Trademarks, industrial designs and other objects of intellectual property protection can be powerful tools for creating value for your business. However, they will not live up to those expectations if they sit passively on some register. They must be used creatively, pro-actively and with imagination.
They must be transformed from mere legal concepts and enforceable rights into commercially valuable assets, that can be achieved primarily by putting them to work as tools for creating and developing a brand value for your business
A brand refers to a combination of tangible and intangible elements, e.g. a trademark, design, logo and trade dress, and the concept, image and reputation which those elements transmit with respect to specified products and/or services. Some experts consider the goods or services themselves as a component of the brand.
Although a brand is composed of the sum of its individual parts, the brand ultimately exists independently of and its value is greater than the mere sum of those parts. The brand value-addition is precisely the concrete and direct result of the synergy that is created among its component parts.
The brand thus takes up a life of its own and leads us beyond the limited functions of such objects of intellectual property protection as a trademark or a design and the generic product or service differentiated and rendered more appealing by those objects of protection.
It is the brand image as a whole, and not merely a trademark or design as a stand-alone element, that differentiates one’s goods and/or services from those of competitors, denotes a certain quality, and over the long term attracts and nourishes consumer loyalty.
CSF Of Brand Success
A brand must be clear, specific and credible in terms of its message, its differentiation power, and the quality it symbolises.
It should also be attractive and appropriate in relation to the goods and services which the brand embodies.
The brand must have a “point of difference” as far as the target group of consumers is concerned.
This point of difference or Differentiating Power must be:
1. recognisable (in terms of the good and/or services marketed);
2. desirable (in terms of the quality and value of the goods and/or services offered);
3. credible (in terms of reliability); and
4. properly communicated (in terms of how the message is formulated and to whom it is targeted).
The brand makes your product more marketable and therefore generate revenue. Brands make your company more valuable in terms of its networth and saleability. Consider the brand value of Coca Cola, Nike and even our own Econet.