14 Branding Terms Every Entrepreneur Should Know

Here's a look at brand terminology every entrepreneur should become familiar with.

  1. Brand Licensing

    “A licensing agreement grants a manufacturer the right to develop, market and sell approved products (typically leveraging a company’s brand name, logo(s), mark(s) and/or licensable assets) to approved retailers in return for payment — typically a royalty and guarantee based on wholesale sales as specified in the license agreement.” (Perpetual Licensing)

  2. Brand Personality

    The attribution of human personality traits to a brand as a means to achieve differentiation.”Brand personality characteristics often suggest a brand’s latent appeal. When identified and cultivated they can effectively guide the creative tone of communications. For example, Mercedes is relatively “assertive” and “in control,” while BMW is more “sexy” and “desirable.” The brands have different and differentiating personalities.” (Millward Brown)

  3. Brand Strategy

    A plan for the systematic development of a brand to meet agreed objectives. “Brand strategy is the how, what, when, and to whom you plan on communicating your product or service. Having a clear and concise brand strategy leads to stronger overall brand equity — how people feel about or perceive your product, and how much they are willing to pay for it.” (HubSpot)

  4. Co-branding

    “A marketing partnership between at least two different brands of goods or services. ” (Investopedia) Essentially to co-brand you “take the strongest elements of your products and combine them with the best complementary brands to offer new goods and services.” (Forbes)

  5. Rebranding

    Rebranding occurs when a business or organization decides to change a significant element of the brand. Such a change could be glaringly obvious like a new brand name or logo, or it might be more subtle such as a slight shift in messaging to better communicate a more relevant brand promise.” (aytm) Here’s a look at 19 questions to ask before you rebrand.

  6. Repositioning

    Communications activities to give an existing product a new position in customers’ minds and so expanding or otherwise altering its potential market.” (Brand Channel)

  7. Visual Identity

    “What a brand looks like – including, among other things, its logo, typography, packaging, etc.”(Brand Channel)

 

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