Brand Name definition
In the marketing sector, there's an incredible amount of technical vocabulary to get to grips with. Much of this language has to do with a business' brand and how it uses branding to its advantage, how we measure its success, and how we explain its effectiveness. To fully understand how much of an impact branding has on modern business practices – particularly in the franchising system – it's important to understand the terminology employed. Here, we provide definitions for some of the terms you're most likely to encounter.
Brand name definition
The word or set of words that is used to identify a brand or organisation, or to associate it with a particular business. It is usually how consumers, employees, and business partners refer to the organisation. Some brand names refer to a single business, while others can apply to multiple. For instance, the EasyGroup has a highly recognisable brand name and identity that’s used in businesses as diverse as EasyJet, EasyGym, and EasyBus.
The way in which a business represents itself to consumers. It’s also the set of ideas, images, words, and beliefs that people associate with a particular company. A successful brand makes it easier for customers to identify and interact with a business as though it were something more than an abstract entity.
Individuals who represent the values of a business, as well as the business itself, to consumers and employees. Brand ambassadors can be selected from within an organisation or can be an individual that’s outside the business. They embody the beliefs associated with the brand and often constitute the public face of the organisation.
The financial worth of a business' brand. This is the monetary value of consumers' loyalty to a business specifically because of their brand associations. It manifests itself most clearly in a customer's willingness to pay more for a branded product than a generic product.
Corporate Social Responsibility (CSR)
A business’ responsibility towards the community and environment it operates in. These are the ethical guidelines to which a business is supposed to hold itself to. In recent years, CSR has been growing in importance and has become an integral part of many organisations’ brand identities.
Read more: Corporate Social Responsibility: What Is It?
Digital marketing strategy
The way in which a business utilises digital technology to advertise its products and publicise its brand. As social media, SEO, and content marketing have become ever more ubiquitous, digital marketing has played an increasingly important role in the creation of brand identities. Consequently, digital marketing strategies have grown more complex and gained greater importance.
The way staff interact, associate, and embody brand values. While it's important for customers to identify with a brand, there's a growing tendency to emphasise the importance of employee engagement, too. Ideally, staff should act in accordance with brand values, and the brand should have an impact on how they go about day to day tasks.
A type of business arrangement by which a business (the franchisor) sells the rights to their brand to an independent individual (the franchisee). This individual can then set up their own business, using the brand, as long as they abide by the conditions established in the franchise agreement. The deal is beneficial for the franchisor because the franchisee pays for the privilege of trading under the brand name and it extends their influence and market reach. On the other hand, the franchisee benefits from marketing its products or services using the brand and its trademarks.
Read more: What is a Franchise?
The legally binding contract that details the relationship between a franchisor and a franchisee. It explains what their responsibilities to one another are and what they can and can't do. It also establishes how the franchisee may use the brand image and trademarks, as well as the standards they must maintain to protect the brand.
Read more: What is the Franchise Agreement?
A visual identifier associated with a brand. Some logos are more prominent and better recognised than the business' actual name. The best logos become synonymous with specific attributes and qualities and have such global reach that most individuals around the world could identify them.
A programme designed to keep customers returning to make further purchases. Typically, this takes the form of small financial incentives. For instance, buy nine cups of coffee and get the tenth free. However, there are other types of loyalty scheme in use. Some businesses ensure loyalty by releasing exclusive products to repeat customers first or providing them with exclusive content.
A means of measuring the popularity and reach of a particular brand. A high score means that the brand is better regarded. It is formulated by asking survey respondents how they feel about a specific brand and giving them six possible responses. Depending on how they answer, a score is calculated which can then be compared to other brands.
An identifier that can only be used by the business that owns the rights to that identifier. Trademarks often take the form of brand names, logos, or taglines, though there are other, less traditional types of trademark too. All trademarks have to be registered with the trademark office in all countries and markets in which it is used.
Word of mouth
A type of publicity by which information concerning a brand is communicated orally and passes from person to person. While word of mouth typically pertains to the passing of positive information, it can also be used to refer to the communication of negative impressions. Word of mouth can be responsible for a considerable upswing in sales, particularly in smaller markets. In larger markets, viral marketing could be considered to have assumed the same role as word of mouth.
A means of promoting a product, service, or brand, by encouraging consumers to share advertising content. Viral marketing is a digital phenomenon and takes advantage of the ability of internet users to spread information at an incredibly rapid rate. Social media platforms, media sharing sites, and mobile devices ensure that information can reach vast numbers of people within a very short period.