Why brand, rather than use an unknown name?
Using a recognized brand name, as opposed to an unknown one, stacks the odds in your favor, greatly increasing the chances for your success, or of becoming even more successful than you already are!
When prospective candidates come to us, they often mention that they’re still thinking about using a nonbranded name. What they fail to realize is a fairly well-known business fact…a branded business has a 2½ times greater chance of succeeding than a nonbranded business. There’s a very good reason for that somewhat surprising statistic. It has to do with the age-old question…“Why reinvent the wheel?” Only a fool would try to. So don’t be one. Don’t try to reinvent the wheel! Don’t try to accomplish in a flash what took others decades. Instead, ride their coattails to success. Benefit from their experience. Benefit from the recognition that their brand has achieved over the years. And avoid the industry pitfalls that they, and only they, know about.
Because others, just like you, took this same sound advice, branding became one of the most successful business structures of the twentieth century and will continue to be so for the twenty-first.
Another good reason to brand is that research has shown that consumers prefer branded products and services over nonbranded ones nearly 2 to 1.
Still another factor in support of branding is that studies have proven that more branded businesses stay in business than nonbranded ones. Over the course of one study, 9 out of 10 branded businesses stayed in business, while only 2 out of 10 nonbranded businesses did.
Further grounds to support branding lies in the undeniable fact that a branded business has the ability to generate more revenue than a nonbranded business.
All good reasons to brand, but perhaps the most important one is that with the stroke of a pen, an entity with literally no name value can instantly achieve national or even global recognition by virtue of an association with a brand that already possesses that kind of far reaching scope.
Granted, when you do things on-your-own, there are no fees to pay. So, if you think that up front, branding will cost more than doing it your own way, you’re absolutely right; it will.
But, you could also look at it like this…a branded name has the ability to generate more revenue than a nonbranded name, which can more than offset the fees.
Maybe this perspective makes more sense…after stumbling into all of the pitfalls and encountering all of the unforeseen circumstances, doing it yourself could end up costing you more in the long run.
Or try thinking of it this way…you’d never blink an eye or think twice about getting fire or liability insurance. So, why would you hesitate over success insurance? Because that’s exactly what branding really is…it’s business insurance against failure!