First Company

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How Brand Names Mean More Than The Brands Themselves

It's not something we consciously think about unless we have to, but brand names are vital to a company's success. In fact, they can be more important than the quality of the product. The right name can make a company, the wrong one break it.

Some years ago, a small airline service in southeast Asia learned about the importance of branding the hard way. The concept of the airline was brilliant. They saw a need for a regional airliner that travelled regularly between large tourist centers in Vietnam, Cambodia and Thailand. They named their company after the first letters of the three owners last names: PMT. While that meant something important to them, it just meant 'pre-menstrual tension' to the thousands of foreign visitors who were their target market. The company didn't last very long.

Most companies don't make such drastic mistakes, but they do happen and with devastating consequences. Sometimes a company establishes its reputation with a product designed for one market, but it becomes a detriment when they try to branch out into another market or if the brand name gets sullied.

What does the name 'Homelite chainsaw' suggest to you? To the uninformed, it has to be a light duty chainsaw made for using exclusively around the home. However, the company also makes heavy duty chainsaws.

If you go into a chainsaw store and ask for a 'huskie, ' the boss knows what you're talking about and he knows you're probably after one of his heavy duty Husqvarna chainsaws. You probably don't even know that you can buy a light duty saw made by this company.

An example of how a brand name that once worked brilliantly can backfire is 'Kentucky Fried Chicken.' When a health conscious America decided that fried foods were bad for you, the company had to quickly rebrand itself as KFC in order to stay in business.

Think of any brand name and it will create certain images and emotions in you. These feelings will influence your decision to buy or not buy that brand.

Now make up your very own brand name. Take something neutral, like a quilt set. Now pretend that you have created one designed only for men. What brand name would you give it? Would you call it the Paul Bunyan Quilt and appeal to outdoorsmen or would you call it the Penthouse Quilt? Either way, you would attract only a portion of your intended market.

Even though billions of dollars are spent each and every year on market research, what brand name is going to work with consumers is still often anybody's guess. Who would have thought that a name like 'Google' was going to become the household name that it is today?

What should a good set of first year company accounts show?

What should a good set of first year accounts for a Ltd Company show?

Just steady growth , a first year is used to establish a company , by the end of that year you should have a solid customer base to work from and accounts would show a probable future income rather than a possible one .

The commitment you describe would very probably be seen as clinging on in desperation to a failing business by any potential investor , successful companies do not depend on personal sacrifice to stay in business .

GLEE - Preview from "The First Time" airing TUE 11/8