like Allen Solly for shirts). So, adopt a short and a relevant brandname.
Segmentation: Whether it be demographic, psychographic or geographic, don’t underestimate the power of segmentation. Sometimes, a brand and its offering are good, but the segment chosen is wrong. Don’t sell the right product to the wrong audience.
Advertising: Many people believe that branding is an expenditure. This is a mistake. True branding focuses on revenue and earnings. You need to earn goodwill, brand image and respect along with monetary revenue. A brand stands for trust. Do not overspend money but definitely spend time, effort and concentration on brand strategy. Brands must make profit, not only noise.
Communication: If the consumer is unaware of your brand, you do not exist in their minds and hearts. Remember, jo dikhta hai, woh bikta hai. Don’t hesitate to communicate with your consumers, through paid and unpaid means.
Imitation: Copying in branding is a recipe for failure. Your brand should be distinct in its tangible and intangible benefits. It should be clearly differentiated and positioned. Consumers buy distinct brand personalities.