getting your brand name established

rose"What's in a name? That which we call a rose by any other name would smell as sweet". Jason Altkins of media Savvy Ltd came to speak to us about branding and how it can make a real difference to your business's profit and loss account.

"Many sole traders neglect their branding and some larger companies are guilty too. We see this in a number of sectors from your own vehicle hire businesses to furniture sales and carpet fitters/suppliers. But strangely we are seeing some sole traders in the smallest firms taking the idea of branding more seriously and producing more professional and more effective results. it's not just about your trading name but that is a good place to start. Which would you remember most easily? An accountancy firm specialising in tax returns called "Pickle, Stewart and Fredericks" or one which abandoned the archaic use of partner names (or even worse completely forgettable acronyms - "PSF Ltd") or something like "Many Happy Returns Ltd". The answer is obvious, and it is the memorable trader who gets business and return business."

We asked Jason what else traders can do to protect their brand and reputation. "Establishing and maintaining a good brand name are different things, but they are connected. If your reputation is damaged (for example by adverse publicity for poor customer service or poor products) you are losing asset value. Your brand is an asset, and any damage to it reduces its value. In some cases this kind of damage will require rebranding at considerable expense. Sometimes it is more cost effective to get rid of the old brand than try to repair it. But firms should pay close attention to damage limitation in the first place. No firm is completely impotent with regard to their reputation. Aside from providing good service, firms can try to control adverse publicity, for example, by stipulating confidential processes for the resolution of consumer disputes. Quite often this provides traders with the opportunity to prevent the collapse of customer relationships as well. Appearing in court to face customer complaints rarely promotes the reputation of a company and if you get this far you have probably already lost that particular customer at least."

Find out more about brand development and protection in our latest issue of "On the Road" magazine.