By M. Isi Eromosele

Brands have come to be recognized as powerful wealth creators and vehicles of value in the global marketplace. The development of all aspects of the brand has come to be regarded with greater strategic intent.

As generics prove an ever greater force to be reckoned with, one of the fundamental challenges for global companies is making the all important transition from the current model of profit maximization before product obsolescence, to one of brand maximization to prevent obsolescence.

This requires a radical reassessment of the value of brands within the global industries and a rethink of how brands are developed, managed and maximized.

The brand name is afforded a unique role. Ultimately, it is the one element of the brand that will endure throughout its lifecycle. While the variables of packaging, promotions and positioning are all subject to change, the brand name will remain constant and as such, frequently acts as the focus for the brand.

Words are the cornerstone of how we communicate. So, in seeking to maximize the opportunity for a brand, companies must develop names and language around the brand more creatively, precisely and effectively.

The strongest brands are built on strong foundations which are credible, differentiated and sustainable for the lifetime of the brand. These foundations include:

Credibility

Laying the foundations of a brand should start with clarity of values of what the brand stands for, clarity of vision of where the brand is going and clarity of mission of how it is going to get there. In determining that crucial window of brand opportunity, it is vital to ensure, from the outset, a brand proposition that will be relevant and credible across all target audiences.

Differentiation

The global product marketplace is more cluttered than ever before, and with degrees of differentiation between products diminished, a brand needs to work harder and to shout louder in order to be noticed.

Differentiation is the name of the game and a distinctive name will play its part in enabling stand-out from the competition.

Sustainability

The foundations that you establish for a brand from the outset, should be sufficiently flexible, both to accommodate changes in the market and for the life cycle of the brand. The criterion of sustainability extends to ‘future-proofing’ a name for the long-term brand opportunity.

From Pepsi to Virgin, the ‘stretchability’ of brand names has long been attested to in many industries. While divergent brands are under somewhat different constraints, the issue of stretch is not to be underestimated.  As companies are looking to build longer-lasting brands, the need for sustainable brand equity increases.

In the context of the current dynamics of the global market, what you say about your brands and how you say it have taken on more significance than ever. Branding is ultimately about creating a relationship with the customer.

However, today’s customers are more enfranchised and empowered than ever before, which has created a paradigm shift in how global companies approach the concept of brand development.

Today’s consumers have become more empowered by their access to humungous amount of product information, the advent of social media and by their immediate access to open sources of information, as afforded by the Internet and, in the US at least, by direct-to-consumer (DTC) advertising.

The Strength In A Brand Name

With the advent of DTC, has emerged a more consumer-oriented lingua franca. Brands need to have wider appeal and to speak to consumers through the power of establishing a strong brand name. These days, consumers are less concerned with how a product works and more concerned with what that product can do for them. 

As such, a product’s name should function more than as a mere introduction to a product. ‘Benefit-led’ names are more directly communicative across and relevant to a wider set of target audiences. Within high-exposure, DTC environments, names which speak less to functionality and more to end-benefits can help to cut through the clutter of a crowded global marketplace.

For example, Celebrex speaks to a quality of life message, evoking the end benefits for the end-user, whilst at the same time, celebrating the science of celecoxib. The name thus balances sufficient gravitas for the prescribing audience, whilst communicating more emotive benefits to the end-user.

Brand Name As A Global Currency

In a market which is increasingly global and where companies are seeking to concentrate investment towards a single brand across all markets, a concomitant requirement for a single global trademark is called for. However, the legal, cultural and regulatory challenges that are to be overcome to achieve that single trademark, are not to be

underestimated.

The linguistic and cultural acceptability of a name is paramount. Checks need to be carried out in all target markets in which a new product will be marketed to ensure that the name(s) under consideration are free from negative connotations and cultural associations.

In a global marketplace where patent life has a time limit and the domain of market exclusivity is being toppled harder and faster by the onslaught of generics, a brand name needs to work that much harder throughout its life cycle, while having the potential to live long beyond it.

As companies are increasingly looking to lengthen the productive and profitable life of their brands, established equity in a brand name can provide a powerful platform for future wealth creation. It’s about a name that will resonate with consumers and, ultimately, that will be relevant for the lifetime earnings potential of a brand.

M. Isi Eromosele is the President | Chief Executive Officer | Executive Creative Director of Oseme Group - Oseme Creative | Oseme Consulting | Oseme Finance

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